Working For Insurance Companies As A Contractor

The drawbacks of being a contractor as you decide whether to pursue being a contractor with insurance companies it s essential to consider the drawbacks as well.

Working for insurance companies as a contractor. The guidance tells you what you must do to comply with health and. Letting the insurance company take care of it can save you a lot of stress time and trouble. Several people with no insurance experience offered great comments. Contractors repair people and anyone who works in your home or on your property should have general liability and workers compensation coverage.

This may affect your total remuneration one of the factors that influences your premium. Working as a contractor in the insurance industry gives you the freedom of self employment and the support of an established industry. You may be liable if the contractor is injured while performing work for you. If you are using contractors it s your responsibility to find out if they re considered workers by worksafe.

According to the insurance information institute most insurance companies maintain a list of approved private contractors that they share with their policyholders in a claim situation. Tips for hiring a contractor any upgrades suggested by the contractor need to be approved by the insurance company before work can begin. Using contractors a brief guide using contractors a brief guide page 1 of 7 this is a web friendly version of leaflet indg368 rev1 published 06 12 this leaflet is aimed at businesses that use contractors. When contractors are workers.

A worker or an employee if they work for a client and are employed by an agency there s a special scheme for self employed contractors and sub contractors working in the construction industry. By choosing the contractor the insurance company selected it often protects you because those contractors are accountable to the insurance company. Because i am an insurance professional and i ve witnessed many bad outcomes from this same scenario i weighed in. Contractors insurance is coverage that can protect your business from devastating financial debts that can result from work related accidents.

Insurance companies provide contractors with many jobs and are big clients to them. It s important to protect your livelihood with adequate coverages and limits that match your exposure in case your business is threatened.