Types of Contractor Insurance

| Agency Customers, Contractor insurance, General Liability Insurance, Insurance education, Risk Management, Umbrella Liability, Workers Compensation Insurance.

types of contractor insurance

Contractors face a myriad of risks and require a customized business insurance program. There are many types of contractor insurance that should be considered. Fortunately, the professional agents at Safeguard Insurance have been working with contractors, large and small, for nearly 20 years. We can help contractors find the right insurance coverage, at the right price.

Some of the types of contractor insurance we may recommend including the following:

  • General liability is the foundation of your construction insurance program. This essential coverage protects your business from bodily injury and property damage claims that result from your operations or finished product. However, the coverage provided by general liability is often misunderstood. Claims such as pollution, mold or fungus, professional liability, auto liability, and employers liability are not typically covered by general liability.
  • Commercial umbrella insurance provides a secondary or excess layer of liability coverage. An umbrella policy can provide coverage in excess of general liability, commercial auto, and employers liability. Limits of coverage range from $1M to $50M or even higher.
  • Equipment floater or inland marine coverage protects your tools and equipment from a broad range of losses including theft, fire, and vandalism. Coverage can be provided on a “blanket” basis for small tools, whereas larger items are typically itemized or “scheduled”.
  • Contractors professional liability is critical for design-build firmsĀ or those involved in other specialized design work such as fire suppression systems. Contractors that offer consulting or construction management services should also consider professional liability coverage. Even contractors that hire out design services to a 3rd party (i.e. engineer or architect) should consider a professional liability policy.
  • Contractors pollutionĀ or environmental coverage is not just for remediation or restoration firms. Most general liability policies exclude coverage for injury or damage caused by mold, bacteria, or fungus that result from your construction operations. Contractors are exposed to a myriad of possible environmental claim scenarios. These could be the result of chemicals and materials used during construction or a mistake in workmanship that results in environmental contamination.
  • Commercial auto insurance that provides liability coverage for owned, hired, and non-owned autos. Contractors that rent trucks or other vehicles should also consider adding hired auto physical damage.
  • Workers compensation to protect your company from employee injuries that occur during the course and scope of employment.

There are many types of contractor insurance available to protect your business. Let the team at Safeguard Insurance help you determine what types of contractor insurance your business needs. Contact us today for a no-obligation policy review and quote!

Safeguard Insurance is licensed to write contractor insurance in Nevada, Arizona, California, Oregon, Idaho, Utah, Washington, and New Mexico.

Image: Vadim Guzhva/123RF