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We Make Subcontractor Insurance Easier

Grab the chance to protect yourself from mistakes in doing your projects. Be mindful and understand what subcontractor insurance is all about.

Do you have a specialized skill that is in demand and one of the trends in the market? Probably you are making money as a subcontractor. It is an excellent deal during this time. You do not need to focus your attention on every tiny detail of the business. Instead, your primary role is to manage a variety of big-time projects. Come to think of it, and since you are managing various projects, risks are also in your way. Your income is usually generated in your work as a subcontractor, so it would be best to have proper and fully covered subcontractor insurance.

In most cases, your subcontractor insurance does not have requirements. What you need to prepare is the name of your employer and your general contractor. You are not also required to get general liability insurance or similar coverage. However, do not take this as an excuse to ignore getting subcontractor insurance; your employer might also ask you to have it. Grab the chance to secure yourself from mistakes in doing your projects. Be mindful and understand what subcontractor insurance is all about.

What is Subcontractor Insurance

Subcontractor insurance is a policy that protects the subcontractors and contractors against accidents or naturally occurring phenomena. Subcontractors are freelance workers who work directly with a contractor. However, the work ends as the project is complete.

In general, subcontractors cannot carry insurance coverage if the deal client does not require to stipulate it. But, every move a contractor made comes with a level of risk. That is the reason why most of the contractors choose insured subcontractors for their projects. Take into account that every error you can make can lead to lawsuits.

Moreover, the insurance coverage that the contractors have rarely covers the subcontractors. It means that you are at risk. The majority of the contractors under contractor insurance policies are excluded from any damages caused by third parties. This process leads contractors to hire subcontractors with protection – to lessen the risk and make sure that the business makes sense.

If you are a subcontractor, knowing the types of insurance policies that you can avail of is the best start-up for your career.

What are the Different Types of Subcontractor Insurance

If you are an independent subcontractor, knowing the insurance policies you can avail of will help you lessen your business risks and help yourself be financially aware of the things you will be compensated for. It is also important to take note of your benefits.

General Liability insurance

It is the most common type of subcontractor insurance. General liability insurance aims to protect you and your contractor against lawsuits caused by bodily injury, medical payments, advertising injury, and damages to the property of your client. It is important to take note that companies will not hire subcontractors without this type of coverage.

If you want to get general liability insurance, it would be best to customize your needs. Review your quote because most of the policies cover the general contractors and not the subcontractors. Be vigilant and know how your coverage works.

Errors and Omissions Insurance

This insurance is also known as professional liability insurance. This insurance coverage protects you financially in case you fail to finish the service you promised. Mistakes are inevitable, but falling for one will lead to a financial burden, especially during court hearings.

Remember, if your company was sued for a specific project, you are not included in their insurance policy, and you need to come with your own solution. Most employers ask for a copy of your errors and omissions insurance before they proceed with the project.

Workers’ compensation insurance

Most states require workers’ compensation insurance. It also varies on what kind of industry you are in. Since it is common, this policy usually covers the disability cost and the medical cost of any work-related injury. It aims to help the employees to have something for their families. The laws related to workers’ compensation insurance varies from one state to another. Some insurance requirements for workers’ compensation is to have full-time employees. But, contractors insurance does not cover subcontractors. To address this issue, subcontractors may need to get their own workers’ compensation policy. Before you can land into a project, your proof of insurance usually serves as proof that you are protected and free from any risks. In this case, the general contractor or the company itself will not be responsible if you are injured on the job.

Commercial Auto Insurance

This type of insurance is beneficial, especially if you are traveling using your vehicle to perform your work on the job site. If you get into an accident while you are on your way to the job site, the other driver or the victim can sue you and your client. They can file a lawsuit, and court charges are not a joke. To avoid this kind of damage and problem, your employer will ask you first if you are covered and protected. They will ask for proof about your auto insurance. It would also be best if you consider this insurance policy, your business is one thing, but you could also use it if you want to protect yourself if you get into an accident. 

Why Do You Need Subcontractors Insurance

Subcontractors are always at risk when it comes to policy coverage during a business operation. That is the reason why the states legally required subcontractors to get a policy. The third-party can sue you for property damage and medical costs. It is important that you think of ways to cover the costs by getting insurance.

What are the Subcontractor Insurance Requirements

Each state has its own industry. It is guided by laws that will cover subcontractors. That is why companies scan first the subcontractors before they run over the contract. The companies make sure that they have their own insurance and they are fully covered.

It is important to note that the state does not require this policy. However, having a policy makes you independent and responsible. You will provide the needs and take responsibility for the claims. You can cover personal and commercial property damages.

Insurance requirements include preparation of proof of coverage. It would be best if it is specific, and you could use it to support you financially against claims. There is also available insurance that provides additional coverage. It all depends on your personal needs and working condition.

Final Thoughts

If you want to be independent and more like the owner, your decisions. Getting subcontractor insurance is a great choice. It could protects you from a lawsuit in case you run and encounter a work-related problem. You can work effectively and efficiently and even get an additional project once you have your subcontractor insurance. Remember, it is one of the requirements companies ask before they hire you. Work with ease, get coverage that provides protection against property damage like equipment, and help you cover the financial cost in case someone files a lawsuit.

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