Property damage and third-party bodily injury may not be a common issue with your small business (and if it is, we should chat), but that doesn’t mean that it couldn’t happen! General liability insurance can help cover your business from any out-of-the-ordinary disasters.
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All business insurance products are offered by INSURICA. INSURICA is among the 40 largest insurance brokers in the United States and is currently the 24th largest privately-held independent agency in the country. INSURICA and Woligo are both part of the Cameron Group of companies.
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General Liability Insurance for Self-Employed Individuals
There are many different kinds of coverage for small business owners and independent contractors. General liability is a good place to start. This gives you basic protection if you find yourself responsible for injuring or damaging the property of a third-party individual, like a client, customer, or just a person who comes into contact with you or your business. Your general liability policy helps cover things like their medical bills, repair bills, and potential legal fees if they sue for something they think you’re responsible for.
WHAT IS GENERAL LIABILITY INSURANCE?
You’ve put a lot of work into growing your own business, so you should do what you can to protect it. General liability insurance helps safeguard your business if you are sued for third-party property damage, third-party bodily injury, or reputational harm during the course of your work. Being sued may seem improbable, but it’s not a risk worth taking. One lawsuit could quickly drain you and your business of funds.
HOW MUCH IS GENERAL LIABILITY INSURANCE FOR INDEPENDENT CONTRACTORS OR SMALL BUSINESSES?
General liability insurance for self-employed workers varies in cost depending on a number of factors, such as:
Your business’ risk: Some businesses (such as those that deliver or install equipment) are more likely to become involved in property damage or bodily injury simply because of the nature of the work. It’s important to note that some businesses you work with may require that you, as an independent contractor or consultant, carry a certain dollar amount of coverage if you are going to work for them.
Your business’ location: Each state and city has different rates. You can typically expect to pay a higher premium if you operate a business in a highly populated area.
Your employee count: Simply put, the more employees you have, the more you will pay in premiums.
Alright, are you ready to safeguard your business? Request a quote for general liability insurance today and one of our representatives will break down exactly what you need.
Coverage for independent contractors.
When you work for yourself – go Woligo.
WHY DO INDEPENDENT CONTRACTORS NEED GENERAL LIABILITY INSURANCE?
Many independent contractors believe liability insurance is not a necessity. Perhaps they don’t work in a traditional office or storefront, so they assume they are not at risk of getting sued for third-party bodily injury. Then, they see the words “property damage” and think “I’m never going to intentionally damage someone else’s property. I don’t need liability insurance.”
You’re probably right when you say you won’t intentionally cause damage, but you could unintentionally damage someone else’s property while on the clock. Property damage could include anything from backing into a business’ sign on their exterior to accidentally damaging a computer monitor. And as for not having a physical office, you’d be surprised to learn that your home office might count. You may well be legally liable if a third party has a mishap in your home office.
The truth is, even as an independent contractor, you are at risk of being sued, which could result in you owing thousands of dollars in medical and legal fees for the injured party. That’s why many businesses require independent contractors and consultants to have their own general liability policy. It’s best to be prepared and get a policy that can help protect your business. Some commercial property owners also require that independent workers have liability insurance before signing a lease.
Small business owners, particularly those who have a physical building customers and clients can visit, absolutely need general liability insurance in order to protect their business and livelihood.
WHAT DOES GENERAL LIABILITY INSURANCE COVER?
General liability insurance can help cover lawsuits that may emerge from normal business operations. This includes third-party bodily injury, third-party property damage, and reputational harm. When we say third-party, we are usually referring to a customer or client, or else someone else outside of your business who interacts with your business.
Third-party bodily injury is defined as someone being injured on your business property. Your general liability insurance may cover the cost of the lawsuit and medical bills that result from an accident on your premises or because of your operations as an independent contractor. Your small business can be liable regardless of fault.
Third-party property damage is defined as damage to another person’s property caused by you or one of your employees. Property damage can occur on residential property or commercial property.
Reputational harm is defined as damage to an individual’s reputation due to slander or libel.
A general liability insurance policy may cover:
- Legal fees and teams to represent your business in court
- Witness fees
- Evidence costs
- Judgements or settlements that may be imposed on your business