As someone who is self-employed, you don't get all the options available to people who are employed by large corporations; that's where insurance brokers step in. By working with a knowledgeable broker, you, too, can have access to affordable insurance.

In addition, being a business owner means you need to protect yourself. It's wise to sign up for an umbrella policy that covers liability as well as property damage. A good local insurance brokerage can help there, too.

A local insurance broker or agent can help you find what you're looking for, but brokers may be able to give you a wider range of options (as compared with agents). Brokers are not obligated to any specific company so they are free to give you exactly what you need. Consider the following:

1. Get life insurance from a reputable local insurance broker. A type of life insurance that pays a fixed amount every year, called an annuity, can serve as a retirement account.

2. Find health insurance that meets your family's needs. Local insurance brokerage firms have a variety of policies to fit any life circumstances.

3. Buy business owner's insurance. Insurance brokers will help you customize the package that's right for your business.

Action Steps
The best contacts and resources to help you get it done

Explore life insurance options with a reputable local insurance broker

Life insurance works in a few ways. For one, it pays your loved ones in the event of your death; two, it can act as a retirement vehicle that earns interest on your deposits. Take a look at all the options brokers have to offer.

I recommend: Memphis residents can obtain a quick quote from Hooten-Hughes Insurance Agency. Locate a Massachusetts Mutual Life Insurance office in many metro areas of the United States.

Get individual or family health quotes from a local insurance broker service

Health insurance is something everyone needs. There are many good plans available to people who are self-employed, so it's wise to shop around to get the best price for the coverage you need. You can also get dental and vision insurance if your family uses these services on a regular basis.

I recommend: Residents of the Los Angeles metro area should check out California Well Being Insurance Agency. The Atlanta-based Hene Health Brokerage offers instant online quotes. Or fill out a quote request form at Lehrman Group, which services 30 of the 50 states.

Buy general business coverage from a dependable local insurance brokerage

A business owner's policy, also known as a BOP, provides general coverage for liability, property damage and injury. This is not tailored to your specific business, though, so you may need to opt for additional coverage if there are risks associated with your line of work. For example, you may need to add Errors and Omissions (E&O) if you're a real estate agent or insurance adjuster. All of this can be customized for you.

I recommend: If you're in the Chicago area, check out the business insurance offerings from O'Neal Insurance Group. Get a quote emailed to you from Vellucci Insurance Agency, which serves Boston/Cambridge.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Many insurance brokers will give you a discount if you buy multiple policies from them. This is particularly common among auto and homeowner insurance policies, so if all your needs can be fulfilled by one company, see what type of discounts you qualify for.