When it comes to insuring general and artisan contractors, there are several insurance coverages that you should consider. Here are some insurance coverages commonly associated with general and artisan contractors:
- General Liability Insurance: General liability insurance is fundamental for contractors as it protects against claims for bodily injury, property damage, or personal injury caused to third parties during your contracting operations. It typically covers medical expenses, legal fees, and settlements or judgments if you’re found liable. This coverage is essential for contractors working on job sites where accidents and property damage are potential risks.
- Commercial Property Insurance: Commercial property insurance protects your business property, including tools, equipment, and supplies, from perils such as fire, theft, vandalism, or natural disasters. It can help cover the costs of repairing or replacing damaged property.
- Builder’s Risk Insurance: Builder’s risk insurance provides coverage for property under construction or renovation. It protects against damage or loss to the structure, materials, and equipment during the construction process. This coverage is particularly important for contractors involved in new construction projects.
- Professional Liability Insurance: Professional liability insurance, also known as errors and omissions (E&O) insurance, provides coverage for claims arising from professional negligence, errors, or omissions in your professional services. It is particularly relevant for contractors who provide design, consulting, or advisory services as part of their contracting work.
- Workers’ Compensation Insurance: If you have employees working for your contracting business, workers’ compensation insurance is crucial. It provides coverage for medical expenses and lost wages if an employee is injured or becomes ill while working for your company. Workers’ compensation insurance is typically required by law in most states.
- Commercial Auto Insurance: Commercial auto insurance provides coverage for vehicles used in your contracting business. It protects against accidents, property damage, and injuries that occur while operating your business vehicles. This coverage is essential if you have company-owned vehicles or if your employees use their personal vehicles for work-related purposes.
- Umbrella Insurance: Umbrella insurance provides additional liability coverage beyond the limits of your primary general liability or auto liability insurance. It offers extra protection against catastrophic events and high-dollar liability claims that exceed the limits of your underlying policies.