Investigators provide essential services to a range of businesses, from law firms to debt collectors. Even bail bondsmen frequently work with them when someone needs to be located. On top of that, they provide public-facing services in support of everything from divorce proceedings to locating lost family members.
As a result, insurance for private investigators can be a complex subject. There are a few types of coverage that are absolutely essential, however.
1. General Liability Coverage
At the very least, your business needs a general liability policy built around its activities. Many PIs also opt for professional liability to supplement the general policy because it provides additional options like assault and battery or trespass insurance.
2. Auto Liability
It is quite difficult to operate without your own vehicle when you work as an investigator because your hours tend to be odd and your need for professional mobility high. As a result, auto liability is often required even when you use a personal vehicle and not one owned by the company.
3. Workers' Compensation
Most investigators rely on at least one employee, even if the position is only part-time. It can be tough to manage incoming calls and client queries on your own when you need to spend a significant part of your working time out of the office. Workers' compensation is essential for those businesses and one-person operations that pay the owner as an employee. Luckily trade insurance programs can bundle all this essential coverage for you, simplifying your risk management practices so you can focus on your business.