Contractors Insurance – What Coverages Do You Need?
Contractors typically need several types of insurance coverage to protect themselves and their businesses from potential risks and liabilities. Some of the most common types of insurance that contractors may need include:
General Liability Insurance: This type of insurance protects against claims of bodily injury, property damage, and personal injury that may arise during the course of business operations.
Workers’ Compensation Insurance: This type of insurance provides benefits to employees who are injured or become ill as a result of their job.
Professional Liability Insurance: This type of insurance, also known as Errors and Omissions (E&O) insurance, protects against claims of negligence or errors made in the provision of professional services.
Commercial Auto Insurance: This type of insurance provides coverage for vehicles used for business purposes, such as transporting materials and equipment.
Builder’s Risk Insurance: This type of insurance provides coverage for damage to buildings and other structures that are under construction.
Umbrella Insurance: This type of insurance provides additional coverage beyond the limits of other insurance policies.
The specific insurance needs of a contractor may vary depending on the nature of their business and the risks involved. It’s important for contractors to work with a qualified insurance agent to determine the most appropriate coverage for their needs.
