Independent Contractor Insurance Wyoming Policy Information
Independent Contractor Insurance Wyoming. Being an 1099 independent contractor can be liberating, but it is not without its own risks, just like a small business. If you work as an independent contractor in WY, you must protect yourself financially; the IRS views independent contractors as small business owners, and as a small business, there are inherent perils involved that can leave you liable and on the receiving end of lawsuit from a disgruntled client or injured customer.
Although the type of work that you do determines your exact risk level, having the right independent contractor insurance Wyoming protection in place can prevent personal financial loss, impeding your success.
Independent contractor insurance Wyoming protects your 1099 business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types of Insurance for Independent Contractors
Whether your job entails entering data or offering digital marketing services, doing plumbing work, or providing carpentry work in a client's home, you face risks everyday as an 1099 independent contractors. There are several types of coverage that can help to mitigate those risks, and investing in this coverage is a good way to ensure your business stays healthy and productive.
Although a general liability policy is a good place to start for independent contractors, there are other types of independent contractor insurance Wyoming you should consider, including:
- Errors and omissions coverage. Contractors often provide advice and consultation services. If this describes some of the services that you offer in your role as an interior designer, financial planner, landscape architect, accountant or other job, then you need to protect yourself from losses a client may experience as a result of your advice or recommendations. This insurance protects you from claims of errors and omissions.
- Bodily injury and property damage coverage. Protect your business from claims of bodily injury and property damage with this type of coverage. If you are a contractor who works with heavy tools and machinery, such as an electrician, plumber or remodeler, then you should be concerned with accidents that might occur from compressed gas, defective machinery or power tools. This coverage protects you from these unexpected accidents and events.
- Liquor or product liability. If you serve food or drinks at events, then product and liquor liability insurance is important. If a client is injured or becomes ill from eating or drinking items you provide, then you can fall back on this insurance for any claim that is lodged.
- Medical and disability coverage. This type of coverage provides medical coverage to you as an independent contractor, since most contractors do not have their own health insurance or disability insurance. If you become ill or hurt, this is coverage that you will appreciate owning.
Who Should Buy Independent 1099 Contractor's Insurance?
There are several types of independent contractors who need to consider contractor's insurance. Some of them are:
- Construction workers working independently
- Independent painters, electricians, carpenters and plumbers
- Dog or horse trainers
- Hair stylists and manicurists
- Writers and editors working as freelancers
- Web designers
- Graphic designers
What is Liability Insurance for Independent Contractors?
Independent contractor insurance Wyoming for 1099 contractors is a type of insurance that protects the contractor from third-party damage losses and lawsuits that might otherwise leave their businesses financially devastated. The policy chosen should cover:
- General liability. A general liability policy provides coverage for both bodily injury and property damage. For instance, if you or a sub-contractor falls and gets hurt while roofing a home, this policy would cover the medical costs associated with the fall. If you cause damage to a client's lawn while repairing the roof, it will also provide coverage for repairs.
- Advertising personal injury coverage. If you cause damage to someone's reputation through false advertising, slander or libel, this coverage protects you from claims.
- Completed product/operations. If your failure to complete a project causes damage to the client, this coverage will pay for associated claims.
These are standard independent contractor insurance Wyoming coverage types for contractors. Your policy should be tailored to your own unique needs and the risks that you take as an independent contractor and the liabilities that you face. It may be the case that a standard business owner's policy is sufficient for your needs. This policy, also referred to as a BOP, offers property damage and bodily injury coverage and may also offer business income protection or commercial vehicle insurance as well.
You should also consider worker's compensation insurance. This is required by some states if you have a certain number of employees, but working as an 1099 independent contractor, you may want to look into purchasing your own worker's compensation policy to cover medical bills and other expenses if you become ill or injured due to perils on the job.
Work with a knowledgeable insurance agent to determine which policy coverages are right for you. Your agent can assess your risks and help you find the best policy while comparing rates to find an affordable option that you can easily budget.
Wyoming Economic Data, Regulations And Limits On Commercial Insurance
Whether you are an established or a prospective business owner, the location you choose for your company is critical. If you want to achieve as much success as possible, the area needs to offer a healthy market that the goods and services you intend on offering will appeal to, otherwise there's a good chance that you won't garner the success you are hoping for.
Unemployment rate provides valuable insight about a state's economy. A lower unemployment rate indicates that there are more jobs available, and more jobs are available as a result of successful business operations in the area.
Additionally, knowing what industries are thriving in the state will allow you to determine if opening a business in your sector will be beneficial. Lastly, entrepreneurs should familiarize themselves with the kinds of commercial insurance policies they will need to invest in to protect their businesses and ensure they are operating within compliance of the laws.
If you're thinking about starting a business in Wyoming, read on for an overview of the state's economy and commercial insurance requirements so you can determine if the Equality State is the right location for your operation.
Economic Trends For Business Owners In Wyoming
According to the Bureau of Labor Statistics, the unemployment rate in Wyoming was 3.7%; just .02% of the national average of 3.5% at the same time. This rate of unemployment has remained relatively steady over the course of 2019, which is evidenced by the 3.6% rate in July, 2019, and the 3.7% rate in November.
Economists predict that the job rate will continue to remain steady or see a slight increase or decrease in the coming years.
If you are thinking about starting a business in the Equality State, the best locations include metropolitan regions and the areas that surround them. As with all states, urban areas offer larger markets, a larger workforce, and easier access to national distribution centers. With that said, some of the best places to start a business in Wyoming include:
- Rock Springs
- Salt Lake City
Several industries are thriving in WY, but the sectors that are seeing the largest boom include:
- Hospitality and tourism
- Mining and extraction
- Real estate
- State and local government
- Transportation and warehousing (logistics)
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Wyoming are favorable.
Commercial Insurance Requirements In Wyoming
The Wyoming Department of Insurance regulates insurance in WY. Wyoming mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Wyoming requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Wyoming also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also find WY local small businesses by General Liability Class Code and learn about Wyoming small business insurance requirements for general liability, business property, commercial auto & workers compensation including WY business insurance costs. Call us (307) 215-0090.