Contractor Insurance

Contractor insurance is a vital commodity for any  contractor, their professional position requiring adequate protection against potentially devastating financial outcomes. Contractor insurance policies are adept products designed for a number of eventualities and are a good example of specifically designed small business insurance.

Contractors are individuals who provide their professional services through limited companies on contract bases hired by larger firms. Unlike regular employees, contractors work for themselves, and this fact is something that can create both advantages and certain disadvantages on the contractor. Being self-employed, contractors are not employed by the company that they may be working for, and thus losing out on the many benefits and 'perks' that come with being in employment. These advantages could range from sick pay and holidays to necessary protection insurance.

The fact that contractors are not covered by any overhanging insurance umbrella means that they are very vulnerable when it comes to potential financial loss due to accident or error. Because of this, a large number of tailor made contractor insurance products exist, to protect, indemnify and cover contractors should the worst happen. Not only are contractors not covered by any employer's insurance, but as they are the owners, shareholders and workers for their limited companies, they are 100% liable in any case that may result in financial loss.

With contractors being in full charge of their own limited companies, this further reiterates the importance of insurance for contractors, making it a vital precaution as well as necessary cover. Some professionals may take out their own personal insurances on top of any provided by an employer, as a failsafe should any serious error occur that they may be liable for, but this situation is rare however and usually only happens in extremely high risk professions. For contractors on the other hand, this is compulsory, and most require purchasing certain insurance products before they can even get work.

Most contractors will have certain contractual obligations when signing up for a new contract and working at a new company. These may include providing an adequate substitute or a guarantee of service, but most often, contractor insurance is the main contractual requirement. Not only a vital protection, but contractor insurance policies themselves are compulsory with certain contracting professions. 

The benefits that contractors gain from however are very important to the profession, their largest highlight being that they are taxed at a lower rate than average employees. 

Insurance for contractors exists to cover a huge number of eventualities, and because of their high risk professional status, contractor insurance is very popular.

Source: ezinearticles

Golden Hill Insurance Works to Provide the Best Care. Jennifer Aguiluz founded Golden Hill Insurance to offer the best customer service in the commercial transportation insurance industry. Our passionate team is straightforward and well-versed in Spanish. We understand truck company owners' necessities and always strive to provide a vast range of competitive insurance quotes.

Contractor Insurance

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