General liability insurance is important for any small business or independent contractor. It protects you from lawsuits that result in expensive settlements and property damage. It covers injuries on the jobsite, defective products or services, and damage to other people’s property. It also covers your business property, including buildings and contents, tools, and scheduled/unscheduled equipment. Additionally, some policies cover business interruption, which pays for lost income.
A business owner’s policy is a package policy designed for small or mid-sized businesses. This policy combines property and general liability coverage for one affordable price. Business owners’ policies also protect against business interruption, which can help your company stay open during a disaster. It also covers your employees’ wages and other expenses.
When choosing a general liability insurance policy, make sure you understand what it covers. Some policies cover contractors only, while others cover construction companies and other companies. For instance, if you work in the construction industry, general liability insurance is a must. If your customers are injured by your work, you must have insurance that covers these situations.
As a small business owner, your first step in securing insurance for your business is getting a quote. Some providers offer customized quotes online. It is best to find a reputable agent who can advise you on the best policies based on your business’ needs. A reputable agent will be able to help you understand what is required by your state and how much coverage your business will need. Compare prices, terms, and benefits of different policies to find the best one for your business.
If you have employees, you should also purchase workers compensation insurance. This coverage protects your employees from accidents on the job and reimburses lost wages. It also protects your company from employee dishonesty. Both policies are highly customizable, depending on your specific needs. A trusted agent can even help you get a discount.
As a contractor, you should carry liability insurance because most clients will require it. Without insurance, you could face financial disaster if someone has to file a lawsuit against you. This insurance is essential for any contractor, regardless of location.