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What is the Best Type of Insurance for Contractors?

   |  February 6, 2015

Insurance is highly essential to have for businesses, including contractors. This is in light of the reality that the unfortunate do happen and you need to always be braced. But as a contractor, it could be confusing deciding on the right type of insurance for you. Different types of insurance are available to contractors, but you must exercise due diligence when choosing.

 Insurance for Contractors

Here are few of the insurance policies that you should ideally carry as a contractor.

 General liability insurance

Whether it is provided alone or in a package, general liability insurance is a major coverage contractors must consider. You will find this policy useful if you have to deal with lawsuits or accidents resulting from projects you execute at any time. provides free instant liability insurance quote. Our policy covers the building you’re working on, usually excluded by general insurers.

What is the Best Type of Insurance for Contractors?

 Commercial automobile insurance

You are also going to need insurance for the vehicles used in running your business. Any personal auto insurance you might have will not do in this regard. Different states have their minimum coverage requirements, so you need to check what your state laws stipulate. If your employees do use their own vehicles for work, you may want to add employer’s non-owned car liability policy.

 Workers’ compensation insurance

This coverage takes care of any injuries that can affect your employees in the course of their duties. Workers’ compensation insurance covers the medical expenses of such employees, while also paying them a part of their lost wages.

 Deciding on the Best Insurance Type

The insurance policies discussed above are just few of the ones available to contractors. To choose the best type of insurance for you, endeavor to consider the following:

* Insurance carrier rating

* Exclusions

* Additional coverage besides general liability

Doing this will make it possible to avoid having to cancel and re-quote your insurance policy to suit emerging needs. Some projects that you may be awarded will have specific insurance requirements. If your existing policy failed to take the likely coverage that could be required for future projects into consideration, you will have to cancel and re-quote, wasting your scarce resources. The same will also result if do not have extra coverage apart from general liability coverage or your carrier lacks the requisite rating.

Therefore, when taking steps to select the best type of insurance for you, it is advisable to seek the opinion of an insurance expert. This will help position your business on the right track.

Published: April 16, 2014

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