Future of Technology in Insurance | Oakridge Insurance Agency

Understanding Liability Risks with Independent Contractors

For many business owners, bringing independent contractors on board is a practical choice that brings flexibility and specialized skills. However, it's crucial to understand the liability risks associated with using such workers. A common misconception is that a General Liability (GL) policy offers blanket coverage, but the truth is far more complex. It's essential to recognize the potential risks if contractors don't have their own insurance coverage.

Your GL Policy Covers Your Business

Independent contractors, though integral to many operations, are not your employees. Still, their actions can impact your business. While your GL policy might cover lawsuits that involve the work of a contractor, it's important to understand that independent contractors aren't automatically insured under your business's policy. This distinction is crucial in managing your liability exposure effectively.

Insurance Solutions to Reduce Your Risk

Require Contractors to Have Their Own GL Insurance

Many industries mandate that contractors carry their own GL policy. This requirement ensures that any claims resulting from their work are handled by their insurance, safeguarding your business from potential liabilities.

Ask for Proof of Insurance

Always request a certificate of insurance (COI) from your contractors. Verifying their coverage is critical in mitigating risks associated with their services. Hiring without checking this proof can leave you vulnerable.

Be Named as an Additional Insured

Consider stipulating that contractors list your business as an additional insured on their policy. This step extends coverage to your business, helping to mitigate risks even further.

Consider an Owner’s and Contractor’s Protective (OCP) Policy

An OCP policy, though purchased by the contractor, provides primary liability protection to the business. It's a proactive measure to ensure you have coverage for incidents that occur while using their services.

Use a Well-Drafted Contract to Clarify Insurance Responsibilities

Clearly outline the insurance requirements and liability responsibilities in your contracts. For instance, specifying these terms can prevent disputes down the road and ensure all parties understand their roles and obligations.

Why Proper Insurance Coverage Matters

Proper insurance coverage is a cornerstone of responsible business management, especially when hiring independent contractors. Failing to verify insurance could leave your business footing the bill for liabilities and claims. Take action now by conducting a risk assessment of your current contractor policies to ensure you're adequately protected and compliant.

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