Professional liability insurance for contractors can be purchased online and is the kind of coverage that can end up saving you and your business thousands of dollars. If you want to make sure that your contracting business is safe from financial ruin due to lawsuits, then you need to do what’s right and get a good professional liability insurance policy. In many states across the United States, this kind of coverage is actually required by law. You should check to see what your state’s requirements are before you begin looking for a policy of any kind.
As noted, professional liability insurance for contractors is required by many states just so that a contractor can operate his or her business legally just as nurses professional liability insurance coverage. Once you purchase this kind of coverage, it’s something that you must continue to get if you want to keep your license. Many states will not allow you to renew your license if your professional liability insurance is not up to date. All contractors should be aware of this, and should thus realize the importance of getting the right kind of policy. You don’t want to risk not being able to practice if you don’t have the right kind of insurance for contractors.
Understanding What This Coverage Provides
If you want to purchase professional liability insurance for contractors, then you need to be aware of what you are going to get for your money. When you get ones of these policies you are protecting any bodily injury or property damage losses that are caused by your work. This doesn’t mean that you will be covered if your work is merely poor. If this is found to be the case, then your provider is certainly not going to provide you with any coverage for incident. Before you buy the right policy for contractors, you need to be aware of this.
It’s almost important for anyone trying to secure professional liability insurance for contractors to note that not all policies are going to be the same. It’s easy to assume that most companies will provide you with the same amount and type of coverage, but this is not always the case. There could be lots of different exclusions from policy to policy, and you need to do your best to find out what those are before you actually end up purchasing one. Work that you do on particular types of structures could not be covered under one professional liability insurance policy, and you may need to look for another.
Generally, there are two different types of polices that you can choose from when you purchase professional liability insurance coverage for contractors. The first type is occurrence policies, and these are good at any time that the policy is still in effect, no matter when you decide to make the claim. Some states have laws that limit the number of years that can pass between the incident and the claim, but when contractors purchase this kind of policy, it can give them a lot of extra time.
The other type of professional liability insurance for contractors that can be purchased is claims-made coverage. With this type of coverage, you can make a claim for an incident while the policy is in force and you can sometimes get retroactive coverage. However, you cannot make a claim if the policy get canceled, does not get renewed, or is transferred. Before you decide on any one of these types of coverage for contractors, you need to think of what your specific needs are first. Taking a few minutes to think about this will help you get the best professional liability insurance coverage around.
Getting the Right Quote
If you want to purchase insurance for contractors, then you need to be aware of some issues that might arise when you are looking for quotes. For one thing, you might be surprised at the rates that you are going to have to pay the get the right amount of coverage. Contracting is often considered dangerous work, so providers don’t really want to take a lot of chances. As a result, they can end up charging quite a lot for professional liability insurance for contractors.
If you really want to get the price of your professional liability insurance for contractors just right, then you need to take the time to look at quotes from a number of different providers. The absolute best way for you to get a deal is to compare and see what you can save. Professional liability insurance is not known for being cheap, especially when it comes to securing protection for contractors. If you want to get the best deal, then you are going to have to look around.