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What kind of insurance will I need to be an independent contractor?

Wednesday April 18, 2012
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Question:

Dear Nancy,

I will be doing insurance assessments as an independent contractor, subcontracting through an insurance company. What kind of insurance will I need, and does a state dictate minimum coverage?

Simone



Nancy Brent replies:

Dear Simone,

Your new work arrangement sounds interesting. You are right to be concerned about professional liability insurance coverage since, as an independent contractor, you will have to purchase that yourself for coverage to occur. You need to get the best coverage available, suited to your work. A professional liability insurance agent can help you with this. Talk with as many agents as you can and get the best rate and coverage for what you are going to do in this new position.

The state in which you practice may require a minimum coverage for certain positions or for independent contractors. The agent can share that information with you. Or, if you prefer, you can consult with a nurse attorney or attorney who works with healthcare providers and can advise you what those minimum requirements are, if they exist.

Regards,
Nancy




Nancy J. Brent, RN, MS, JD, is an attorney in private practice in Wilmette, Ill. This information is for educational purposes only and is not intended as legal or any other advice. The reader is encouraged to seek the advice of an attorney or other professional when an opinion is needed.