Contractors must consider business insurance in order to ensure the financial stability of your company, industry experts recently warned.
Clients or agencies will in most cases be insistent that contractors carry business liability insurance as a stipulation of their contract. Unless they can prove that they have the proper cover, most contractors will not be permitted to begin work on their assignment, and contractors are typically not covered by the insurance policy of their agency or client.
Experts say that contractors need to ensure they have suitable cover in order to protect against something going awry. One of the most common forms of cover is professional indemnity insurance, which will provide you protection against any errors, omissions, or negligent acts that arise from a contractor’s professional services.
There are many other forms of business liability insurance available on the market as well. Some will protect companies from any third party claims such as a client’s property damage or personal injuries, while others will provide liability protection for any company employees against any injuries suffered whilst on the job.
Contractors may also need to be provided protection in the unfortunate occurrence that they should become involved in any sort of accident either while travelling to a worksite or while carrying out their work after arriving on site. This is especially important if the injury is severe enough to preclude the contractor to returning to work anytime soon, as this level of cover can help pay for missed work and any related medical expenses.