When you work as a contractor, it is true that you own your time, your schedule, and your rules as to how things should be done in your office for more efficiency.  While employees may be required to follow you, it is still the client’s wish that must be followed as long as they are within reasonable means.  Your problem as a contractor is that you are posed with liabilities over the work that you do, and that you also pose yourself to risk and scrutiny of lawsuits by unsatisfied clients.

For any contractor who wants to protect his best interest – or more of financial interest – getting contractors insurance serves as an ideal protection that will be serve them should they be faced with serious consequences regarding the work that they did, or perhaps injuries or property damage that might have occurred within the work or constructions space.

Contractors will always have liability issues and may possibly be at some point in defense of a lawsuit case from an unsatisfied client.  Contractors Insurance British Columbia offers a wide range of covers on contractors insurance which you can add to your contractor’s insurance policy.  By adequately protecting vulnerable areas within your professional career as a contractor, you are able to lower any possible risks you have on unnecessary expenses that may come your way.  If you are not familiar with the different covers of a contractor insurance, here are some of the most common types:

Professional Indemnity Insurance – this type of insurance is very helpful as it provides you with protection should ever a client accuse you of any problems or issues you are responsible in taking care of.  By having professional indemnity insurance, any risks or liabilities you have involving negligence, defamation, intellectual property, dishonesty, or loss of professional data will be duly covered by your insurance company.  When getting this type of insurance, you need to be ready with critical information regarding your company such as the size of the contract and that of the client; the real-life assessment of your defense cost; and the maximum compensation that can be given to you.

Liability Insurance – these are categorized as public and employers.  Under public liability insurance, you can have insurance protection if you deal with the public.  For employers that have a number of employees, the insurance serves as payment for legal and compensation costs.  Contractors insurance provides coverage to any person that works in your business, whether they are self-employed or volunteers.  Depending on your insurance provider, public liability insurance is a policy that can be purchased as standalone, or it can be purchased with other additional covers.

Personal Accident – one of the important things you need to have when buying contractors insurance is personal accident insurance.   If you value your crew, then as an employer, it is only proper that you insure them properly for adequate protection.

Office Insurance – one of the specific needs of home offices or small-scale office businesses is office insurance.  This coverage for contractors insurance adds insurance protection on important office equipment, loss of income due to business interruption, and legal expenses should any arises.