Insurance Policies for Contractors

Working in the trades comes with a substantial amount of risk. Employees work with large machinery and they are often exposed to hazardous materials, large quantities of dust and debris, and sometimes even open flames. This is why insurance coverage is so important because business owners need to make sure they have adequate coverage in the event of any unforeseen accidents. This is also why companies such as the Byrnes Agency specialize in contractors insurance.

What is Contractors Insurance

Unfortunately, there isn’t a single policy that will cover all of a contractor’s needs. With few exceptions, it’s extremely rare to find a single policy that will protect a business from all possible liabilities. Most contractors will need to select individual policies to cover all their bases.

Standard Policies

Some of the most basic policies that all contractors should carry include:

  • Professional Liability: Covers costs associated with negligence or malpractice.
  • General Liability: Covers costs associated with third-party lawsuits.
  • Commercial Property Insurance: Helps replace business property if it becomes damaged.
  • Auto Insurance: Similar to personal auto insurance, this coverage helps cover expenses related to vehicular accidents.

Business Owner’s Insurance

Some companies will package some policies together to create what’s known as business owner’s insurance. This coverage is often more affordable than having separate individual policies.