In today’s economy, many people are either underemployed or have been laid off and begun to do freelance work to help pay the bills. In other words, they have become independent contractors, performing work for various companies for payment. Working as an independent contractor or freelancer opens you up to certain risk exposures you may not be aware of now working for yourself.
There are way too many independent contractor roles to list here. Freelance work can be either professional, such as a consultant, or even work performed in the trades. Either way, it exposes a huge liability risk which needs to be covered. Professional independent contractors are often accountants, engineers, architects, and surveyors. Tradespeople such as folks with handyman skills, carpentry, roofers, plumbing and electrician skills may work as independent contractors.
If you perform any work as a freelancer, it only makes sense to put an independent liability insurance policy in place. It is a sensible precaution for a freelancer to purchase independent contractor liability insurance in circumstances where they are giving advice and expressing professional opinions to clients.
Where clients are likely to act on that advice and be influenced in their decision-making there is always the possibility that potential liability for the contractor could arise. In addition, if you’re a tradesperson, you may be accused of being negligent or causing property or bodily injury.
Independent contractor liability insurance will cover the cost of this payment up to the level of coverage purchased. The insurance will also cover legal and court costs. Not having this important coverage could cause you, as a freelancer, to face financial ruin.
Talk to a licensed insurance professional to see if independent contractor liability Insurance makes sense for you. They can help you determine coverage limits and other options which may be available.
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