Purchasing insurance is important when you’re a contractor. It is essential to protect your rights and make sure you have your finances cover if any accidents come up. Like with any business, as a contractor, you’re entitled to benefits and liabilities. Your insurance is a safety net. Here are 5 types of insurance that you need as a contractor
1. Health Insurance
This is the number one most essential insurance you’ll need as a contractor. Healthcare, depending on where you are in the world, can cost a fortune and coverage is essential. No one is Superman and your health will fall short some way or another. Without insurance, even simple procedures can cost you an arm and a leg. Don’t let that be you.
2. Liability Insurance
General liability insurance covers for body injuries and any accidents that may occur on the job. However, it is also important to consider coverage for professional liability. For example, if you’re a roofing contractor, it is very important to purchase roofing insurance to ensure that your reputation and, by default, your ability to retain clients isn’t damaged by any fraudulent charges. So, make sure you cover both your professional and personal gains with this insurance.
3. Renter’s Insurance
As a contractor, if you’re working out of your home or an office, it is beneficial to carry some type of renter’s insurance. Renter’s insurance exists to help protect your property and assets, as well as any work-related items such as computers and work equipment. This type of insurance is relatively inexpensive and great in case accidents such as fire, burglary or natural disaster affect the place you work in.
4. Disability Insurance
Accidents in the workplace happen more often than you may think. If an accident occurs, it can jeopardize your chances of gaining regular work as well as leave you unable to work for a long period of time. Disability insurance ensures that you’re protected and covers what generally would be half of your regular income. This will help give you financial peace of mind while you’re on your road to recovery.
5. Life Insurance
It may seem counterintuitive when you’re young, but life is always full of surprises. If you have a family that depends on you and your income, it may be smart to purchase life insurance at any age or time. Life insurance is a simple process that invests money into your future and the people that become a part of it. So, don’t take it lightly. It is something that’ll protect your loved ones if you were to pass away unexpectedly.
Final Thoughts
Insurance may seem unnecessary at times and often forgotten how important it is, but it is actually very important to consider to protect yourself, your loved ones and your business. As a contractor, it is important you consider insurance that suits your needs, your job, and circumstances. Take careful consideration to each and every one of them. Start contacting your insurer about these insurances today and ask them the best way to go and to chose.
