The two faces of the independent contractor
Freedom and responsibility, the two faces of the independent contractor. One in three US workers is a freelancer or independent contractor. That is, 53.7 million people work on their own, according to a recent study commissioned by Upwork and Freelancers Union.
The study revealed that most freelancers make more money than when they worked for other people.
New technologies have made it easier for more Americans to seek freelance work as a job outlet. 51% of those surveyed indicated that they had obtained projects and contracts through the internet.
When freelancers were asked why they had chosen to be self-employed, 83% responded because they kept their freedom, they were their own boss, they could determine their working hours and run their own business.
Optimism was another of the characteristics revealed by the study. 83% assured that the best years are yet to come, compared to 77% of employed workers.
The freedom of the freelancer comes with responsibility. For example, if you work doing electrical installations for other companies, or developing software, they should protect their assets with their insurance (Property insurance).
Professionals who may cause financial losses to a client should also be protected against their mistakes. For this, it is better to have coverage (Professional liability insurance) that covers you against potential lawsuits.
There are many companies that prefer to hire freelancers who have civil and financial liability insurance. Since they denote more professionalism and convey more confidence.
On the other hand, if the freelancer is a web designer, software developer, or financial consultant, he could be sued for data theft, security breaches, or copyright infringement. The best defense is to have adequate coverage (General liability insurance) for the type of work that the freelancer develops. Freedom and responsibility, the two faces of the independent contractor.