If you are considering launching your own business as a contractor or if you are looking to hire an independent contractor or a third party to support your small business, you need to understand what is involved in such process in terms of protecting your business. Some of the questions to consider include:
- Should I require the independent contractor to carry liability insurance?
- Would my small business insurance include a coverage for such hires?
- Does my Workers’ Compensation insurance apply for my contractors?
Hiring a contractor to do work for you has an influence on you, your business and your client base as well. A simple mistake could cost you serious money. And that is why it is very crucial for you to consider hiring insured contractors… IT, graphic designers, web developers, construction contractors, content writers, and more… If a mistake is made or they fail to deliver, you will be able to recover some of your expenses if a lawsuit was deemed to be necessary. The contractor insurance covers such damages and protects you from being burdened as a result of somebody else’s mistake or wrong doing.
You may want to confirm that your contractors carry:
- Professional Liability Insurance, also known as Errors and Omissions Liability Insurance (E&O), which extends your liquid, physical, and future asset protection beyond the coverage found within your primary business insurance coverage. Click HERE to read more.
- General Liability Insurance, which protects your business assets in the event of an incident or cause leading to a claim or judgment against your business. Click HERE to read more.