Whether you’re a General Contractor or Sub, you need insurance that protects you against accidents, lawsuits and claims. A specialty contractor insurance policy is an easy way to cover multiple risks without having to settle for a one-size-fits-all policy that wastes money on coverage you don’t want or need.
A good policy includes general liability that covers you against claims of damage or injury caused on site or to visitors on your own premises. Such costs can be immense and general liability insurance is often mandatory if you want to bid for government contracts.
You should also make sure that you protect your stock, machinery and equipment against damage or loss from fire, theft, flooding and other risks, both on-site and off-site. Just as importantly, you need to have insurance coverage against loss of income if you are unable to carry out work because your equipment is damaged.
Remember also to get workers’ compensation insurance, which is usually mandatory and protects employees against lost income and medical bills resulting from workplace injuries. You might be worried that the costs of a workers’ compensation policy will be high given the inherent risks of construction work, but many insurers will offer discounts if you follow safety programs.
If you need any help choosing the right contractor insurance policy, contact us today.
Who needs Contractors Insurance?
Independent construction contractors
What will my Contractors Insurance Policy consist of?
There are many types of professions that would need a contractor based insurance policy specially curated to their industry. In the State of Texas, it may not be required, but here at SOGO, we strongly encourage our contractor clients to think about adding a worker’s compensation policy to further protect your business in the event of an injury to one of your employees or sub-contractors.
You policy, depending on your industry and type of work you conduct for your Contractor Business, may also include:
- General Liability Insurance
- Bodily Injury Insurance
- Property Damage Insurance
- Completed operations/product Insurance
- Builders Risk Insurance
- Advertising personal injury Insurance
- Contract Liability Insurance
- Commercial Auto Insurance
- Business Income Insurance
- Professional Liability Insurance