Working as a contractor may have you being your own boss, but you are still at the mercy of clients and organizations for business contracts and income. While the reputation and quality of your work will go a long way in securing new projects, many of your potential partners will require that you carry a certain type and amount of insurance protection. The right coverage protects both you and the client, as it becomes a way to cover any losses or claims that arise during the course of the project.

Contractor Insurance

As a contractor, you will have the responsibility of purchasing an insurance policy that addresses the needs of the contract. You may be required to secure more than one plan, as there could be exclusions or risks that could be financially-problematic to your company. Here are some of the most common plans purchased by contractors.

  1. Commercial General Liability. Your client may specify a minimum limit on liabilities, as well as have required inclusions. These may cover personal injury liability, contractual liability, property damage, and products liability.
  2. Owners Contractors Protective This is a stand-alone policy that will cover the liability for property damage or bodily injury that is caused by the independent contractor’s work.

Contractors will want to make sure that they have the coverage their clients want in order to keep their business thriving.

Insurance Protections for Contractors