If you’re an independent contractor in Ontario, you know there are several important factors that contribute to the success of your business. Ensuring you are protected with adequate insurance is vital, we’ve shared the reasons why.
Regardless of the type of business you run, having insurance is crucial, but even more important is having the right protection and policy in place.
This is especially true for independent contractors since there are so many risks associated with this type of work. Below, our experts have provided insightful insurance tips.
4 Important Insurance Tips for Independent Contractors
1. Your Home Policy Does Not Cover Your Home Based-Business
If you own your own business and conduct your operations from a home office, it’s important to know that your basic home insurance policy does not cover you as an independent contractor. It’s imperative you advise your insurance broker if you’re operating your business from your home so that you can obtain adequate coverage for your material, equipment, and other materials.
Operating a business from your home without notifying your broker could void your policy. Keep in mind that you’re at greater risk if you have clients, employees, or subcontractors visiting your home, so you’ll want to ensure you have the proper insurance protection.
2. Better Insurance Gets You Better Business
As an independent contractor with full coverage, you can use this on marketing and promotional material which adds credibility to your business. You could end up getting more business out of it since most people avoid entering into contracts with businesses that can’t provide proof of general liability insurance.
3. Cyber Insurance is Crucial
If you’re an independent contractor, you probably have your clients’ information stored on your computer and some of this information could be sensitive. At any moment, the data you possess could be breached and this leads to greater liability concerns. Cyber liability insurance is crucial and, if you don’t already have this protection in place, a Youngs Insurance broker can help you put together an adequate policy for your business.
Do you know what your Cyber Risk Exposure score is? Take our quiz and find out here!
4. Your Business Insurance Policy Should be Unique
No two businesses are the same which is why your business insurance policy should be tailored to your unique needs. At Youngs Insurance, we have brokers who specialize in insurance for independent contractors. It’s crucial to have an adequate insurance policy that will not leave you or your business exposed to risks.