As a contractor, you are likely skilled in one or more trades. Whether you are a do-it-all handyman or specialize in electrical work, there are many risks that come with the job. Despite your best efforts, accidents can happen. Be prepared with contractor insurance that protects your business against a wide range of loss.
Coverage for Your Trade
What do you specialize in? Do you know the risk vulnerabilities in your field? At Midwest Insurance Solutions, we are familiar with many of the most common losses that contractors face, as well as the potential liabilities. We offer customized coverage for contractors in many different trades. Examples include:
- General contractors
- HVAC workers
- Snow Removal Services
- Janitorial Services
- And more
Insurance Coverage Types
Contractors typically need several different coverage types. Often these coverages are purchased independently of each other to assure your protection is customized to fit your needs. Depending on the type and size of your contracting business, you may need coverage for:
Liabilities can occur when someone is injured or suffers a physical or financial loss as a result of negligence on behalf of your business. For example, if you accidentally shoot a nail into an expensive light fixture at a client’s home, you may be liable for the compensation of damages. General liability insurance helps cover damages you cause and also helps protect your business against litigation.
Property and Equipment
Whether you have a showroom or work out of a shop in your back yard, you have the property that needs to be protected. This type of insurance helps cover damages to the things your business owns, from property structures to equipment and furnishings. It generally helps cover your belongings against damages caused by certain covered events, such as theft and fire. Talk to your agent if you need additional coverage that protects rented equipment or covers owned equipment when it is in transit to job sites.
When business is running smoothly, cash flow is usually steady. If a covered event causes a sudden closure of your operations, you could face revenue loss until you reopen again. Business interruption insurance helps cover your ongoing and necessary business expenses until you can begin working again.
Many contractors are independent and do not hire support. Others run more extensive operations that require the help of workers. If one of your employees gets hurt while working for you, workers compensation insurance can help cover the resulting medical bills and compensate the employee for lost wages as a result of the injury.
Most contractors own trucks that they use for business purposes. Commercial trucks require commercial auto insurance that not only meets state coverage requirements but also protects the vehicle against accident-related damage and the contractor against accident-related liability.
When you hire people to work for you, the consequences of their actions may ultimately become your responsibility. Make sure you are covered for losses and financial liability when a worker commits theft, fraud, or some other criminal act that results in a loss.
You may need additional liability protection beyond the coverage available from your general liability policy. Known as commercial umbrella insurance, this coverage helps pay for litigation expenses and judgments that exceed the limits of your primary coverage.