Insurance Policies Independent Contractors Should Definitely Have

Independent contractor liability insurance can help you protect against unexpected expenses, lawsuits, and hassles in your contracting business. Without adequate insurance cover, non-compliance or a mishap can cost you tens of thousands of dollars.

To protect your business from certain risks, it is crucial for you to have independent contractor liability insurance along with:

General liability insurance: A general liability insurance policy covers you for several unforeseen incidents that could happen on the job. These might include;

●       Bodily injury: If any of your employees or visitors get injured while you are working onsite and sue you for carelessness, your liability will be covered.

●       Property damage: For instance, if any equipment falls and cracks the expensive hardwood floor, the cost of that floor is covered.

●       Libel, slander, and defamation: For example, if you crack a joke about another local contractor and instead of laughing, he sues you for defamation, you are protected and covered.  

Workers’ compensation: It is a legal requirement that is designed to cover expenses for workers harmed while on the job. If you are an independent contractor that works with a number of employees, you require this insurance policy. If you work alone, you do not need it.

Other Types of Insurance Policies for Contractors

Commercial auto insurance: Commercial auto insurance protects you and your employees while operating vehicles on the job. For instance, if your employee gets into an accident while driving to a customer’s home, the commercial auto insurance policy will cover the losses due to the incident.

Property insurance: Whether you own an office or rent the space, you need property insurance. This policy protects the value of the physical space of a property. If you work from home, you need to check out the policy to know how your business property and assets can be covered under it.

Errors and omission insurance: Everyone makes mistakes. But at work, some documentation and linguistic mistakes can cost a business dearly. An errors and omission insurance policy is the best way to protect your business from such human oversights.

In a nutshell, insurance policies help protect you & your business from claims, fines, and lawsuits. In addition to this, adequate insurance cover also gives you complete peace of mind. Simply put, with the help of the right type of independent contractor liability insurance, you can focus on the part of the business you do best, and rest will be handled and managed by your insurance partner when the time comes.