How To Get Liability Insurance For The Self Employed?
Self-employment is working for yourself. Self-employed people can also be known as a person who works for himself/herself instead of an employer, but with income from a trade or business that they operate personally.
Self-employed is not necessarily similar to being a business owner: many self-employed people conduct the day-to-day operations of the business, either as managers as line workers or both. A business owner may or may work in the business, and is not required do so.
Many policymakers view self-employment in the form of youth entrepreneurship as a possible solution to the youth unemployment crisis. Yet, many experts believe only 20% of all people are fit to run their own businesses.
In some countries, governments are cracking down on disguised employment, often described as the pretense of a contractual intra-business relationship to hide what is otherwise known as a simple employer-employee relationship.
A self-employed person in the United Kingdom can operate as a sole trader or as an incorporated limited liability company. It is also possible for someone to form a business that is run only part-time or concurrently while holding down a full time job. This form of employment does come with several legal responsibilities. When working from home clearance may sometimes be required from the local authority to use part of the home as business premises. Should the business hold records of customers or suppliers in any electronic form it is required to register with the Information Commissioner’s Office. Legal responsibilities also include statutory public liability insurance cover, modifying premises to be disabled friendly, and the proper recording and adequate accounting.