Types of insurance all contractors should consider

2 min read

For many self-employed contractors in the gig economy, insurance can be confusing and daunting. More than ever, it’s a crucial part of running your own service-based business. Here are some of the key types of insurance that all contractors should consider.

Disability Insurance for Independent Contractors

Disability insurance– and specifically long-term disability – is critical for providers who contract full time. Disability insurance ensures that, should you become injured or unable to perform work, you’ll be covered financially. Having disability insurance protects you from loss of wages due to your inability to perform your job, and it can protect your family in the event that this inability to work creates a financial hardship.

Liability Insurance for Independent Contractors

Liability insurance is one of the most important types of insurance you should have – if not the most important – because you are legally obligated to have some coverage.  Beyond the legal requirement, it’s important because it provides financial protection in the face of a potential lawsuit. Sometimes things happen on-site that are out of your control or that put you in legally troublesome positions. Having liability insurance protects you and your business from significant financial hardship if something were to happen. It also provides some peace of mind for your clients, which is why Field Nation offers general liability insurance for every work order performed on our platform.

Life Insurance for Independent Contractors

Having a quality life insurance policy is crucial if your family depends on you for income. If anything were to happen to you, it’s important they are protected financially. While there are many different options for life insurance, it’s essential to start learning about it now so you can select the best type for your needs.

Commercial Auto Insurance for Independent Contractors

If you use your personal vehicle for contract work, you should consider getting commercial auto insurance that goes beyond your basic vehicle insurance policy. This helps protect you from medical expenses, equipment loss, and other issues resulting from an accident while on the job. If your vehicle is an essential part of your work, it can also protect you from costly repairs if something goes wrong.

Occupational Accident Insurance (OAI) for Independent Contractors

OAI covers the medical costs, lost wages, and rehabilitation from injuries of an independent contractor who is injured during a contract job. This type of insurance is important if you work out in the field, or do repairs. When you do work that involves heavy lifting, heavy machinery, electrical cables, or a dangerous environment where an injury is possible you should have OAI. OAI can save you millions of dollars, especially if the injury is serious.


Insurance can save thousands something goes wrong. There are many types of insurance to consider when you work for yourself. If you’re an independent contractor we encourage you to educate yourself on the types of insurance that will benefit you.