Why Your Business May Need Insurance for Contractors

gig insurance

Why Your Business May Need Insurance for Contractors

There are many options today for staffing your business with the most qualified individuals. While traditional, full-time employees are still popular, many businesses are turning to use other types of workers, for example, individual contractors. Although there are some key differences between the various types of workers and the type of compensation they receive, they can all be equally useful depending on the needs of your company. However, because employees that are not full-timers don’t typically receive the same coverage, employers must consider how to handle situations where these workers are involved in any type of accident or mishap while on the job. With specialized policies such as gig insurance, both workers and employers can feel more at ease that these circumstances will be covered in case they arise.

Benefits of Covering all Workers

While many employers are not legally obligated to provide coverage for contract workers, some are opting to have it anyway. While this may seem altruistic at first glance, for many this may actually be a wise investment given the time, stress and money involved in resolving any potential disputes if there are cases of illness, injury or accidental death as a result of work performed for this business. Additionally, contractors who are in high-demand may opt to work for businesses that include the additional safeguard of having gig insurance.