Insurance is important. Interestingly, the first American insurance company dates back to 1732. It underwrote fire insurance and was formed in Charleston, South Carolina. Today there are a variety of different kinds of insurance. Renters’ insurance, for example, typically covers losses suffered by a tenant from fire, smoke, lightning, vandalism, theft, explosion, windstorm and water damage, though interestingly not from flooding. It is possible to insure almost anything. For example, there is commercial truck insurance, student housing insurance, trucking insurance, etc. Soccer superstar David Beckham has even insured his legs for $35 million each.

Workers compensation, such as monoline workers compensation, is a type of insurance that protects employees. The first worker’s compensation law covering federal employees was passed in the United States in 1906, and by 1949 workers compensation laws were in place in every state. Similarly, contractor liability insurance protects contractors. Contractor liability insurance is very important. Basically, contractor liability insurance, also called general contractor insurance, protects a contractor in the event that they cause property damage or bodily injury to a third party.

If you’re looking to purchase insurance, such as contractor liability insurance, there are several things that you will want to consider. First of all, you’ll need to determine exactly what type of coverage you will need and how much it will cost you; there is no right policy, the right policy for you or your business depends on your specific needs. To find the best price, you may want to shop around a bit and compare rates between different companies. You will also want to consider factors such as deductibles, amount of coverage, etc. Ultimately, buying insurance is important. You want to protect yourself from mishaps such as injury, fraud, etc. When purchasing insurance such as contractor liability insurance make sure you do some research and make an appropriate, well informed choice.