Contracting Insurance Question

[CaptHook]

Hey all, I'm setting up to be an independent contractor. I've read through many posts on this forum and appreciate all the help I've already received. I'm currently trying to acquire Professional Liability Insurance but pretty much every company I've contacted says they don't cover our field of work. I was curious if any contractors out there would be willing to share their insurance company information. I'm also considering joining the CSIA as I see they offer insurance as a benefit as well. Is anyone else a member of CSIA? If so, do you use their insurance?


Thank you!

 

[cidchase]

I'm sure laws differ state-to-state, but you need Contractor's General Liability Insurance. Are you in a special field, Nuclear, Medical, etc.?
Can't imagine an insurance agent who would not find you an underwriter. Look online if you need to, there are thousands of available companies. I had no problem getting covered when I was contracting, several years ago now.

Cid

 

[Steve Bailey]

Are you trying to locate a carrier on your own? I always went through my local insurance agent. The same one that handled my general liability and worker's comp policies. He could always find carriers willing to quote coverage.

 

[GaryS]

I have used Nationwide for many years
be careful you need to now what you clients will expect. i have one that requires 2 Million minimum.
Also have your agent go over your policy to be sure you understand what covered and what is not. I have found that some thing things are covered that are not.
No policy will cover what you are working on unless you have a policy for each job that covers omissions and exclusions and that is very expensive and setup on a per jog basis

 

[CaptHook]

Thanks for all the advice so far. I've now reached out to a few local agents to see what they can come up with. Before I was filling out online forms and inevitably would need to call into a line where they would tell me they couldn't cover me. Every time I got to the part about "Installing or Repairing Equipment" or once it was "Will you working on manufacturing equipment that could start the movement of product" I was immediately rejected.



We'll see what the local agent can do. The CSIA rate seems pretty decent from what I've seen mentioned on this board. Would love to know if anyone has any experience with them.

 

[plvlce]

I have found that some thing things are covered that are not.

That's a neat trick…

 

[I_Automation]

That's a neat trick…

If:
1. Your machine does something bad on a Tuesday,
2. It is raining in Orlando at that time
3. There is a wild buffalo stampede in Dayton, Ohio
4. It is during Daylight Savings Time, and
5. It is the day of a full moon.

 

[nchnels]

Thanks for all the advice so far. I've now reached out to a few local agents to see what they can come up with. Before I was filling out online forms and inevitably would need to call into a line where they would tell me they couldn't cover me. Every time I got to the part about "Installing or Repairing Equipment" or once it was "Will you working on manufacturing equipment that could start the movement of product" I was immediately rejected.



We'll see what the local agent can do. The CSIA rate seems pretty decent from what I've seen mentioned on this board. Would love to know if anyone has any experience with them.

I was curious as to what you had come up with?

 

[GaryS]

General Liability should not be hard to get
but nobody is going to cover your actual work
I have run into projects where they require Errors and Omissions insurance
but when they do that is a per job bases and you need to bring your ins company in on that in the beginning it is also very expensive i priced it one time it was about 25% of my bid
general liability is all that most require they cover if you knock over a lamp or spill something.
you will need to see what your clients need for you be be on site

 

[robertmee]

I've used Hartford for near ever. I go through an Independent Agent, and Hartford seems to always offer the best. I carry $5 million total coverage with Umbrellas.

 

[patjdixon]

I recommend Mercer. If you are an IEEE member they offer good rates for professional liability

 

[Highland Controls]

Find a local Commercial agent. My General Liability, Umbrella, and Auto went through Grange Mutual, Professional Liability went through Chubb. In the past, they also uses Lloyd's of London for Professional Liability.

 

[lee1968nh]

I never heard insurance company say they don't cover our industry. Pretty standard in USA: $2M liability and costs about $1K/year

 

[Highland Controls]

If you are paying $1k a year, then I can about guarantee it is not professional liability. Probably just standard commercial liability.

 

[lee1968nh]

You can still do $15M in damage on a $2M policy. Funny the ego that you can 'about' guarantee. Give me a break.