There’s something very liberating about being an independent contractor until something bad happens. Independent contractors have the same liability risk exposure as any business, and just one claim can destroy their dream. Whether it’s a result of a bodily injury on your property, giving bad advice, or failing to fulfill a contract, a liability claim can lead to severe financial consequences, not to mention steep legal costs.
If you operate as an independent contractor, it’s essential to protect yourself financially regardless of your line of work. For the relatively low cost of independent contractor insurance, it’s not worth the risk to go unprotected.
Purchasing Independent Contractor Liability Insurance
Anytime you purchase insurance, you are counting on the financial strength of the insurer to be able to fulfill its promise of protection. So, that should be your starting point for comparing insurers, narrowing your choices to those with the highest financial ratings from rating agencies such as AM Best. Also, because of the many factors involved in business insurance, it’s important to work with a company that specializes in it or has a dedicated specialty unit. From there, you can create a spreadsheet of the companies that meet those criteria and compare other vital factors, such as
With many insurers, you will need to request a quote online and then follow up with a representative to discuss types of policies and recommended coverages before you can find out the premium costs. So, it will take some time, but finding the best coverage at an affordable price is well worth it.