Side Hustles You Can Start Out of Your Home
Side Hustles You Can Start Out of Your Home Side hustles can be a good way to earn some extra income or to try out
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Contractors, with jobs both large and small, face a variety of risks. A robust insurance program can help to mitigate the financial threat that such risks can pose to your company. In this article, you can find information regarding who should consider contractors insurance, how much it may cost, and what coverages you may want to consider as a contractor.
The term “contractor” is a broad term typically used to describe a person or company that undergoes a contract to perform a service, usually involving some type of manual labor. The following are some of the common occupations that are sometimes categorized with contractors.
If you have questions about whether your business may qualify for contractors insurance or would like to explore your options, contact one of our local offices today.
How much a contractor could pay per year to cover the costs of insurance depends on a variety of factors. Some of these factors include the type of work that you perform, where your business is located, how many employees your business has, the value of your equipment, and the types of coverage along with the limits that you have chosen. To get a more accurate depiction of what you might pay, reach out to your local office to request a quote.
If you are shopping for quotes, having some basic information about your information on hand can help to streamline the process. Some examples of information that may be helpful for you to gather include, among other things:
There are a number of different insurance coverages that every contracting company should consider, including without limitation:
General liability insurance can help your business with claims regarding third-party injuries and property damage caused by the negligence of you, your company or your employees in connection with your business.
As a contractor, you and your employees will have to get to and from jobs, making commercial auto insurance an important coverage for your business to consider.
Tools, equipment, and other technology used as a contractor can be costly. Equipment coverage can help provide funds for stolen, missing, or damaged equipment in the event of a covered claim.
Inland marine insurance can cover equipment and materials that are transported over land, such as to and from job sites.
Commercial property insurance can help protect your business against certain types of physical damage to your warehouse, workshop, or other facilities, along with the tools and other contents within. The following are some of the assets commercial property can help insure:
If your business has at least one employee, workers’ compensation may be legally required. This type of policy is a valuable and important coverage to consider. Worker’s Comp can help cover medical bills for employees who are injured or become ill because of work related events. It can also help cover a portion of lost wages.
Professional liability, also known as errors and omissions insurance, can help protect your business against claims of professional negligence or errors that result in financial loss to a client.
Commercial umbrella adds an additional layer of liability protection after the limits of your other liability policies have been reached.
Carpenters, electricians, masons, and more should consider coverages such as general liability, commercial auto, inland marine, workers’ comp, professional liability, and commercial property and more. You should connect with a local insurance agent to discuss the unique features of your business and to request a quote today.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
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