How to Protect Your Business
and Your Money
You’ve probably heard of general liability insurance, but do you really know what it is and why you need it? And did you know there is general liability insurance for contractors? This insurance protects your business from claims made by third parties for bodily harm, damage to their property, and personal harm like slander and false advertising. In other words, it’s there to help you financially if someone sues you or if you accidentally damage someone else’s property.
Even if you’re careful, accidents happen. You’ll likely face one or more of these situations as a small business owner. And if you don’t have insurance, you could be forced to pay out of pocket for damages, which could quickly bankrupt your business. That’s why general liability insurance for contractors and small business owners is essential if they want to protect their livelihood.
How Does General Liability Insurance for Contractors Work?
If someone sues your business or files a claim against you as an independent contractor, general liability insurance will help cover the costs of their medical bills, property damage, legal fees, and more. In some cases, it can also help with the cost of settling a lawsuit before it goes to court.
For example, let’s say a customer slips and falls in your store. They could sue you for their medical bills, lost wages, and pain and suffering. If you have general liability insurance, your insurer will help pay for their medical bills and lost wages up to your policy limit. They will also help pay your legal fees if the customer sues you. This is helpful and will help you from having to use your savings or business credit cards.
What Does General Liability Insurance for Contractors Not Cover?
It’s important to note that general liability insurance does not cover everything. For example, it typically doesn’t cover professional services like accounting or consulting. It also doesn’t cover intentional acts or criminal charges. So, if you’re sued for something not covered by your policy, you’ll have to pay out of pocket to settle the claim or lawsuit.
Because of this, it’s a good idea to look into the different kinds of small business insurance to see what fits your needs. General liability insurance for contractors and small businesses is usually the one insurance plan that most businesses should start with. They could then expand to other options as they see fit. But of course, every business is different, so spend time researching what’s out there and what you need. We’ll help you get started below!
Whether you are a moving company, provide cleaning services, or are a consultant, you should have business insurance. NEXT insurance helps protect your hard-earned money when you need it most!
General Liability Insurance for Contractors Provided By…
Next Insurance is possibly one of the US’s most popular and well-known small business insurance providers. Since 2015/2016, they have been in business and have helped protect over 400,000 small businesses. Visit Next Insurance to see if they look good for you and your business.
Thimble Insurance started as a drone insurance company in 2016. Since this period, they have begun to provide additional small business coverage, including the option to get it by the hour, day, or month instead of the typical annual plans. Visit Thimble Insurance to see their unique programs, including drone coverage.
Small business owners who want to protect their incomes must have general liability insurance. Yes, general liability insurance for contractors is a must as well. Whether you are an independent contractor in the gig economy working on TaskRabbit or Handy or a local Boston micro-business of three, you need insurance. It helps pay for the costs of claims made by third parties for bodily injury, damage to property, personal injury, and other things.
And nobody wants to go digging in their emergency savings fund to repair a customer’s damaged goods. While general liability insurance for contractors and small businesses doesn’t cover everything—professional services and intentional acts are typically not covered—it’s still an important safety net to have in place if something goes wrong. After all, accidents happen—and when they do, you’ll be glad you have general liability insurance.