Corbett & Assoc. Insurance Agency is your local Contractors Insurance expert! We insure many different types of contractors from Landscapers, Electricians, Carpenters, and many more!
There are many types of independent contractors who all need independent contractors liability insurance and other coverage to match their specific risks. Some of the professionals that need contractors insurance include:
Getting the right independent contractors liability insurance in place can protect you from lawsuits, mishaps and third party property damage that can devastate your business.
Normally, you will need a few different categories of coverage for complete liability protection:
The specific independent contractors liability insurance coverage you need will be unique to your business. By working with a knowledgeable agent, you can ensure that you don’t have critical gaps in coverage that could leave you exposed to expensive legal claims.
The contractors general liability coverages can often be bundled with a few other coverages to create a business owners policy, or BOP.
This serves two purposes. It expands the policy to cover risks that small business owners face, and also typically results in a discount on the cost of your insurance.
Normally, this coverage will make sense for you if you have employees. A small business is basically defined as a business that has up to 100 employees and generates about $5 million or less in annual revenues.
Some of the additional coverages that can typically be bundled with a BOP include:
As an independent contractor, you may or may not need to have workers compensation insurance. Workers Compensation regulations are mandated state by state. If you are in business for yourself, and you do not have employees, you are most likely not required to buy workers comp. However, in some states you need to purchase workers comp even if you don't employ others.
If you are a contractor who employs other workers, your state will most likely require you to carry this insurance. This policy protects workers from job-related illness, injury or death. It will also reimburse workers for lost wages if they cannot go back to work. The benefit to you, as the employer, is that this coverage can help to prevent losses from employee lawsuits.
If you utilize subcontractors, it is a good idea to make certain they are insured with professional liability as well, as they may not be covered by your policy.
Are you ready to save time, aggravation, and money? The team at Corbett & Assoc. Insurance Agency is here and ready to make the process as painless as possible. We look forward to meeting you!Start Here