Working as a contractor entails a certain amount of freedom as it allows you to move between sites and jobs. However, you never quite know what kind of a situation you might find yourself in and cannot anticipate all the risks. Furthermore, contractors are often in uniquely dangerous situations. To adequately protect your livelihood and ensure an accident does not eat up all your savings, you need insurance.
Contractors’ insurance benefits people in many professions. However, due to the sheer amount of different insurance policies out there, it can be hard to know where to begin. Keep reading to learn how your business could benefit from contractors’ insurance and how to find the best deal on the market.
Contractors, subcontractors, and independent tradespeople can all benefit from getting contractors' insurance. The insurance protects their businesses and is often required by employers. Here is a list of some of the professionals who should consider purchasing it:
Many of the above trades can choose a policy geared to their specific needs. The basic coverage of most of these insurance policies is broadly the same, but there are some different options depending on the trade-specific risks the specialists encounter. For instance, a roofing contractor might be more likely to be sued for property damage than a landscaper. Always ask your insurance provider whether they have a specific policy for your business.
Since it is necessary for a diverse range of businesses, insurance companies offer many different variations of it. However, as mentioned, the most basic coverage tends to be the same:
In addition to standard contractors’ insurance, there are several other insurance policies available on the market. These can be bought to cover more events and claims:
There are also coverage enhancements and endorsements that can further tailor your insurance policy to your industry. These include:
For more detailed information, discuss your options with an insurance agent or broker.
Picking out insurance can feel overwhelming and that can lead to people putting it off until it is too late. However, in the event of an accident or incident, you will be glad you have it. To choose a policy and save some money on it, consider these tips:
It is helpful to talk to an insurance agent if you are not yet sure what you need or want. Contact our experts over email or phone or fill the free quote form on our website to find the best contractors’ insurance for you.
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The information contained in this website is provided for informational purposes only, and should not be construed as advice on any matter. The material in this website may not reflect the most current developments within the insurance industry. We disclaim all liability in respect of actions taken or not taken based on any or all of the contents of this website to the fullest extent permitted by law. Do not act or refrain from acting upon this information without seeking professional advice from a licensed insurance agent.