What Is Contractor Liability Insurance
Contractor liability insurance is important for contractors of all sizes, but it is especially important for small businesses. Without contractor liability insurance, a contractor could be personally liable for any damages caused by their work. This could lead to financial ruin, especially if the damages are significant.
Who Needs Contractor Insurance?
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Carpenters
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Concrete
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Electricians
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Excavation
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Flooring
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Framing
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HVAC
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Plumbing
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Roofing
The Types Of Insurance You Need As A Contractor
Most contracting businesses have a Business Owner's Policy (BOP) because it provides comprehensive protection for their business, similar to how a homeowner's policy protects a homeowner's home and personal possessions.
A BOP combines three basic coverages:
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General liability insurance: Protects your business from lawsuits resulting from injuries or property damage caused by your business. For example, if a customer is injured at your workplace, general liability insurance can help cover the costs associated with bodily injury claims. This coverage also helps cover claims of slander and libel but does not cover liabilities resulting from professional services.
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Commercial property insurance: Protects the place where you do business and the things you use to conduct business, including owned or leased tools and equipment.
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Business income insurance: Covers the loss of income when you can't run your business because of covered property damage.
To learn more about our BOP or other contracting business insurance coverages, get a quote today.