Between 10.5 million and 15 million people in the United States operate as independent contractors. Offering specialized services and expertise can be lucrative, but also dangerous. Contractors face a lot of danger when it comes to working with clients on valuable projects. It's even more dangerous without a comprehensive contractors insurance policy.

Dave Millet Insurance Agency understands the dangers contractors face, whether your industry is construction, technology or something else. Our insurance professionals are dedicated to tailoring policies for contractors to find the best policy for the most affordable price. Insure your business today by connecting with an agent at (504) 556-0809 or filling out an online form now!

Your Contractors Insurance Questions Answered

What is Contractors Insurance?

Contractors insurance is a combination of business insurance coverages tailored for contractors.

Examples of common coverages for contractors include Workers Compensation and Commercial Auto Insurance. Workers compensation covers employee injuries that occur at the workplace while commercial auto insurance covers vehicles used or owned by the business.

How Does Contractors Insurance Work?

Insurance can be bundled into policies paid through premiums, and the same is true for contractors insurance. Bundling coverages can help save money without having to cut back on coverage. Is you have to file a claim, an underwriter will review the case to find out how much compensation you will receive.

What Does General Contractors Insurance Cover?

General contractors insurance typically covers:

Bodily Injury Liability: Bodily injury liability covers injuries third parties may receive as a result of accidents or negligence. It can help with medical expenses for the victim and legal expense for the contractor if the victim decides to sue.
Property Damage Liability: Property damage liability covers claims of property damage to third parties.
Products Liability: This coverage concerns injury or damaged caused by a product or service offered by the contractor.

What Insurance Do I Need as an IT Contractor?

All businesses or professionals should carry general liability insurance for accidents. But IT contractors have some unique risks that may require additional coverage. Professional liability insurance covers contractors from claims concerning professional negligence, where general liability only covers non-professional negligence. This means that if you or an employee makes a mistake during a contract that causes a client to lose money, professional liability insurance will help with legal fees if the client decides to sue.

How Much is Independent Contractor Insurance?

Contractor insurance costs vary depending on a variety of factors, such as your location and claims history. On average, independent contractors may pay around $750 a year for general independent contractor insurance.

How Much Does Subcontractors Insurance Cost?

Depending on coverage limits and other factors, subcontractors pay an average of $500-$800 a year for general liability insurance.

Why Do Contractors Need Insurance?

Contractors need insurance because they face a variety of risks and often work on expensive projects. One claim can easily send a small business or an independent contractor out of work. Having a reliable insurance policy helps to take the burden of claims and accidents off the contractor's wallet.