Contractors Insurance

 Contractors Insurance

 

There are many different types of insurance a contractor might require, which can include the following:

  • General Liability Insurance: Covers bodily injuries, property damage, and personal injuries (like libel or slander) that occur on the job.
  • Workers Compensation: Provides coverage for employee injuries and illnesses sustained on the job.
  • Commercial Auto Insurance: Covers vehicles used for business purposes.
  • Tools and Equipment Insurance: Protects tools and equipment from theft, loss, or damage.
  • Bonds (Required by the State)
  • Commercial Property: Property coverage for both remodel and new construction.

Commercial Auto Insurance

 

Commercial auto insurance is a type of insurance policy that helps cover vehicles used for business purposes, such as cars, trucks, and vans. It provides protection against vehicle damage, driver injuries, and liability for damages caused to others. If you have commercial auto insurance for your business, you’ll be protected from the financial burdens that come from accidents, like vehicle repairs and medical bills. Remember, a covered claim will be subject to your policy’s deductibles and limits. Additionally, coverage availability and requirements vary by state. It is part of our service to answer your questions and help you understand the insurance you are purchasing. Follow us on Facebook for latest news and offers.

Inland marine insurance

 

Inland marine insurance is a type of property insurance that covers equipment, tools, and other movable property while they are in transit or stored off-site. This coverage is particularly useful for businesses that frequently transport equipment or have valuable items that aren’t adequately covered by standard property insurance.

For contractors, inland marine insurance can cover items such as:

  • Tractors
  • Trailers
  • Tools and construction equipment
  • High-value items like cameras, computers, and specialized machinery

This insurance helps protect your assets from risks like theft, damage, or loss while they are being transported or temporarily stored away from your primary business location.

General Liability Insurance

 

General Liability Insurance for Contractors is essential for protecting your business from claims of bodily injury, property damage, and personal injury (like libel or slander) that occur on the job. Here are some key points:

  • Bodily Injury: Covers medical expenses and legal fees if someone is injured on your worksite.
  • Property Damage: Covers costs to repair or replace property damaged during your work.
  • Personal Injury: Covers claims like libel, slander, or copyright infringement.
  • Legal Defense Costs: Covers attorney fees and court costs if your business is sued.
  • Products
  • Completed Operations

Having this insurance helps ensure that your business can handle unexpected accidents and claims without significant financial strain

Workers’ Compensation Insurance

 

Workers’ Compensation Insurance for Contractors is crucial for protecting both contractors and their employees from the financial impact of work-related injuries and illnesses. Here are some key points:

  • Medical Expenses: Covers medical costs for injuries or illnesses that occur on the job.
  • Lost Wages: Provides partial wage replacement for employees who are unable to work due to a work-related injury or illness.
  • Disability Benefits: Offers benefits for both temporary and permanent disabilities.
  • Death Benefits: Provides financial support to dependents if an employee dies from a work-related injury.
  • Employer’s Liability: Protects the business from lawsuits if an employee sues for work-related injuries.

Most states require contractors to have workers’ compensation insurance if they have employees. Even if you’re a sole proprietor, it’s a good idea to have this coverage to protect yourself from potential financial burdens.

Contractor bonds

 

Contractor bonds are a type of surety bond that provide a financial guarantee that a contractor will fulfill their obligations under a contract. They are often required for construction projects to protect the project owner from financial loss due to non-performance, non-payment, or other issues.  Here are some common types of contractor bonds:

  • Bid Bonds: Ensure that a contractor’s bid is accurate and that they will enter into the contract at the bid price if awarded.
  • Performance Bonds: Guarantee that the contractor will perform the work according to the contract specifications.
  • Payment Bonds: Ensure that subcontractors, laborers, and suppliers are paid for their work.
  • Maintenance Bonds: Provide a warranty on the contractor’s workmanship for a specified period after project completion.
  • Supply Bonds: Ensure that suppliers deliver materials according to the contract

Commercial Property Insurance

Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.

 

Builders Risk Policy

A builder’s risk policy is a type of property insurance that protects a building or structure from damage while it’s under construction or renovation. It’s also known as course of construction or inland marine coverage. Builders risk insurance can cover a variety of projects, including, home additions, renovations, high-rise buildings, and commercial structures.

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