Building contractors face many liability and accident risks in their daily work routine. It’s critical to find a comprehensive insurance package that addresses each potential issue so that you are protected when you need it most.
What Should a Comprehensive Insurance Policy Include?
Insurance for contractors should include coverage for accidents, catastrophes and liability issues.
- General Liability – This policy protects against claims made by a client or other third party person for injuries or damages to their property.
- Professional Liability – Also known as errors and omissions insurance, this policy will help to cover the legal costs and settlements from claims made by clients of negligence or mistakes in completed work.
- Commercial Property – Your property must be protected against damages and destruction. Many policies include the building and the contents within, but a separate equipment and tool clause can be purchased for tools and machinery that are transported to and from work sites.
- Workers’ Compensation – Your employees receive compensation for medical bills and payments for lost wages when they are injured on the job. States vary in their requirements for this coverage, so it’s important that your insurance agent is familiar with the laws in your state.
Make sure your investment is well-protected against unforeseen events with a comprehensive contractor’s insurance policy.