Contractor Insurance

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What is Contractor’s Insurance?

Every business in the world needs insurance for protection. Yes, even contractors need to protect themselves. With an insurance, general and independent contractors are protected financially. As a general rule, a liability insurance is a must for everyone. Of course, there are specific kinds of insurance depending on the nature of your work.

First of all, you need to take into consideration the risks you take as a contractor. If you ask a major insurance company such as Progressive you would most likely be handing money right away. Once you sign up for an insurance, a broker can help you gain access to other smaller insurance companies.

These are the special privileges you can get

  • Any stolen or damaged tools will be covered by the insurance.
  • Your workers will receive better pay.
  • There is also a wider coverage of insurance for massive workloads.
  • Lastly, you will be able to connect with bonding experts for a far more substantial contracting bid.

We specialize in looking for the best coverage for the following jobs:

  • Construction workers and contractors (such as gas and oil contractors)
  • Handyman, repairman, and other contractors on the same field
  • Plumbers, woodworkers, carpenters, electrical technicians, linesmen, house painters
  • House cleaners, maids, carpet, and floor cleaners
  • Renovation, remodeling professionals, and other independent workers

Contractors are no different from any other businesses out there. To reduce business risks, you need to protect yourself financially by acquiring a property and general liability insurance. Aside from that, there are specific risks in the industry that are covered by the insurance. Our company can help you search for a personalized insurance policy that fits your business. If your employees are always on the go, it is best to get a commercial auto policy because accidents can happen in between jobs.

What are the Kinds of Contractors Insurance do you have?

We offer various types of contractor insurance. All the information and other details are posted on this article.

Below are the common insurance policies that we extend to contractors:

  • General Liability Insurance:This type covers any bodily injuries and property damage. Getting this insurance is recommend for every contractor. If you operate heavy machineries and are exposed to the hazards, this offers the widest coverage. Not to mention, it is the cheapest too among all the 5 types of insurance.
  • Professional Liability: This is otherwise known as E&O insurance. It protects you from any risks that are because of the mistakes you made. Whatever the client losses, your insurance can cover it whether it is because of a mistake or mere negligence on your part. For some client, they are making sure that you have an E&O insurance in case you make a fatal mistake.
  • Commercial Auto:This covers all the vehicles owned by your business. Your cars are protected from any damages just as long as you also follow the state’s auto insurance laws.
  • Builder’s Risk:This is usually a per project basis. It all totally depends on the raw materials while the construction is ongoing.
  • Workers Compensation:This is for the workers’ medical expenses. If they get injured on the job, then this will make up for any expenses and lost wages.

The Risks of Hiring Subcontractors

It is best that if you are seeking the help of other subcontractors, they must have a general liability insurance. Thus, your contractor liability relies on your subcontractors having the necessary insurance. The insurance that your business have may not enough to protect you from liability of a subcontractor.

For example, your subcontractor is not covered by an insurance, and he accidentally damages an expensive furniture. Sadly, you will be responsible for the damaged goods if your subcontractor is unable to pay. Because of this, you are vulnerable to lawsuits of your workers damages any of your client’s properties.

Business owners need to be sure to have everything covered. Yes, it can be too overwhelming. BizSmart Insurance got you covered. We have a team of financial advisors. The whole team will assess the risks and will help you reduce the risks so that you won’t have to worry about anything.

You do your business, and we will handle the insurance part. BizSmart Insurance offers various types of commercial insurance policies. What are you waiting for? Contact us immediately and we will customize the best insurance policies that is appropriate for your business.