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As a contractor, you may work on a variety of different projects. You and your staff might even be working on more than one project at a time, increasing your risk and need for the right insurance coverage.
Protecting yourself and your business is key to a long and successful career, doing what you love.
Finding the right insurance for your business can be confusing, let us help. Read on to understand what coverage you need.
The exact kind of insurance you need will depend on what kind of contractor you are. Don’t worry, we’ll give you some considerations for each type, so you don’t end up with the wrong kind of coverage.
Right away. Even if you don’t own commercial property, you are still exposed to many liability risks.
If you are working on a client’s home and something falls on your client, causing them to be seriously injured. General Liability Insurance would cover the medical expenses and possible legal fees that you will accrue as a result of that injury.
Contract Liability will provide you with coverage should an issue with the contract arise. It is not included in every General Liability policy, so you should verify that you have this coverage with your insurer.
Often times, contractors General Liability Insurance coverages can be packaged together to create a Business Owner’s Policy. Additional coverages you might want to consider include:
BOP is particularly useful for a small business who is looking for a wide variety of protections. This policy expands General Liability to cover more of the risks that business owners may face day-to-day. Bundling up with a BOP may also save your business money as it often comes with a discounted price tag.
If your business has an office and has commercial vehicles, risks are increased. This coverage would protect your business should one of your employees get into an accident while driving one of your cars.
Some Business Owner’s Policy plans will also include some elements of Crime Insurance and EPLI. No two policies are the same, so it’s important to understand what yours covers, exactly.
Workers Compensation will cover lost wages and medical treatment to an employee who suffered a work-related injury or illness. It will also reimburse workers for lost wages until they can go back to work. As an employer, this is ideal, as it will protect you from employee lawsuits.
In some states having a Workers Compensation Plan is required, even if you don’t employ anyone. Workers Compensation Regulations are mandated on a state-by-state basis. If you are a contractor, and you employ workers, your state will most likely require you to have Workers Compensation Coverage.
It is beneficial to have even if your state does not require it, as an employee-related lawsuit could harm your reputation or shut down the business you’ve worked so hard to build.
If one of your employees is working at a construction site on a project for your business and they fall off of a ladder. A Workers Compensation plan would cover their medical expenses and help them get back on their feet. This plan would also block the injured party from suing you.
The cost of insurance will depend on a few different factors including location, history of previous claims, current and past business activities, payroll amounts, the number of years you’ve been in business and the size and type of your business.
The best way to get an accurate idea of cost is to get a quote specific to the needs of your business. The next step? Review it carefully to make sure all of your concerns are covered in full.
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