Five Types of Insurance for Contractors to Consider
Contractors get the freedom to work when and where they choose, but that doesn’t give them freedom from risk. While there is an almost endless array of insurance policies you can cover yourself with as a contractor in order to protect yourself from these risks, following are four basic types of coverages that all contractors should consider having.
Professional liability: Professionals have liabilities that are specific to their profession as well as the medical and financial risk they expose their clients to. Professional liability insurance protects contractors from these risks; examples include malpractice insurance and errors and omission coverage.
General liability: As a contractor, your liabilities are different from those of a shop owner, but that doesn’t mean that you have none. In fact, your liabilities could be numerous and may vary greatly depending on the line of work you are in. A general liability policy is the best way to ensure a broad-based coverage for much of your business liability risk. Builders risk, roofing contractor insurance and other industry-specific liability plans are also available and should be considered in order to achieve full protection.
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