The small business owner's guide to contractor liability insurance
As a small business owner, you know that protecting your company from potential liabilities is crucial to its success. One important aspect of this is having the right insurance coverage for your contractors.
Contractor liability insurance, also known as independent contractor insurance, is a type of insurance that protects your business from any potential liabilities that may arise from the actions of independent contractors you hire. This can include issues such as property damage, personal injury, and even wrongful termination claims.
There are a few key things to keep in mind when it comes to contractor liability insurance:
Verify that your contractors have their own insurance coverage. Before you hire any independent contractors, make sure they have their own liability insurance. This will provide an additional layer of protection for your business.
Understand the scope of coverage. Not all contractor liability insurance policies are created equal, so it's important to understand the specific coverage that your policy provides. This includes things like limits on the amount of coverage, exclusions, and any additional endorsements that may be needed.
Keep detailed records. Be sure to keep detailed records of all independent contractors you hire, including their insurance information. This will help you quickly and easily provide the necessary information to your insurer if a claim is made.
Review your coverage regularly. Insurance needs can change over time, so it's important to regularly review your contractor liability coverage to ensure that it still meets the needs of your business.
By taking these steps, small business owners can protect themselves and their companies from potential liabilities that may arise from working with independent contractors. Contact Evers Insurance to learn more about contractor liability insurance and how it can benefit your business.
