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Contractors Business Insurance
- 1. Contractor's Business Insurance Everything You Need To Know
- 2. What Types of Independent Contractors Need Business Liability Insurance? • While all types need some sort of business insurance plan, some examples of independent contractor jobs that may need special coverage include: • Plumbers, carpenters, electricians, and house painters • Independent construction contractors • Painters, artists, and graphic designers • Freelance writers, photographers, and videographers • Independent hair stylists and salon professionals • Independent business/PR/marketing consultants
- 3. General Liability Insurance for Contractors • The most important type of coverage in contractor business insurance is general liability insurance. • If a customer visits your storefront, slips and falls and suffers an injury, general liability insurance can help cover the customer’s medical costs. • If one of your employees ends up damaging a customer’s property, general liability insurance can help cover repair costs. • If a competitor files a claim against you alleging slander or libel, general liability insurance can help cover legal fees.
- 4. Additional Insurance Types • Property Insurance • Inland Marine Insurance • Cyber Risk Insurance • Environmental and Contractors Professional Practice • Owners and Contractors Protective Liability • Railroad Protective Liability • Business Income Insurance • Commercial Auto Insurance
- 5. Average Total Costs of Contractor's Business Insurance • 90% of independent contractors pay less than $50 per month, or $600 per year for insurance. Also, it’s important to note that the total cost of insurance will always be dependent on factors such as: • Credit score • Previous lawsuits • Criminal history • Years of experience • Number of workers hired
- 6. The Best Companies to Buy Insurance From As an Independent Contractor? • Best Overall: The Hartford • Best for New Businesses: Hiscox • Best for Fast Liability Coverage: Next Insurance • Best for Professional Services: Travelers • Best for Risk Industries: Nationwide • Best for In-Home Daycare: Markel
- 7. It's always advisable to have some form of coverage in case you or your business faces a work hazard. Make sure you have the right insurance that fulfills your requirements Looking for more information? Reach out to us or learn more from our insurance blog.