Will Business Insurance Be The Right Choice For Independent Contractors?

If you are a business owner in Canada, it’s important to have the right insurance coverage so that your assets and operations stay safe no matter what. But if you are an independent contractor, you may be wondering if you can get a separate coverage or will the existing small business insurance Alberta policies be enough for you. So, if you want to understand different types of coverages and the requirements, scroll down below.

The difference between business insurance and contractor insurance

Commercial Insurance Alberta protects against different risks and liabilities that may be faced by businesses such as property damage, liability claims, business interruptions, and much more. It includes commercial general liability, property insurance, business interruption insurance, and much more. But when it comes to contractor insurance, it is designed according to the specific risks and liabilities that come with contractors’ work. It includes commercial general liability, professional liability, and other coverage that may be specific to yourparticular industry.

Why one should get contractor insurance

Contractor insurance is important to get coverage for any accidents and injuries that may happen during the job, such as slip and fall accidents or injuries from anything else. This will save you from struggling with medical bills and legal fees. It also covers the cost of repairing or replacing any property that may be accidentally damaged by you during the work. In case a customer or any other third party files legal claims against you, the contractor insurance can help pay legal fees and settlements. There are several clients and project owners who only work with contractors who have insurance. So, it is important if you want to get more contracts.

Different needs of general contractors and independent contractors

General contractors and independent contractors have different insurance needs according to their work and risks. General contractors are those who manage construction projects and may need some additional coverage, like builder’s risk insurance to protect their project. They may need higher coverage because of their project management responsibilities. Independent contractors work on a particular task or project and have limited insurance requirements. However, they still need coverage for property damage, liability claims, and much more.

About Claresholm Agencies:

Claresholm Agencies is one of the most renowned companies that can provide you with the most premium quality commercial auto insurance Alberta services. They can take care of all your insurance needs and can provide you with the best policies by working with you.

To get a commercial insurance policy, visit https://www.claresholmagencies.com/

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