Contractors Insurance Information
Whether you work as an independent contractor or own your own contracting business, the nature of your work exposes you to unique risks. Finding the right business insurance for your small business can protect you from costly out-of-pocket expenses if something goes wrong at work.
What Insurance Do Contractors Need?
Contractors are exposed to myriad risks that can cause costly losses. A robust insurance package can help protect you and your small business from potentially devastating financial consequences.
The following are some coverages to consider:
- Workers’ compensation pays for medical fees, lost wages and lawsuits if an employee experiences a workplace injury or illness. In Virginia, this is required for all businesses with two or more employees.
- General liability covers bodily injury or property damage caused to third parties (e.g., clients, customers).
- Commercial auto protects your business if you or your employees get into a work-related auto accident. Although this is not required for business vehicles in Virginia, if you choose to forgo this coverage, you will have to prove you meet the state’s financial responsibility requirements for at-fault accidents.
- Property insurance reimburses you for damages at your property (e.g., store, office) in the event of fire, theft or other incidents.
- Tools and equipment insurance covers costly repairs and replacements to equipment if it is damaged, lost or stolen.
- Cyber pays for damages caused by data breaches or other cyber-related losses (e.g., lawsuits, cost of notifying customers, cost of setting up credit monitoring, etc.).
We’re here to help you understand your coverage needs. Contact Transworld Insurance in Fairfax, Virginia, to learn more about the protection we offer.
How Much Does Contractor Insurance Cost?
The cost of insuring your small business will depend on multiple factors. When determining your small business risk, your insurance company will likely look at the following:
- Services provided—This enables them to understand how your small business risk compares to the average risk for your industry.
- Location—This includes factoring in any state-specific requirements.
- Property and equipment—This impacts the cost for repairs or replacements.
Revenue and employee count—This allows your insurance provider to understand the amount of coverage your business needs. Generally, larger businesses with more employees will require more coverage, resulting in higher premiums.
Contact Us Today
Since 1992, we’ve been helping small businesses find the right insurance for their needs and budget. Call Transworld Insurance today for a free quote.