Independent contractors have the tedious task of finding the right public insurance that covers their specific trade. These contractors include plumbers, electricians, builders and handymen who visit people’s homes with the intention of carrying out work.
Having the right type of cover can protect your business from financial stress as a result of an accident, property damage or even defective workmanship, which can occur at any time.
Public liability insurance for independent contractors can be broken down into two types of cover, both is suggested if you work at people’s homes and offices on a regular basis.
Public Liability Insurance
This type of cover protects your business due to accidents which may occur to third parties or property while working. It is easy for an accident to occur, dropping a heavy object and damaging the house you are working on or leaving a tool which the customer trips over breaking a leg or arm.
Ensuring that your business has the best possible public liability insurance can give you the peace of mind to go and do the work necessary without the worry of possible accidents which could occur.
Working on a roof and dropping a slate or brick, which strikes a passing pedestrian, is not unheard of. Believing it will never happen to you is a foolish way of looking at it which can result in your business facing serious claims, which in turn can lead to financial distress for a very long time.
Professional Liability Insurance
Professional liability insurance also falls into the public liability category. This is another must have policy for independent contractors. This covers you in the event of injury or loss to third parties as a result of work you completed, defective workmanship or design error and product recall.
If you are a builder and are building the redesign of a kitchen, it is easy to make an error resulting in the design being flawed and the customer refusing to pay you or suing you for damages. This as you know can be costly and as an independent contractor you are not a large corporation, but a man working for himself where every penny counts. Knowing you are protected against this type of incident, can give you the peace of mind to carry on and make profits and grow your business from strength to strength.
How to Find the Right Public Liability Insurance
As an independent contractor you want to save as much money as you can in order to increase profits, in doing this you lower your budget and reap in the rewards of your success.
Finding the right public liability insurance can assist you with the low budget by finding a reputable and reliable insurance company that can help you with your insurance needs.
Public liability insurance for independent contractors is usually handled by a specialised broker who knows your business and the risks involved in your daily dealings with customers.
When looking for a broker ensures that they are from a reputable company, a company that has been around for some time with positive customer feedback. A good idea is to talk to fellow contractors and see what company they use for their insurance needs and check to see if their claims are paid quickly and if they have received good service from the company.
Once you have chosen a few reputable companies, you need to ensure they are reliable in their payments and cover. It’s all very well paying the lowest possible premiums, but does the insurance company pay out efficiently and quickly? If not, is it a company you really want to deal with?
You can ask the insurance company for customer’s details and contact them directly for a reference, this way you are not relying on their website comments and are hearing the truth directly from the client.
A very important aspect is whether the company you are considering working with is flexible in the policy they are offering. You may find that there are some things you don’t need cover for and others that you need a higher cover for. If they are willing to amend the policy accordingly within your budget, then they are probably the right company to choose.
Finding the right public liability insurance is easy once you know what you are looking for; it’s finding the right insurance company that you want to deal with that is the difficult part. There are so many companies offering their policies at affordable rates, but remember cheaper isn’t always better. You may need to pay slightly more to get exactly what you want, but the overall ability to have the right cover enables you to work without any hassles or worries, this is a big benefit to your business.
Once you find the company that offers you what you need, they are reliable and reputable and have a good track record with paying out quickly for claims, then sign up with them and enjoy a beneficial relationship for years to come.