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I have just started as a self-employed person, first hurdle cleared! But do I actually need to take out certain insurance?
I have just started as a self-employed person, first hurdle cleared! But do I actually need to take out certain insurance?
Don't waste your time on offers from a banker to close a VAPZ or IPT. As a secondary occupation, you are not eligible for those things anyway.
I took out civil liability insurance when I started. Not that I work with large (expensive) equipment, but as a gardener, accidents can happen quickly. And I was once advised to also take out fire insurance from my home.
Whether you are required to close insurance depends first and foremost on your profession. Some professions are regulated by a professional institute, which may require you to close civil liability insurance. Examples include architects, doctors, etc.
If you are not one of the professions that are required to close insurance through their professional institute, you are completely free to close insurance.It is always a good idea to ask your insurer or bank about civil liability insurance. And if, for example, you have a lot of (expensive) professional equipment that is state, you can of course take out additional insurance for this.Entrepreneurship is a leap of faith, but insurance can give you some extra cover. And, of course, insurance such as civil liability for your profession or insurance for your professional equipment is 100% deductible as a professional expense.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.