If you are an independent contractor or own a small business, you likely need various forms of contractors insurance, which varies based on the type of business that you operate and the activities performed in your business. Some business activities have higher liability risks than others, which is why it's important to work with a professional insurance agency who can assist you make better decisions when purchasing contractors insurance. Below is more information about contractor insurance coverage, obtaining a quote and selecting the best insurance company that's suitable for you.
Michigan Contractor Liability Insurance
Liability insurance for contractors fluctuates in price based on the type of work being performed and the activities involved. For example, if you own a small business that requires staff members to travel from one site location to another, install heavy equipment or perform work in factories, your liability risk is greater than those with employees who merely work in an office. Even if work zone safety guidelines are posted and followed by staff members, there is still some exposure to hazardous work conditions, which further enhance liability risks and the need for contractor liability insurance. A professional insurance agent can help you identify which contractor liability insurance coverage is the best for your business.
Liability insurance for contractors could also be purchased specifically for individual contractors to further minimize liability risk. This type of insurance, usually referred to as workers comp insurance, evaluates the total staff members,the job functions and the daily activities of each. This is used to determine what your overall liability insurance coverage will be. However, selecting insurance for contractors can be confusing as there are several companies competing for your business. You want to be certain that you are making the right selection possible and not overpaying for coverage that you don't need. Insurance agencies that specialize in finding the best insurance companies for independent contractors and small business owners provide a greater advantage in that they offer an extended service to better assist you. Primarily since contractor insurance rates vary from one company to the other, small business owners and independent contractors can often find better savings when they allow a professional insurance agent to shop around to find not only the best rates but the best coverage for specialized insurance needs.
Independent contractor insurance
If you are an independent contractor and work alone, your liability risk may be lower than those who work in hazardous work conditions. However, there are other things that the independent contractor needs to be aware of. This includes areas such as errors and omission where independent contractors are at risk of making errors when performing their jobs. This includes independent contractors such as bookkeepers, tax preparers, computer technicians, computer programmers, electricians, plumbers, painters as well as independent contractors that work in other professions as well. You will need to be aware of what type of independent contractor insurance is available for you and most suitable for the kind of industry that you're in.
Insurance agencies that represent multiple top rated insurance companies as opposed to just one represent independent contractors with an impartial point of view. Therefore, they can assist with selecting the best insurance associated with specific industries.
Various Forms of Insurance for Michigan Contractors
Often times business owners are not even aware of the various types of coverage needed. This is usually better determined when speaking directly with an insurance agent who can evaluate all of the activities that take place within your business. Even if you work from home - which is currently on the uprise - you still need some form of insurance. Below are different types of insurance needed by most small businesses and independent contractors. Whether you work from home, on-site at your client's location or are a small business with employees or other independent contractors, you will need some form of insurance.
• Property insurance
• Errors and omission insurance
• Liability and workers comp insurance
• Fire insurance
• Auto insurance
• Travelers insurance
If you are not confident about the kind of insurance you need, it's imperative to discuss your business activities with a professional who can provide you with the best contractor insurance cost in the market. Not only will you receive the best Insurance deals available, but you'll also have peace of mind knowing that your insurance coverage is compatible with your day-to-day business activities.
Finding Affordable Michigan Contractor Insurance Quotes
To obtain contractor insurance quotes, simply contact our office and we will perform an analysis of your insurance needs and find you the best insurance package among the top insurance companies in the industry. We will be certain that you get the best contractor insurance cost available. Even if you require combined insurance coverage, umbrella policies or assistance with other customized insurance plans.
As an independent contractor or small business owner, you owe it to yourself and to others around you to be fully covered with the appropriate insurance policy. Obtaining the right insurance policy can help keep your business afloat should an unforeseen catastrophe take place, or if you experience theft, accidents or other issues that could create setbacks in your business. The downtime could cost you so much more than not having insurance coverage, as well as expose you to a greater risk of losing items that you may have taken years to acquire. You don't want this to happen to you, contact our office to get an insurance quote today.