Two Important Aspects of Insurance for an Independent contractor

If you are an independent contractor, you need to get a contractors insurance policy. This type of policy will protect you in several ways, and you should consider getting a robust policy that has several coverage aspects to it.

One area of this type of policy is that of workers’ compensation. If you are an independent contractor, you are not eligible for workers’ compensation. Whether you are doing the work of a plumber, electrician, pipe fitter or dry wall installer, if you get hurt on the job, you will receive nothing. This is quite different if you have worker’s compensation as a part of your insurance policy. You will be able to collect a check while you recover from your injury.

General liability is another aspect of insurance for an independent contractor and it is fundamental. This protects your personal assets in the event that damage is done to another person or their property while you are working. It is basically the type of insurance that you carry on your car in the event that you cause property damage, and it is your fault. Accidents will have, even when property precautions are taken. This part of a policy will protect you from financial ruin.

You will want to shop around because quotes can vary greatly from one company to the next. When looking for this insurance, also keep in mind that you need to look for both liability and workers’ compensation coverage. Not every insurance company offers both. Farmer Brown is an example of one agency that does.