As a contractor, you face many risks as part of your job, no matter your trade. Securing comprehensive business insurance for your operations can help mitigate the financial losses from these hazards. If you’re a contractor and need insurance solutions, we are ready to help. Contact James L. Smith Insurance Agency today for more information.
What Types of Insurance Coverages Are Available for Contractors?
Whether you are a general contractor or an artisan contractor, business insurance can provide coverage for several exposures, which can help reduce your out-of-pocket burden. The coverages contractors select vary. Several types of insurance are typically available, including, but not limited to:
- Commercial property insurance—Commercial property insurance protects your business’s physical assets (e.g., your building and its furnishings) if they are damaged by covered perils, such as fires or storms. It may provide repair or replacement costs.
- Builder’s risk insurance—Builder’s risk insurance can provide coverage during a construction project. It may provide coverage if the building under construction, materials or supplies are damaged by a covered cause of loss (e.g., fire). Coverage may apply to property at the job site or temporarily stored off-site.
- Contractor’s tools and equipment insurance—This may pay repair or replacement costs if your portable tools or equipment are damaged, lost or stolen.
- Commercial auto insurance—If your business owns vehicles, commercial auto insurance may provide coverage if they’re damaged or in an accident. Hired and non-owned auto insurance (HNOA) may also be available to cover vehicles your business rents or leases.
- Liability insurance—If your business is held legally responsible for property damage or injuries to third parties, liability insurance may compensate them for their losses. It may also cover the associated legal fees. Several types of liability insurance may be available, including:
- Commercial general liability insurance
- Products liability insurance
- Pollution liability insurance
- Cyber liability insurance
- Completed operations liability insurance
- Professional liability insurance
- Umbrella insurance—If a significant liability claim exceeds the limits of your other liability policies, umbrella insurance may fill in the gap.
- Workers’ compensation—If an employee suffers a work-related injury or illness, workers’ compensation may provide wage replacement or payments for medical expenses.
Additional policies and endorsements may be available. Speak with our team to discuss options, limits and exclusions.
How to Get Contractors Insurance
James L. Smith Insurance Agency is well versed in the unique risks a contractor may face, and we’re here to help you get adequate protection against your exposures. Contact us today to discuss your insurance needs and to get a quote for coverage.