INDEPENDENT CONTRACTOR INSURANCE
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INDEPENDENT CONTRACTOR INSURANCE
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Being your own boss has its ups and downs. As an independent contractor, you must take serious legal risk. Lawsuits against independent contractors are becoming more common, especially considering that employers of independent contractors are generally NOT held vicariously liable for the acts or omissions of the contractor. It is important to note that attorneys are highly skilled and trained in finding insurance policy exclusions. Many independent contractors, whether providing professional business services or specialized construction trades, wisely protect themselves with general liability insurance.
More Information About Independent Contractor Insurance
What Is Liability Insurance for Independent Contractors?
As an independent contractor, you work your hardest to provide consistent quality and ensure your clients’ safety. However, accidents happen occasionally, and the person or business you’re working for may make a frivolous claim against you.
In these instances, you may not have the resources to battle for yourself in court. Liability insurance can provide the funding you need for legal fees and potential damage payments.
When you choose a liability insurance package, you’ll pay a premium that goes toward your protection in the event of a lawsuit. The amount you pay varies with the level of overage you choose, industry-specific risks, your location, your claim history, the number of employees you have, and other factors.
How Does Liability Insurance Protect Me and My Business?
Ultimately, liability insurance can protect you and your business by saving you from immense legal fees or damage payouts. Rather than you having to scramble for funding when a client makes a claim against you, your provider will step in to cover costs up to the amount detailed in your plan.
In addition to covering court fees and payments for damages, liability insurance can protect you and your business from legal compliance issues. Some states and industries set laws that require liability insurance. Failing to obtain the necessary coverage could result in costly fines.
What’s more, liability insurance secures your business’s clientele. Your plan proves to picky clients that you perform reliable work and have the backing to cover damages. Liability coverage can also work as a selling point that gives a potential client an extra reason to choose you over a competitor.
What Does Liability Insurance for General Contractors Cover?
Liability insurance has your back if a client feels that the job didn’t go according to plan. As a general contractor, acquiring a liability insurance plan may cover legal costs when a client questions your quality of work. There are a few common situations that liability insurance can cover.
For one, your plan may support you if a client claims you haven’t delivered the services to which both parties agreed. Additionally, liability insurance covers fees if a client claims you left a project incomplete, made a mistake, or performed the wrong work. Finally, liability insurance protects you against false allegations, such as a claim that your work caused a preexisting issue or property damage.
Types of Independent Contractors That Need Liability Insurance Protection
Your time and money are what enable you to provide quality services to your entire customer base. One client making a claim against your work can cost you hours at court and thousands in legal fees — the premium associated with liability coverage is a modest investment compared to the sudden expenses of a legal claim. Liability insurance is relevant for virtually any type of independent contractor or small business, such as:
- General contractors
- Roofers
- Plumbers
- Electricians
- Artisan and specialty contractors
- Small business owners
- Sole proprietors
- Snow and ice removal specialists
- Arborists
- Landscapers
- Animal trainers
- Pest control
- Carpenters
Get Started With XINSURANCE
Earning a living as an independent or self-employed contractor requires enough work on its own. Investing in liability insurance will enable you to stay focused on what you do best if a client questions the quality of your services. At XINSURANCE, we connect contractors with dependable liability insurance plans. There’s no risk too big or too small in our eyes, so get in touch to request a free quote.
QUESTIONS TO CONSIDER
QUESTIONS TO CONSIDER
Q. Does your general liability insurance, professional liability insurance, or product liability insurance protect your personal assets in cases involving frivolous claims?
A. Many independent contractors, whether providing professional business services or specialized construction trades, wisely protect themselves with general liability insurance. But, what happens when a legal judgment exceeds the limits of these policies? In many cases, frivolous claims may qualify as exclusions in your traditional business insurance policies.
Q. Could your business survive spending the amount of time and money necessary to defend yourself in a lawsuit?
A. More often than not, the answer is no. As an independent contractor, your time can be your most valuable asset.
Q. Do your client contracts address all unforeseen complications?
A. No matter how well you plan ahead, it’s almost impossible to prepare for all future issues that may arise.
KNOW THE FACTS
Over 10 million workers (about 7.4 percent of the U.S. workforce) classify as independent contractors.
Nearly 8 in 10 independent workers have faced client nonpayment in their careers.
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FEATURED PRODUCTS
FEATURED PRODUCTS
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As a pilot you get to experience a freedom unknown to most. With such a unique lifestyle, you need unique liability coverage to protect you from a “sue-happy” society.
Commercial Liability
You’ve worked hard to grow your business so don’t let an accident or a lawsuit result in financial loss or closed doors. We provide a defense if an incident, claim, or lawsuit occurs.
Animal Liability
Dog-related damage is the leading cause of homeowner’s insurance claims. That’s why animal liability coverage is an essential part of being a responsible pet owner.