How much does it cost? - Cost of insurance - Insuring - Self-employed worker - Business |

Self-employed worker

Cost of insurance

As for any kind of insurance, the cost of the coverage offered and the premium can vary from insurer to insurer. It therefore pays to shop around!

Establishing the premium

In general, the premium is based on :

  • the type of business you run
  • the nature of the underlying risks
  • Your needs

That’s why it’s important that you accurately describe to your agent or broker all the facets of your professional activities.

For example, the risk is different if you drive to see clients or if they come to your office. The same is true if you work in IT or as an auto mechanic.

In addition to the premium to be paid, it’s also important that you determine specifically:

  • Your activities
  • The value of your property
  • The amount of coverage you require

Tips for paying less

You may be able to reduce the insurance premium:

  • Accurately declare your property and operations
  • Install a theft or fire alarm system
  • Get a safe in which to keep valuable documents
  • Increase the amount of the deductible

The deductible

You’ll also have to choose the deductible. That’s the amount you’ll have to pay when you make a claim. For most self-employment policies, the deductible can vary from $250 to $500. The higher the deductible, the lower the premium.

Some tips for getting your request ready:

  • Make a list of everything that was damaged including, where possible, the equipment model numbers, date of purchase and cost.
  • Collect all invoices or proofs of purchase you have.
  • Take photos of the damage suffered.
  • Keep the damaged items to show the claims adjuster, unless they represent a hazard to your health.
  • Keep all receipts or invoices for expenses incurred after the loss (hotel, meals, equipment for repairs, etc.)
Does your
policy cover an
Act of God?

Does your policy cover an Act of God?

All are sometimes referred to as Acts of God. Some are automatically included in home insurance policies. Others can be insured by adding a coverage known as an endorsement. Learn More

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