Navigating the ever-evolving landscape of the construction industry can be challenging. Every move, every project, carries inherent risks and rewards. With many possible pitfalls and unplanned events, a safety net is both sensible and indispensable. That’s where the proverbial shield of contractor’s insurance comes into play.
Contractor insurance provides a fortress of financial defense against lawsuits and potential claims. Depending on your insurer, here are some of the coverage options you will get from contractor’s insurance.
● General Liability Insurance: This is the stalwart shield of your coverage arsenal. General liability insurance safeguards your operations from any harm inflicted upon a third party, spanning from bodily injuries to copyright infringement. In addition, this coverage ensures your company’s financial health.
● Worker’s Compensation: Unlike general liability, this coverage extends its protective arm to your employees. Should a worker succumb to an unfortunate incident on the job, this policy covers their medical bills and, sometimes, missed wages. Mandatory in the U.S., it deflects personal injury lawsuits aimed at your business.
● Equipment Coverage: The unsung hero in the contractor’s insurance saga. Be it the simple hand tools or the colossal machinery that powers your projects, this policy shields them from theft and damage from uncontrollable natural events. In addition, if rented equipment is part of your operations, Leased Equipment Coverage offers protection against damage or loss while in your care.
● Property Insurance: This coverage defends your commercial space, covering any structures or storage facilities under your name. However, it may not apply if your operations are based in leased areas or third-party sites.
● Commercial Auto insurance: This coverage protects your company’s vehicles. It buffers your business against any harm triggered by company- owned vehicles, be it due to accidents or damage inflicted at the job site.
● Umbrella Liability: If you’re a new or large-scale contractor, this policy extends your coverage limits, ensuring your business remains insured even after a major emergency.
