You’ve always had a keen sense of color, texture, and shape. You now have the particular joy of assisting clients in creating their dream living places. You’re an expert with the measuring tape and the color palette, but what about the business side of things?
More than half of people working as interior designers are self-employed. While owning your own business provides you with a lot of freedom, it also puts you in charge of your own financial health. You need to figure out where you can cut down on expenses and where it’s important to invest for the benefit of your firm and clients.
When it comes to this, many interior designers consider they can reduce costs by minimizing their insurance needs and only sticking to what’s legally required. Business insurance for interior designers protects your firm from general and professional liability claims, which may otherwise result in exorbitant legal expenses and damages.
Below, we are answering some of the most burning questions about business insurance to understand why it is vital for the wellbeing of your business.
Why do I need business insurance?
You want your business to be protected in the event of an accident, and this is what business insurance does. It safeguards your company against financial loss in the case of a disaster or other unanticipated events.
Events don’t always go as planned while you’re running around dealing with clients and suppliers. There are various risk-packed moments where company insurance may protect your finances, from inadvertently causing harm to a client’s personal property to giving erroneous designs and even having your laptop stolen.
Is business insurance expensive?
Monthly prices are determined by a range of factors, including business insurance type, the size and number of employees, and the history of your business. If you want to find the cheapest business insurance, you will need to do some research.
Some insurance companies even offer special-price packages, which can be tailored to your specific needs and will end up being more cost-effective than if you were to purchase those policies individually.
What will my policy cover?
Depending on the type of business insurance you choose, it can cover a wide range of issues. You’ll want to purchase a policy that effectively covers your property, employees, and business processes, which varies from basic to comprehensive.
In general, there are a few options available for interior designers:
· Professional indemnity insurance: this type of policy covers things such as negligent advice or not meeting the design brief, protecting you in case an unsatisfied client decides to sue.
· Public liability insurance: this is intended to protect you and your company if a customer, supplier, or member of the general public is harmed or suffers property damage as a result of your negligent business operations.
· Other policies: contents insurance, personal accident insurance, and portable equipment insurance should also be at the top of your priority list.