How to Make Sure You’ve got the Right Contractor Insurance


Believe it or not, the first policy in the USA dates back to 1752! If you’re working for a company, it’s your employers who are liable for providing a suitable insurance policy that covers you in the event of an injury, and any time away from work you might incur as a result. If you’re a handyman, plumber, electrician or a professional tradesperson working as a contractor, then it’s important to ensure you’ve got the same benefits as a company employee.


Working as a self-employed contractor provides a whole host of benefits such as independence and variety of work, but it’s really important to be on top things and make sure you’re still covered in the event of an accident. If you’re to carry out your work safely knowing that you’re covered if there is ever an unfortunate accident, making sure you have the right policy is essential. On that premise, what types of insurance policies are available to self-employed contractors?


Contractors General Liability Insurance

This is one of the most fundamental insurance policies that anybody working as a general contractor needs to be aware of. Damage to properties and premises is one of the most frequent types of claims to be made by professional tradespeople, and having the right policy to rectify damage in the case of an accident is essential. This kind of insurance can cover medical costs, damage to a client’s property and even defamation of character. Making sure you’ve got the right contractor insurance is essential if you’re working for clients in their homes.


Equipment Insurance

The tools and equipment used on a daily basis are crucial to the success of a contractor, and without them, it’s simply not possible to get the job done. Whether you’re an electrician, handyman or a drywall installer, the tools of your trade are critical. Taking out an insurance policy to cover tools and equipment is a smart move to guarantee that whether due to accident, loss or mechanical failure, the kit you rely upon can be replaced if need be.


Professional Indemnity Insurance

Professional indemnity insurance is required when contracting out to companies and covers against financial loss in the case of a negligent act whilst working for a client. For some industries such as engineering, surveyors and accountancy firms, this kind of insurance policy is mandatory and covers against unintentional errors resulting in a financial loss to the client. This kind of insurance is a smart move and although more often than not, business-to-client relationships run smoothly, mistaken advice can happen. With this in mind, a professional indemnity insurance policy is essential for those looking to contract their services out to larger companies.


Having the right insurance policy so that you’re covered in the event of an accident is necessary if you’re working as a self-employed contractor. There are myriad different options on the market and getting the right policy will guarantee that you’re covered for your own individual circumstances.




About the Author

Tony Onwujiariri
Tony is an Avid Tech enthusiast that loves Scientific Inventions and Tech Products. He blogs Passionately on Science and Technology related niches and spends most of his time on Research in Content Management and SEO. Tony loves Sugar and has been in love with Don Williams since he was a toddler on Diapers.

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