Contractor's Liability Insurance?

Hi. I am recently in the process of obtaining a permit for renovation of my home and hiring a contractor. One of the contractor that we have met with, provided us with a contract that lists the scope of the work, conditions and payment. One of the thing that I am concerned with is insurance. The contract said that he must maintain liability insurance during the duration of the contracted work and that we are not employer & employee relation. Looking online at sample contract, there was one that included a clause that states "contractor agrees to defend, indemnify and hold the owner harmless from any liability or claim for damage b/c of bodily injury, death, property damage, sickness, disease or loss and expense arising from the contractors' negligence in the performance of the construction contract." Is it reasonable to ask that this clause be put into the contract? Or to phrase it differently, is it a deal breaker if he/she would not put this clause into the contract? I just want to be as protected as I can. How liable am I if I have homeowner's liability insurance while the independent contractor has worker's comp and liability insurance if one of his/her worker is injured on the job? Thanks.