What Insurance Do Contractors Need?
March 16, 2022

What Insurance Do Contractors Need?

There are several risks that contractors face concerning their occupations. Having the appropriate insurance coverage to mitigate the costs associated with risks is crucial. Your agents at Svendsen Insurance are ready to help you navigate coverage to create the most comprehensive package for you. Contact an agent today to get started.  

Types of Contractors Insurance  

There are various types of insurance available for contractors. Your industry and unique risks may affect which types of insurance you will want or need. Regardless of your industry, the following are common types of insurance recommended to contractors: a man in a helmet holding a baseball bat 

  • General liability insurance. This coverage can help if a third party (e.g., a client) files a lawsuit against your business for property damage or bodily injuries, including help with paying for the medical bills or legal costs. It may also cover advertising injuries, such as unintentional copyright or trademark infringement. 

  • Equipment/Property insurance/. Equipment/Property insurance may help your business with repair or replacement costs if covered events such as fires, windstorms or vandalism damage your company’s physical property (e.g., your building and it’s contents or Tools you take on the road ). Different industries have different types of specialized equipment and additional property coverage may also be available.

  • Inland Marine Coverage. Unlike the contents or equipment that stay at your office, this special coverage covers tools and equipment while they are in transport or at a job site. Example: Your tools that are locked up inside your truck trailer.  

  • Workers’ Compensation. If one of your employees is injured on the job, workers’ compensation may help pay for their medical bills and provide compensation for lost wages.

  • Builder’s Risk Insurance: Many times, the General Contractor will be responsible for insuring the house/building/project while it is under construction. 

  • Business interruption insurance. If your business is forced to close temporarily, business interruption insurance may help replace lost income until you can reopen. 

  • Professional liability insurance. If a claim alleges you made a mistake, had an oversight or were negligent while performing your professional services, professional liability insurance, also known as errors and omissions insurance, may provide coverage. 

  • Umbrella insurance. This may provide an added layer of protection if a liability claim exceeds your other insurance policy’s limits.   

It’s essential to view what your industry requires and assess your risks. The price of your coverage will vary depending on your industry and the insurance policies you purchase. For help determining which coverages are best for you, contact your agent for more information.  

Get Started With Contractors Insurance today!

Svendsen Insurance Agency provides comprehensive insurance  packages for contractors throughout Connecticut; including

New Haven, Hartford, Litchfield, Fairfield, Middlesex, Windham, New London and Tolland counties.

Call us today for a custom quote, tailored for your business


Tags: contractors,insurance,coverage,general,liability, Connecticut, Woodbridge,

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