Is there insurance for independent contractors and consultants?

Question

I am interested in doing freelance and independent contracting, but something occured to me--is there insurance for independent contractors that helps pay astronomical damages such as when, for example, someone's installed plumbing bursts and causes $50,000 in damage or if a programmer creates a piece of software for a company with a security flaw that a hacker exploits and steals customer credit card information? Or do only registered and established businesses have this option?

Answer 1

It is called business liability insurance.  Call CNA

Answer 2

It's the same kind of "malpractice" insurance a lawyer would get. Call an insurance agent and ask him about it. 

Answer 3

Almost any insurance you can dream up is available for a price.

Answer 4

You received all perfect answers.   Yes, there is insurance, business insurance and bonds to cover everything you mentioned.    Call for insurance agents for some quotes.   Shop around, not for the cheapest, but for the best.   Research the companies.

Answer 5

$50,000 isn't astronomical, but yes, you can get business liability insurance.

Answer 6

There is different types of insurance.

A general contractor is required in most states to have a bond.  They might have liability insurance in addition to this.

A programmer might have errors and omissions coverage that covers errors they make. 

Answer 7

Business insurance.  Contact any insurance agent for a referral.