Insurance for Independent Contractors
Contractors face many risks at work sites and on the road. Contractors who own their business need multiple insurance policies to help protect the future financial well-being of their company.
Contact Strawn & Co with locations throughout Georgia to get the business insurance you need to help protect your company.
What Insurance Does a Contractor Need?
Your agent can help evaluate your situation and build an insurance package to meet your unique needs.
General Liability Insurance
Your agent may start by getting you quotes for general liability insurance. This policy helps pay for third-party claims of property damage and bodily injury. It also helps cover damages related to copyright infringement, libel and slander, and product liability.
Business Owner’s Policy
Depending on your situation, you may be eligible to purchase a business owner’s policy (BOP) that combines common insurance coverages at a discount. A BOP typically includes the following:
· General liability insurance may help pay third-party liability claims.
· Commercial property insurance may help cover the damage or destruction of your property.
Your agent can help you decide whether a BOP provides the coverage you need as a contractor.
Commercial Auto Insurance
Contractors generally have vehicles they use for business purposes. Commercial auto insurance is crucial to remain in compliance with Georgia laws. You must carry a minimum amount of liability coverage to pay for third-party damages after an at-fault accident.
If you finance or lease vehicles, your lienholder requires full coverage insurance that includes comprehensive and collision insurance to help pay for damage to your vehicle after an accident or incident.
Contractors Tool and Equipment Insurance
Contractors use numerous expensive tools and often transport them to and from a worksite. Contractors tool and equipment coverage typically covers items under $10,000.
Tools and equipment insurance may cover equipment breakage, vandalism, damage to rented or lease equipment, lost or misplaced items and tool theft.
Movable property comes with unique risks, and contractors tool and equipment insurance can help mitigate the financial effects of unexpected events resulting in the loss or damage of your valuable tools.
Get Insurance Appropriate for Independent Contractors, Today
Contact Strawn & Co today to get insurance tailored to meet your needs. Your agent can help you understand your options and get multiple quotes from reputable insurers.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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