What Insurance Do Contractors Need?

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.