If you're an independent contractor, you might not think you need any kind of liability insurance. However, just like any small business owner, it's a good idea to have at least base insurance. There will always be people out there who will try to sue anyone and everyone for any reason. No matter what your line of work is, you never know if you might be held liable for something in some way. Don't take any risks – invest in general liability insurance for contractors.
Even if your job involves primarily sitting in front of a computer all day, you are not entirely protected by potential lawsuits of some sorts. Independent contractors have pretty much the same legal obligations and liability exposures as large companies and firms. Depending on your industry, you could be held liable for anything from bodily injuries to advertising libel or copyright infringement.
There are some industries in which general liability insurance is required by law for independent contractors. What if your business starts to grow and you have to start hiring employees or contracting work out to others yourself? You'll need protection for them as well.
What to Look for in a General Liability Insurance for Contractors
You don't want to purchase general liability insurance for contractors from any company. Here are a few things to look for in a business insurance provider:
• Simple monthly payments are always good – especially if you have cash flow trouble. Choose a provider that has flexible payment plans to keep things as smooth and simple as possible.
• Make sure that the coverage includes all of the essentials: bodily injury, libel / slander / defamation, and property damage. The ideal general liability insurance plan should include these at the very least.
• Worldwide coverage is important, as many contractors work with companies in other countries. You should be protected for your work anywhere in the world, although your covered claim must be filed in the US or a US territory.
• If you have a home-based business, you should be able to obtain an insurance policy that is tailored towards your specific needs. Some companies offer just that. Errors and omissions insurance is something to consider, as well as software copyright infringement. Carefully read over home-based insurance policies to learn what is covered. There are risks that you might not even be aware of.
• The amount of time that an insurance company has been in business is an extremely important consideration. If it's been around for a long time – decades even – then it's a sign that the company is doing something right.
Which provider is right for your needs? If you need general liability insurance for contractors , one good place to start is with Hiscox Business Insurance. Its origins date all the way back to 1901. The Hiscox Group now employs over 2,000 people in 13 counties. You can get tailored plans with flexible payments.