Contractor Insurance
Request a QuoteContractor insurance helps build protection for your business.
Construct coverage for your business needs with contractor insurance.
Do contractors need insurance?
As a contractor, you perform work that's unique to your specialized industry. That also means your business is open to risks that may only be present in your line of work. Securing an insurance policy is one way to cover multiple risks without having to settle for a one-size-fits-all policy that could potentially waste money on coverage you don't need.
There's insurance coverage for every type of contractor.
There are a variety of options available depending on what type of contracting work your business does. From general contractors to HVAC technicians, plumbers, carpenters, electricians, painters, and the like, contractor insurance may help provide your business with coverage and peace of mind. Here are some coverage options to consider in your contractor policy:
- Builders Risk
- Business Auto
- Commercial Property
- Contractor's Equipment
- Equipment Breakdown
- General Liability
- Inland Marine
- Workers' Compensation
The benefits of general liability for contractors.
As part of your contractor insurance policy, general liability insurance may cover you against claims of damage or injury caused on-site or to visitors on your premises. Such costs can be immense, and general liability insurance is often mandatory if you want to bid for government contracts.
Protection for the equipment you use.
You should also make sure that you protect your stock, machinery, and equipment against damage or loss from fire, theft, flooding, and other risks—both on-site and off-site. Just as important, you need to have insurance coverage against loss of income if you are unable to carry out work because your equipment is damaged, breaks down, or is stolen.
Coverage for your employees.
Remember to also get workers' compensation insurance, which is usually mandatory and helps protect employees against lost income and medical bills resulting from workplace injuries. You might be worried that the costs of a workers' compensation policy will be high given the inherent risks of construction work, but many insurers may offer discounts if you follow safety programs.
Do you need contractor insurance to protect your contracting business? Contact us to go over your business needs and coverage options.
Frequently Asked Questions - Contractor Insurance
Contractor insurance provides specialized coverage tailored to the unique risks faced by contractors in various trades. It helps protect your business, equipment, and employees from potential liabilities and financial losses.
Contractors need specialized insurance coverage because their work involves unique risks not typically covered by standard business insurance. This specialized coverage ensures that contractors are protected against industry-specific hazards and liabilities.
Essential coverages for contractors include Builders Risk, Business Auto, Commercial Property, Contractor's Equipment, Equipment Breakdown, General Liability, Inland Marine, and Workers' Compensation. These coverages help manage the diverse risks contractors face.
General liability insurance benefits contractors by covering claims of property damage or injury that occur on-site or to visitors on your premises. This coverage is often mandatory for bidding on government contracts and helps manage significant financial risks.
Insuring contractor equipment is important because it protects against damage or loss from fire, theft, flooding, and other risks. This coverage ensures that your business can continue operating even if essential equipment is damaged or stolen.
Builders risk insurance provides coverage for buildings and structures under construction. It protects against risks such as fire, vandalism, and weather-related damage, ensuring that construction projects can proceed without significant financial setbacks.
Inland marine insurance benefits contractors by covering tools, equipment, and materials while they are being transported or stored off-site. This ensures that valuable assets are protected throughout the entire construction process.
Equipment breakdown insurance covers the repair or replacement of machinery and equipment that breaks down due to mechanical or electrical failure. This coverage helps minimize downtime and financial losses resulting from equipment malfunctions.
Workers' compensation insurance is important for contractors because it provides coverage for employees' lost income and medical bills resulting from workplace injuries. This coverage is usually mandatory and helps protect both the employees and the business.
Contractors can ensure they have adequate insurance coverage by conducting a thorough risk assessment, consulting with insurance professionals, and regularly reviewing their coverage options. This helps identify potential gaps and ensures comprehensive protection for their business.