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As a business owner, it can be a gruelling task trying to find the best insurance fit for your small contractor business, especially if you’re new to all of this. With different insurance policies on offer and industry terms being tossed around, it all can become quite confusing.

3 Things you should know about Contractors Liability 

 

To simplify things, we have come up with this detailed guide on all you should know about contractor insurance.

 

  1. General Liability

 

This is undeniably the most common type of contractor insurance. It covers you as a contractor, your business, and your assets. General Liability insurance usually covers your high-risk areas such as property damage, client injury, and reputation injury.

 

While you will require more insurance policies as your business grows, General Liability insurance will cover all your basics. It is enough to protect you from most lawsuit costs. In fact, in some states, contractors are required by law to have a minimum coverage of General Liability insurance to be eligible to contract out.

 

Any contractor that works on several project builds will want to have General Liability insurance in case of a site mishap. The last thing you want is to lock yourself out of bidding on a project just because you lack insurance.

 

  1. Commercial Auto

 

As far as small contractor business insurance policies go, Commercial Auto coverage is one of the most practical. It covers repairs, lawsuits, and medical expenses related to your work vehicle. It also covers any injuries to uninsured motorists caused by your vehicle.

 

Whether you use your vehicle to transport equipment to project sites or to get your employees from one site to another, Commercial Auto coverage is a must-have. Even if you only use this insurance policy a couple of times a year, it will save you cash in the long run.

 

A Commercial Auto insurance policy usually covers a variety of vehicle types such as pickups, dump trucks, cement mixers, and even utility trailers.

 

  1. Workers Compensation

 

Let’s be honest, the construction business is a risky one. No matter how careful you are, you and your employees are constantly at risk of bodily injury and work-related illnesses. It is therefore not surprising, that some states even require Workers Compensation by law.

 

If one of your sub-contractors gets hurt, this policy caters for associated medical costs, recovery costs, and missed wages. It also covers funeral and death benefits. And if the subcontractor decides to sue you for injuries, a small contractor business insurance policy covers that as well.

 

Given how much the Coronavirus pandemic has taught us about the importance of our health, this is a must-have insurance policy in 2020 that your business simply can’t be without.

 

Contractors Liability insurance for your small contractor business

 

No matter which small contractor business insurance policy you want, we have the best rates, duly adjusted to suit a post-COVID-19 economy. Our insurance agents are always ready to provide you with clear quotes and to answer your questions. Call a Contractors Liability consultant at 866-225-1950, and we’ll sort all your insurance needs out.

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