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Independent Contractors Business Insurance Guide

One of the most important things you can buy when you are starting your own business as an independent contractor is your insurance. These policies will keep you safe in the event that something goes wrong and it is extremely important that you invest in some. Here are three policies you are likely to need as an independent contractor.

Liability Insurance

You can be the most cautious and careful person ever but that still means that accidents can happen. Whether someone injures themselves falling over their toolbox or your work falls accidentally falls apart when you leave, there are many reasons why you need liability insurance.

Most contractors’ insurance policies will have some sort of liability clause included. They are used if a claim is filed against you and can help with legal fees and other issues you might face because of it. It is one of the single most important policies you will need as a contractor, so make sure you have one the moment you launch your business.

Business Insurance

Commercial Vehicle Insurance

If you are choosing to drive between your various jobs, chances are that you will have a vehicle and personal drivers’ insurance. However, this might not be enough to cover your commercial vehicle. If you are involved in an accident with a third party or involving some equipment, it might put your vehicle out of use.

This might prevent you from working as you will have no means to travel around. However, if you have commercial vehicle insurance, you will have a safety net that will allow you to cover the costs it may take to get your vehicle road-worthy again. You should also look into the legal requirements of a commercial vehicle; depending on how you use the vehicle you might have to get the right sort of insurance policy to protect yourself.

Tool Insurance

A contractor’s tools are his ultimate lifeline and, without them, you will not be able to work. It is extremely important that you are able to buy new tools in the event that they become damaged or are stolen. If you have an expensive piece of specialist equipment which you use fairly often, making sure that it is ensured gives you the peace of mind that you have the means to protect yourself in the event something happens. If there is one thing in this business which you cannot risk, it should be your tools.

Insurance is one of the key things which often stands between you and bankruptcy. If you are unable to pay out in the event of injury or theft, it could mean the end of your company and this is an option you may not be able to afford. Don’t take the risk; take a look at insurance policies for independent contractors today and make sure that you are adequately covered against any eventuality. You have worked hard to bring this business to life. It is not worth it for it to be brought down by something simple before you have the chance to properly expand and grow it.

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