Contractor Insurance
If you want to operate your construction or architectural business without hiccups, you need to purchase contractor insurance. Having a seamless insurance option will help protect you during damages, injury, or other type of setbacks. Most contractor insurance offerings will allow you to customize your package. Whether you are an independent contractor, roofer, or electrician, having proper insurance will keep you protected and financially secure.
Tailored Insurance For Your Hardworking Industry
Contractors work in some of the most unsafe conditions and are put at risk each day. Having insurance that covers them and their business is a worthwhile investment. Most insurance types under contractor insurance will protect your physical person, physical assets, and your equipment. Learn more about each type below to help you choose the best coverage for your business.
General Liability
General liability insurance provides financial protection when an accident occurs. It will help defend you if you are the victim of libel or slander that could affect the reputation of your company. Proper liability insurance will cover medical payments, property damage, and legal fees. Customer injury or damage to their property will also be covered by general liability insurance.
Professional Liability
Professional Liability will protect you if your company makes a mistake or has claims of negligence. If customers complain about the treatment or incomplete projects, professional liability will help cover legal costs and prevent large financial losses.
Workers Compensation
Protecting those who help your business is another important aspect of contractor insurance. Covering the expenses of medical treatment, lost wages from being unable to work, or other costs due to an accident. Most states require a business to have workers’ compensation coverage as soon as they hire an employee.
Commercial Auto Insurance
Many contractors drive a specific vehicle for their jobs. Having these vehicles protected will help prevent project delays or large financial losses. Unexpected expenses like vehicle repair, replacement, and medical bills can cause financial ruin. Commercial auto insurance will also help provide you with a rental car while yours is out of commission.
Surety Bonds
Having bonds will help ensure the fulfillment of contractual obligations. Even if you are an independent contractor, having bonds will ensure your client that you will complete the project and protect you from financial loss resulting from a legal case over non-compliance. These are especially important for contractors and those completing projects.
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Equipment Insurance
Protecting your tools and equipment is important for a contractor. Whether you keep your items in a vehicle, trailer, or on the job site, they will be protected and able to be replaced without any cost to you. This can be added to your general liability insurance policy, but will only apply to items that can be moved on land and are under 5 years old. Equipment insurance can cover the following:
- Hammers
- Axes
- Chisels
- Wrenches
- Air compressors
- Circular saws
- Jackhammers
- Forklifts
- Graders
- Cement mixers
- Hard hats
- Visibility vests
- Safety goggles
- Hand trucks
- Ladders
How Important Is It For General Contractors To Have Insurance?
Building up a business will be quite the investment and running a contracting business will be risky at first. Having the proper insurance will help protect you from financial loss, lengthy lawsuits, and damage to your reputation. While having insurance protects you from financial loss, it may also be required to keep your business operational. Many states require businesses to have specific coverage to prevent higher taxes, injured residents, and abandoned projects.
Understand Instances That Are Not Covered
Keeping your business safe doesn’t always default to the insurance company. While coverage can be expansive, it won’t cover a lot of specific situations. For example, insurance often doesn’t cover earthquake or flood damage unless an additional policy is added. Often these natural occurrences will not be covered by contractor insurance or on unfinished buildings. Understanding what your company will pay for will give you peace of mind for the future and prevent you from being blindsided by unexpected payments.
Working With An Insurance Broker
Tower Insurance Brokers help you find the best contractor insurance, liability insurance, auto insurance, and more. No matter how complex, we can find a company or individual policy that will cover you in the case of an emergency. Tower Insurance Brokers doesn’t serve just one insurance company, so you will know that you are getting the most affordable policy. We work with many local insurance companies, as well as those across the nation. Reach out to increase your business security and protect you from financial stress.