Table of Contents
- 1 What Is Contractor Liability Insurance?
- 2 Business Owner’s Policy for Contractors
- 3 Add Optional Contractor Insurance Coverages to a Business Owner’s Policy
- 4 How Much Does Contractors Insurance Cost?
- 5 Bundle Insurance Coverage for Contractor Insurance
- 6 Additional Contractor Insurance Solutions
- 7 Secure Contractor Insurance
As a contractor, customers expect you to:
Put their construction plans into action
Ensure large and small projects are completed
All these tasks can expose your business to unique risks. In addition, your business will likely be exposed to common workplace risks. These risks include damage to your property or important records.
What Is Contractor Liability Insurance?
Contractor liability insurance can help protect your business when something unexpected occurs. This includes protection for your business’s assets and employees. Contractor liability coverage offers you peace of mind in that you’ll have coverage when your business faces a lawsuit or covered loss. This means it’s important to understand the best types of insurance coverage for contractors. The right coverage ensures you can protect your business and your employees.
Business Owner’s Policy for Contractors
By combining three basic coverages, a BOP can help save you money while safeguarding what you’ve worked hard to build. These coverages include:
General Liability Insurance – helps protect your contracting business from lawsuits resulting from injuries or property damage. For example, say 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. Business liability insurance does not cover liabilities resulting out of the professional services you may provide. For claims of errors or omissions in services you provide, you’d need professional liability insurance.
Commercial Property Insurance – helps protect the place where you do business and the things you use to conduct business. This can include tools and equipment. It doesn’t matter if they’re owned or leased.
Business Income Insurance – helps cover the loss of income when you can’t run your business because of covered property damage.
Add Optional Contractor Insurance Coverages to a Business Owner’s Policy
Business Income Extension for Off-Premises Operations
The tools and equipment you use as a contractor are vital to your business. Imagine the impact on your business if the tools or equipment you use every day gets lost, damaged, or stolen. A range of coverage options available from The Hartford can help pay for the replacement or repair of all types. It doesn’t matter if they’re owned, borrowed, or leased tools and equipment.
Say your company is using a bulldozer at a job site. While operating the bulldozer, one of your employees accidentally collides with a tree. Inland marine coverage can help cover the costs to repair the damage.
Say your contracting business is remodeling a bathroom and your customer chooses an expensive tub. While carrying the tub to the second floor, one of your employees drops it. This results in a large crack down the center of the tub. This coverage can help cover the costs associated with the claim against you.
Data Breach Coverage
General contractors and contracting businesses often store sensitive information about their employees and clients. This information includes:
Social Security numbers
Debit or credit card numbers
Other personally identifiable information
Notifying affected individuals
Managing public relations
Good faith advertising
Employment Practices Liability Insurance
Contracting businesses are vulnerable to employment practices liability claims. Current and former employees may take legal action against your contracting business. They may do this for issues such as:
How Much Does Contractors Insurance Cost?
Your contractors insurance cost is determined by the specific trade you need covered.
Beyond the specific trade, you’ll find common variables weigh into the total insurance cost, such as:
General coverage needs
Number of employees
Bundle Insurance Coverage for Contractor Insurance
Stretch Your Dollar
It’s easy to increase your BOP protection at an affordable price with The Hartford’s Stretch® endorsement. This endorsement bundles essential coverages. For contractors like you we offer:
Super Stretch for Business Services
Additional Contractor Insurance Solutions
Workers’ Compensation Insurance
Wages from lost work time
Legal fees if a worker’s family decides to sue you
Businesses have been turning to The Hartford for workers’ comp coverage for more than a century.
Commercial Auto Insurance
Do you use your car to visit customers, pick up tools, or run work errands?
A Business Auto Policy provides coverage that’s not usually included in a personal auto policy. This insurance covers you or an employee when an owned business vehicle gets in an accident.
Home-Based Business Solutions
When determining what coverage you need ask yourself these questions:
Do I have customers come to my home?
Do I provide services away from my home?
Do I have employees or inventory?
If you’ve answered yes to any of these questions, contact your agent or a representative from The Hartford today. We can help you select the right coverage to help protect your business.
Secure Contractor Insurance
As you consider the coverage you need, don’t consider insurance companies with minimal coverage options. At The Hartford we understand that each business requires unique insurance coverage. Contact The Hartford and receive a contractor’s insurance quote today.