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These are some of the policy features we see when we establish contractor insurance in Tennessee :
Errors and Omissions: Contractors who provide consulting and advisory services, such as accountants, financial planners, interior designers, and landscape architects, should be concerned about the liability risks due to losses a customer may experience as a result of the contractor’s recommendations.
Bodily Injury and Property Damage: Contractors who work with heavy machinery and tools, such as plumbers, remodelers and electricians, should be concerned about accidents due to hazards such as power tools, defective machinery and compressed gas.
Medical and Disability: As a contractor, you are most likely not in a group plan to cover your own injuries, which can expose you to a risk of loss of income if you become ill or injured.
Who Needs It?
There are many types of independent contractors who need liability insurance and other coverages to cover their specific risks. Some of the professionals who need contractor insurance include:
Independent Contractors
Plumbers, carpenters, electricians and painters
Repair of persons
House and carpet cleaners
Don’t Underestimate Your Risk
Getting the right independent contractor liability insurance can protect you from lawsuits, setbacks, and property damage from third parties that can devastate your business.
Commercial Auto Insurance is also a large part of your overall commercial insurance program.
Typically, you will need a few different categories of coverage for complete liability protection:
General Liability: The basis for all of the contractor’s insurance coverage is a general liability policy. This coverage will provide two types of protection:
Bodily Injury: Provides coverage if you or someone you employ causes injury or death to a third party during the course of work. It provides medical care for the injured person and covers your legal defense if you are sued for damages.
Property Damage: Provides coverage if you or one of your employees causes damage to property owned by others. This includes the building or property you are working on or any other third party property.
Operations/Finished Products: Provides coverage in the event that a project you finished has a problem or causes damage. It may also extend to any product you sell or distribute.
Personal Injury Advertising: Covers the risk of damaging another person’s reputation or causing a loss through slander, libel or false advertising claims.
Contractual liability: This covers you in a contract dispute. It is not always included in general liability coverage, so verify that you have this coverage with your insurer.
The specific independent contractor liability insurance coverage you need will be unique to your business. By working with a knowledgeable agent, you can make sure you don’t have critical gaps in coverage that could expose you to costly legal claims.