07 Jan Why Is Liability Insurance Increasingly Vital for Artisan Specialty Contractors?

Liability Insurance for Artisan Specialty Contractors

Work for artisan specialty contractors, or specialty trade contractors, tends to rise and fall with the housing economy. But the number of concerns for artisan contractors seems to keep rising, and Evolution Insurance Brokers is in the business of providing liability insurance and legal defense so you can focus on your specialties.

What are the advantages of having general liability insurance if you’re a self-employed or independent contractor?

• Employers tend to not be held liable for your work, acts, or omissions.
• Due to the increase in independent contractors and the gig economy, prosecuting or filing attorneys can increasingly target the self-employed. More and more of the construction and repair sectors of the economy are fueled by the self-employed and contractors in small business enterprises, and, unfortunately, belonging to this group can make you an easy target for lawsuit claims because you don’t have the liability coverage of a large-scale corporation under your feet. That means it’s increasingly critical to both know you options and have your own coverage.
• The market is constantly fluctuating. With increased market turmoil comes increased regulation and chances for liability claims. If you’re self-employed or have a small contracting business, the chances of crossing violations, equipment or training requirements, and an endless number of county- or type-specific liability rules are too immense for anyone to manage, especially when contracting projects involve multiple people and components with competing interests.
• Are you in a Fab Five state? Historically, Arizona, California, Colorado, Nevada, and Washington run the highest risk of liability lawsuits for contracting work on residential construction projects. Because of the increased focus on defect claims in these states, liability coverage is a must-have for both lawsuits with merit and to quickly resolve liability claims without much weight.

Like with all insurance, having liability coverage as an artisan contractor is largely for peace of mind so you can focus on your life and your business, but it’s also there for you during those stressful, difficult times of facing claims. Please contact us if you’d like to learn more information about liability insurance for contractors or would like to receive a quote.