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Contractor Business Insurance
Mark Karavan, Knowledge Level: All Levels, Keywords: contractor business insurance
Essentially there are four kinds of business insurance: general, errors and omissions, product and EPLI.. The middle two refer specifically to professional organizations and manufacturers, so it is unlikely that you will have much concern to pay to those organizations in the meantime. However, it is incredibly essential that you have general business insurance, as your risk of property damage and personal injury will be relatively high. You also have to consider the possibility of EPLI if you are going to expand your business; EPLI protects you from managerial problems such as sexual harassment, discrimination and wrongful termination; while this is something that you certainly won't have to worry about if you are a sole contractor, you should strongly consider it if you start moving forward and recruiting others.
How do you know that you are getting quality contractor business insurance? You can check with a couple of sources like JD Power and Associates, your state's Department of Insurance. Basically what you want to do is make sure that, while the costs of the service you are purchasing are low, you also want to make sure that they have not had any judgments placed against them in a long period of time. You also want to make sure that they have a high standing with regards to customer satisfaction.
. Article on contractor business insurance by Mark Karavan
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