As a contractor, you’re expected to efficiently and safely execute plans, meet deadlines, and oversee projects. These projects likely come with large risks and a high potential for mishaps. However, you can minimize your losses and help your project go smoothly by purchasing contractors insurance.
Who needs contractors insurance?
Most contractors should consider purchasing contractors insurance, especially those who work in the following areas:
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Construction
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Carpentry
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Plumbing
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Cleaning
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Electricity
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Heating, Ventilation, and Air Conditioning (HVAC)
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Landscaping
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Painting
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Retail
What does contractors insurance cover?
Contractors insurance can include common coverages of a Business Owner’s Policy:
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General Liability: This coverage protects you when a customer gets injured or a their property gets damaged while in your store.
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Business Income (Business Interruption Insurance): If an unexpected event causes your business to suspend operations, this coverage will help replace your loss of income so that you can continue fulfilling other financial responsibilities, such as payroll or rent.
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Commercial Property: With this coverage, you can protect your physical assets, such as your building, equipment, furniture, and inventory when they are damaged or stolen.
It can also include these additional options specific to the needs of a contractor:
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Contractors Tools: This covers the repair or replacement costs of any tools that you depend on for your project, such as drills, saws, hammers, etc.
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Contractor’s Equipment: Whether it’s rented or owned, you can protect large equipment used on your worksite, including generators, heavy machinery, and more.
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Data Breach Coverage: Contractors often store sensitive data, such as customers’ and employees’ private information. This coverage will protect you when any of that data is lost or stolen and when there is a lawsuit involved with the breach. It can also cover the expenses used to notify individuals affected, monitor credit card usage, purchase consulting and forensic services, and more.
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Computers and Media Coverage: Many contractors rely on technology to communicate with customers, store plans, and manage data. If the computers in your office are damaged, this option can cover the repair or replacement costs.
Keep in mind that with Armor Insurance Professionals, you get to personalize your insurance policies to suit your needs and circumstances. As a brokering agency, we can compare prices from different companies for you at no cost. Need help deciding on the right amount of protection that fits in your budget? Get an online quote now or speak with a friendly agent to get started!