If you are an independent contractor, you may find that you don’t need any liability insurance. However, like any small business owner, it’s a good idea to have at least basic insurance. There will always be people who try to prosecute anyone and everyone for whatever reason. No matter what your profession, you never know if you could be held responsible for something one way or another. Take no risk – invest in liability insurance for contractors.
Even if your job is mainly to sit in front of a computer all day, you are not fully protected from possible legal action. Independent contractors have roughly the same legal obligations and liability risks as large corporations and corporations. Depending on your industry, you could be held liable for everything from personal injury to advertising defamation or copyright infringement.
In some industries, general liability insurance is required by law for independent contractors. What if your business starts to grow and you need to start hiring employees or outsourcing work to others yourself? You will also need protection for them.
What to look for in general liability insurance for entrepreneurs
You do not want to take out general liability insurance for contractors of any business. Here are some things to look for in a commercial insurance provider:
• Simple monthly payments are always good – especially if you have cash flow issues. Choose a provider that offers flexible payment plans to keep things as simple and smooth as possible.
• Make sure coverage includes all the essentials: bodily injury, libel / slander / libel, and property damage. The ideal liability insurance plan should at least include them.
• Global coverage is important, as many entrepreneurs work with companies in other countries. You must be protected for your work anywhere in the world, although your covered claim must be filed in the United States or in a United States territory.
• If you have a home business, you should be able to get an insurance policy tailored to your specific needs. Some companies offer exactly that. Errors and omissions insurance is a consideration, as is software copyright infringement. Read home insurance policies carefully to find out what is covered. There are risks that you may not even be aware of.
• The length of time an insurance company has been in business is an extremely important consideration. If it’s been around for a long time, if not decades, it’s a sign that the company is doing something right.
Which supplier matches your needs? If you need general liability insurance for entrepreneurs, a good place to start is with Hiscox Business Insurance. Its origins date back to 1901. The Hiscox group today employs more than 2,000 people in 13 counties. You can get personalized plans with flexible payments.