As a Contractor, What Aspects of My Business Should I Cover?

Navigating the complexities of contractors insurance can be daunting, yet it’s a critical aspect of financially safeguarding your business. Adequate insurance coverage can help financially protect your assets and employees while also helping to ensure your operations run smoothly despite unforeseen challenges.

Contractors Insurance Considerations

The following are key insurance considerations for contractors:

• General liability insurance—General liability insurance can help financially protect your business from third-party claims of bodily injury, property damage and personal injury that could arise from your operations. For instance, if a client or third party is injured on your job site, this insurance can help cover medical expenses and legal fees.
• Commercial property insurance—This type of insurance can help cover the physical assets of your business, such as your office, tools and equipment. It can financially protect against losses due to fire, theft, vandalism and other covered events. Given that tools and equipment are vital for your operations, having this coverage can help ensure you can quickly replace or repair them if they are damaged or stolen.
• Workers’ compensation insurance—If you employ staff, workers’ compensation insurance is typically a legal requirement. It can help pay for expenses related to employee injuries or illnesses due to their job.
• Commercial auto insurance—This can help cover damages and liabilities if an incident occurs involving your business vehicles. This may include coverage for vehicle repairs, medical expenses and legal costs if you or your employees are at fault in an accident.
• Professional liability insurance—If a client alleges that your work was substandard or caused them financial losses, professional liability insurance can help cover associated costs.
• Inland marine insurance—This insurance can help financially protect tools and equipment while they are in transit or stored at a job site. It is beneficial for contractors who frequently move their equipment between locations.

Learn More

For insurance near you, contact Varon Insurance today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.