Contractors Insurance FAQ
At the very bare minimum a contractor needs to have general liability insurance to conduct business in any state.
However, general liability insurance doesn’t cover the cost associated with every risk you face doing business in the construction industry. Your commercial automobiles, tools and equipment, and workers' compensation considerations, among others, fall under different contractor insurance policies, and should be addressed separately to provide your business with the right protection.
Commercial general liability insurance is one of the most common insurance coverages purchased by businesses. Most people think that commercial general liability insurance only provides coverage for slips, trips and falls, or 3rd party property damage.
There is obviously a lot more to general liability coverage than just slips, trips and falls. An easier way of trying to understand the types of claims scenarios that would be covered is to understand what is NOT covered.
The reason that it takes longer to get a Business Insurance quote than an Auto Insurance quote is something as a Business Owner you should be thankful for.
Getting a quote for your Contractor Insurance is as easy as answering a few questions. In many cases we can give you an instant quote and bind it the same day.
It depends on the policy. Some contractor insurance policies, such as workers' compensation, expressly include any subcontractors if they don’t have their own insurance. Others, as is often the case with general liability, make it very clear that subs are not covered.
As a contractor, certain jobs will require you to be bonded. This means obtaining contractor insurance bonds to guarantee that you will fulfill the terms of your contract with the project owner.
If you are a business owner, you need business insurance. Some may bark at the expense of insuring their business and may choose not to have it as a cost-saving measures, but simply put, you can’t afford not to.
Regardless of whether your business philosophy is "no job is too small" or "large jobs are our specialty," every contract comes with its own set of risks, including on-the job injury, lawsuits associated with the quality of your work, accidental bodily injury, and property damage.
To address the risks associated with your construction or contracting work, D Zone Insurance can help find insurance coverage designed specifically for small contracting businesses and sole proprietors who provide a wide range of construction and contract services.