As a contractor, you know that being tasked with a job is a serious responsibility. With strict deadlines and standards to meet, you don’t have time for accidents or mishaps. Of course, things don’t always go as planned. Though every job has its risks, contractors insurance can help you minimize the impact of unexpected setbacks so that you can spend less time worrying and more time focused on the project at hand.
Imagine winning the bid on a local commercial construction project. While excavating the site, one of your backhoes nicks a gas line, forcing a nearby restaurant and retailer to evacuate for safety precautions. Though no one is injured in the incident, the restaurant and retailer sue you for their lost sales – a total of $25,000. Could you cover the loss and the cost of your legal fees? Though you may not face this exact scenario, it is certainly possible that you will find yourself facing a major loss or liability at some point in the course of your business. Make sure you have the coverage you need to weather the storm.
Types of Insurance for Contractors
What types of hazards do you face on the job? All contractors face dangerous risks, whether you are a general contractor or work in a specialty field, such as plumbing, electrical, or HVAC. Regardless of your skill or experience level, you know that accidents can happen in the blink of an eye. That is why standard business insurance just doesn’t cut it. Instead, you need complete, customized protection that covers every corner of your business. Though your exact coverage will vary, a typical contractor may require:
General Liability Insurance
This is coverage for injuries or losses sustained from events beyond your control. Perhaps a client slips and falls in your showroom or you accidentally cause damage to a client’s home while working onsite. General liability can help cover your financial responsibilities and legal fees if you are ever sued.
If one of the employees you hire for your janitorial business steals an expensive piece of artwork from a client’s office, you could be on the hook for the damages.
Workers Compensation Insurance
This is coverage for the people who work for you. If an employee is injured on the job, workers compensation covers the medical bills and lost wages during the recovery period.
Errors and Omissions Insurance
All it takes is one simple mistake to cause major damages. If you are responsible for a faulty installation, you could be responsible for the costs that ensue.
Commercial Property Insurance
If your business space goes up in flames, so do your equipment, materials, and assets. Commercial property insurance helps reimburse you for the losses you sustain in a covered event. You can also include coverage for any special equipment you transport to job sites, such as compressors, generators, pumps, and more.
Commercial Vehicle Insurance
If you operate vehicles in the course of business, you need commercial auto insurance that protects your car and also shields you against liability if your business vehicle is involved in an accident.
Bonds are guarantees that you will comply with the legal requirements surrounding your industry. They also assure clients that you will complete a project according to the terms in your contract.
Contractors Insurance in De Pere
The most important thing you can build as a contractor is your own business. The most important thing you can do to protect it is to purchase the right contractors insurance. At Brian Van De Hey Insurance, we leave no stone unturned. We are proud to offer commercial insurance solutions for local De Pere and Green Bay area contractors. Our goal is not just to help you stay compliant, but to assist you in safeguarding the business you have worked so hard to build.