3. Disability Insurance: Guardian

3. Disability Insurance: Guardian

An unexpected injury or illness can halt your income as an independent contractor. Guardian’s disability insurance provides a safety net by replacing a portion of your income if you’re unable to work. Their policies are flexible, allowing you to choose the benefit amount and waiting period that suit your needs. Guardian is known for its strong customer service and fast claims processing, which is critical when you rely on every paycheck. Premiums depend on your occupation and coverage, but the peace of mind is invaluable for self-employed professionals.

4. Business Owner’s Policy (BOP): The Hartford

A Business Owner’s Policy (BOP) combines general liability and property insurance into one cost-effective package. The Hartford’s BOP is ideal for independent contractors who work from home or rent office space, covering equipment, inventory, and liability risks. For example, if a client slips and falls during a meeting at your workspace, The Hartford can cover legal fees and medical costs. Policies start at around $500 annually, and their risk management resources help you prevent claims before they arise.

5. Life Insurance: Haven Life

Life insurance ensures your loved ones are financially secure if the unexpected happens. Haven Life offers term life insurance with a simple online application process, making it a great fit for busy contractors. Their policies are backed by MassMutual, a trusted insurer, and coverage can be customized for 10, 20, or 30 years. Premiums are affordable—starting as low as $15 per month for healthy individuals—and you can lock in rates while you’re young. Haven Life’s digital-first approach eliminates the hassle of traditional underwriting.

6. Workers’ Compensation: Progressive

While not always required for solo contractors, workers’ compensation insurance is essential if you hire subcontractors or work on projects that mandate coverage. Progressive offers workers’ comp policies that protect against workplace injuries, covering medical bills and lost wages. Their pay-as-you-go option is particularly appealing for contractors with fluctuating incomes, as premiums adjust based on your payroll. Progressive’s easy-to-use platform and competitive rates make it a practical choice for growing businesses.

Final Thoughts

Navigating insurance as an independent contractor can feel overwhelming, but the right plans provide a foundation for stability and growth. By investing in health, liability, disability, business, life, and workers’ compensation coverage, you safeguard your livelihood and focus on what you do best. Each of these providers—Blue Cross Blue Shield, Hiscox, Guardian, The Hartford, Haven Life, and Progressive—offers tailored solutions to meet the unique needs of self-employed professionals. Take the time to assess your risks, compare quotes, and build a safety net that lets you work with confidence.