You should also consider worker's compensation insurance. This policy, also referred to as a BOP, offers property damage and bodily injury coverage and may also offer business income protection or commercial vehicle insurance as well. It may be the case that a standard business owner's policy is sufficient for your needs. Your policy should be tailored to your own unique needs and the risks that you take as an independent contractor and the liabilities that you face. These are standard independent contractor insurance coverage types for contractors. If your failure to complete a project causes damage to the client, this coverage will pay for associated claims. If you cause damage to someone's reputation through false advertising, slander or libel, this coverage protects you from claims. If you cause damage to a client's lawn while repairing the roof, it will also provide coverage for repairs. For instance, if you or a sub-contractor falls and gets hurt while roofing a home, this policy would cover the medical costs associated with the fall. A general liability policy provides coverage for both bodily injury and property damage. Independent contractor insurance for 1099 contractors is a type of insurance that protects the contractor from third-party damage losses and lawsuits that might otherwise leave their businesses financially devastated. If you become ill or hurt, this is coverage that you will appreciate owning. This type of coverage provides medical coverage to you as an independent contractor, since most contractors do not have their own health insurance or disability insurance. If a client is injured or becomes ill from eating or drinking items you provide, then you can fall back on this insurance for any claim that is lodged. If you serve food or drinks at events, then product and liquor liability insurance is important. This coverage protects you from these unexpected accidents and events. If you are a contractor who works with heavy tools and machinery, such as an electrician, plumber or remodeler, then you should be concerned with accidents that might occur from compressed gas, defective machinery or power tools. Protect your business from claims of bodily injury and property damage with this type of coverage. Bodily injury and property damage coverage.This insurance protects you from claims of errors and omissions. If this describes some of the services that you offer in your role as an interior designer, financial planner, landscape architect, accountant or other job, then you need to protect yourself from losses a client may experience as a result of your advice or recommendations. Contractors often provide advice and consultation services. There are several types of coverage that can help to mitigate those risks, and investing in this coverage is a good way to ensure your business stays healthy and productive.Īlthough a general liability policy is a good place to start for independent contractors, there are other types of independent contractor insurance you should consider, including: Whether your job entails entering data or offering digital marketing services, doing plumbing work, or providing carpentry work in a client's home, you face risks everyday as an 1099 independent contractors. What Type Of Liability Insurance Do Independent Contractors Need?.Who Should Buy Independent 1099 Contractor's Insurance?.What Type Of Insurance Do Independent Contractors Need?.How Much Does Independent Contractor Insurance Cost?.Get a fast quote and your certificate of insurance now.īelow are some answers to commonly asked 1099 independent contractor insurance questions: Independent contractor insurance protects your 1099 business from lawsuits with rates as low as $27/mo. If you work as an independent contractor in, you must protect yourself financially the IRS views independent contractors as small business owners, and as a small business, there are inherent perils involved that can leave you liable and on the receiving end of lawsuit from a disgruntled client or injured customer.Īlthough the type of work that you do determines your exact risk level, having the right independent contractor insurance protection in place can prevent personal financial loss, impeding your success. Being an 1099 independent contractor can be liberating, but it is not without its own risks, just like a small business. Independent Contractor Insurance Policy Information
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