Professional liability insurance, also known as error and omission insurance, protects you if a customer or client accuses you of causing damage. If you are a graphic designer, real estate agent, or other type of contractor providing services, clients could sue you for inadequate performance. Travelers have been around since 1864. They offer several small business insurance packages for all types of professionals and are available nationwide. Some of the types of businesses they provide include financial services, health and wellness professionals, personal care services, pet care services, and technology services. Travelers has an AM Best Financial Strength rating of A++ (Superior). General liability insurance protects you if you are accused of harming a third party or their property. It can also protect you from allegations of defamation, defamation and reputational damage. In some cases, the company that hires you as a contractor may be able to add you to their general liability insurance. In other cases, they may require you to have your own policy and ask to see a certificate of insurance before hiring you. As an independent contractor, many things are probably taken for granted to you. Maybe you`re good with numbers or you`re super organized. You may have an impeccable sense of style, or you may be able to pin things down to the smallest detail.
The Hartford is headquartered in Connecticut and was founded in 1810. In the 1980s, they were one of the first insurance companies to offer an insurance center for small businesses. They currently insure more than one million small business owners. With an AM Best financial strength rating from A+ (Superior) and the best customer satisfaction ratings for many of their lines of insurance, The Hartford has long had a reputation as a strong insurer in the United States. A typical business owner policy with travelers covers general liability, business ownership, business-related income, and additional expenses. Limits vary depending on your coverage requirements. No one wants to spend money on insurance, especially when they start. But your professional and personal finances could be at stake if something happens. You`ve worked hard to build your assets – it`s important to protect them. In general, the larger the project, the greater the insurance requirements you must meet.
This may include specific additional insurance notes or large umbrella policies to increase your liability limits. A client may even choose to add multiple independent contractors to a general liability policy, but this would be costly. It is more profitable for the client if the independent contractor has his own liability insurance. Hartford offers convenient online offers and says the average cost of small business insurance for general liability insurance will be about $500 per year. The cost depends on individual criteria, such as . B.dem State in which you live, your annual turnover, the product or services in which you operate and the choice of coverage you choose. Their tools are specialized and expensive. If you have high-quality tools that you don`t want to replace, contractor equipment coverage is a must because it covers the loss of your equipment, whether on the truck or on the construction site.
For more personalized help: If your insurance needs are complex or you`d like hands-on assistance from an agent, consider calling your local State Farm office. The brokerage offers insurance packages for a variety of industries and allows clients to add professional liability insurance to a business owner`s policy. State Farm was also highly rated for customer satisfaction. With your own liability insurance as an independent contractor, you can accept orders from a variety of customers. You have the necessary insurance and are ready for business. Independent contractors who rely heavily on specific materials or equipment in their work, such as musicians, photographers or videographers. Even if you rent offices or retail space, your lease may require it. The most profitable policy for most business owners is the Business Owner Policy (BOP).
Bp is a packaged policy that combines property and liability insurance into a single plan. Depending on the insurance company, greater coverage may also be included, for example, . B an interruption of activity or inland navigation. Travelers offers Business Owner Insurance (BOP), General Commercial Liability, Industrial Property, Cyber Liability, Professional Liability, Business Income and Additional Cost Recovery, and Owner and Contractor Liability (OCP) for up to $10 million. OCP is a special option that can be issued as a short-term policy to protect the hiring contractor from being held liable for damages caused by a subcontractor. If you have employees, they also offer workers` compensation. Nationwide sells general liability, umbrella, labor practices liability, crime insurance, cyber liability, errors and omissions (professional liability), builder risk, accounts receivable, business owner, business property, business income, workers` compensation, and equipment loss insurance. .