Contractor insurance isn’t one-size-fits-all. A specialized policy allows you to easily customize and simplify your insurance coverage to ensure that your business’ unique needs are protected.
Coverage for Every Type of Contractor
A specialty contactor insurance policy is an easy way to cover multiple risks without having to settle for a one-size-fits-all policy that wastes money on coverage that is not necessary for your business. There are a variety of options available depending on what type of contracting work your business performs. From general contractors to HVAC technicians, plumbers, carpenters, electricians, painters, and the like, specialized contractor insurance can ensure your business has the right level of coverage.
Protection for the Equipment You Use
As a contractor it is important 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 importantly, you need to have insurance coverage against loss of income if you are unable to carry out work because your equipment is damaged.
Coverage For Your Employees
Remember also to get workers’ compensation insurance, which is usually mandatory and protects employees against loss of 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 will offer discounts if you follow safety programs.
The Benefits of General Liability For Contractors
Commercial General Liability insurance is an absolute necessity for every contractor. This type of protection provides broad coverage for premises, operations, products and claims to third parties or property when you are deemed responsible and liable. It will also pay to defend any covered lawsuit or action regardless of its merit.