4 Best Life Insurance for Independent Contractors
If you work as a freelancer or independent contractor, you should at the very least carry Life insurance for independent contractors. aids in covering your legal expenses resulting from allegations of negligence, incorrect advice, or contract breach. For client claims of physical injury, property damage, or reputational loss resulting from your business activities, many 1099 contractors also require general liability insurance. If you own a place of business, you need also get coverage for commercial property. Depending on your line of work, you could also require additional precautions.
A business owner’s policy (BOP), which combines general liability, commercial property, and frequently business interruption insurance as well, may be convenient for some independent contractors. However, not everyone requires that degree of protection.
onesfoods.com examined 53 data points for 19 companies to come up with our list of the best Life insurance for independent contractors. These data points included price, customer service coverage, state availability, application process (particularly whether online quotes and applications are offered), each company’s financial health, and customer feedback.
Contents
4 Best Life insurance for independent contractors
1. Next Insurance
Low premiums, same-day coverage, and a real-time certificate of Life insurance for independent contractors are all provided by Next. You may effortlessly add more insureds and instantaneously share the certificate from any location.
Pros
- Online application and immediate quotation
- Having access to a live certificate of insurance
- Outstanding rates for liability insurance
Cons
- fewer testimonials than some comparable brands
The most cash-strapped independent contractors can now acquire liability coverage thanks to Next’s same-day application procedure, affordable premiums, and discounts.Some low-risk independent contractors can get general liability insurance for as little as $11 per month, while professional Life insurance for independent contractors can be purchased for as little as $220 per year. Additionally, Next offers a number of discounts, such as a 10% discount for combining two plans, that can help you reduce your rates by up to 25%.
Although it offers a business owner’s policy, professional Life insurance for independent contractors, and general liability coverage, Next doesn’t offer as many endorsements as other providers. The company does not offer cyber Life insurance for independent contractors. Based on the size of the company, Next has less complaints with the NAIC during a two-year period and has an A- (Excellent) financial strength grade from AM Best.
2. biBERK
The Berkshire Hathaway Group’s high financial stability and excellent price on professional liability insurance are both provided by biBERK.
Pros
- AM Best rates your financial strength as A++.
- For professional liability plans, very competitive price
- Online applications and quotes
Cons
- Extra insurance may incur additional fees.
You can rely on biBERK to have the resources to pay claims because the firm is a member of the Berkshire Hathaway Group and all of its subsidiaries are rated A++ (Superior) by AM Best for their financial strength.In addition, 3 biERK has competitive pricing, with professional Life insurance for independent contractors starting at under $300 annually. With just a few straightforward questions, biBERK makes it simple to request a quote and submit an application for immediate coverage. Additionally, the organization has received good client feedback on independent websites.
BiBERK offers professional liability, general liability, and cyber Life insurance for independent contractors. If you have a company location, you can also customize a business owner’s policy to suit your needs. There are dozens of recommendations available. Your certificate of insurance is accessible quickly with biBERK, but adding an insured can incur an additional fee. Other businesses permit you to add an infinite number of insureds without charge.
3. Chubb
Chubb is an A++ (Superior) rated insurer that provides numerous specialized professional liability packages in numerous industries.
Pros
- many different liability protections for a variety of professions
- J.D. Power ranked us second for customer satisfaction.
- can obtain liability protection that is either claims-made or occurrence-based.
- AM Best rates your financial strength at A++.
Cons
- To begin your coverage, you must speak with an agent.
Chubb offers specialized coverage for professionals in the media, law, government, technology, education, and construction. Chubb also provides Life insurance for independent contractors, and based on your requirements, you can buy your policy as an occurrence-form or a claims-made policy.
But unlike some of the other insurers we studied, Chubb doesn’t provide a simplified digital application process. To begin your policy, you’ll need to speak with an agent, although doing so is frequently a smart move if you have complex or specialized coverage requirements.
With an A++ (Superior) financial strength rating from AM Best and good customer satisfaction ratings, Chubb has very solid ratings.4 The business had less complaints from the NAIC over a three-year period than anticipated and was placed second in the J.D. Power 2022 U.S. Small Commercial Insurance Study.5 Due to the variety of coverage options it provides, the company is a fantastic choice for a business owner’s policy (BOP).
4. Thimble
The adaptable alternatives and occurrence-based liability coverage offered by Thimble are ideal for freelancers who work special events, want seasonal insurance, or are merely looking for insurance for a brief contract.
Pros
- Purchase insurance by the job, month, or year.
- Visit a range of learning resources
- excellent reviews for client service
- Event-based liability protection
Cons
- Event insurance is not universally offered.
A general liability policy from Thimble can be purchased starting at as $5 per hour or $17 per month. This is excellent for specific coverage types, such as insurance for photographers who require event-based coverage. You can also add other coverages, such as cyber insurance and business equipment insurance, to Thimble’s freelancer’s package, which covers both general and professional Life insurance for independent contractors.
Because Thimble’s coverage is occurrence-based, you are protected regardless of when you file your claim as long as a covered incident took place while your policy was in force.
The website of Thimble is brimming with informational tools that you may use to decide what kind of insurance your company need. The BBB and Trustpilot have both given the organization high marks for customer service. To supply its products, Thimble partners with a number of insurers, all of which have at least an A- (Excellent) financial strength rating from AM Best.
The majority of coverages are accessible in every state, although event insurance is not offered in certain of them.
