Who needs contractors insurance?
There are many types of companies and independent contractors who all need contractors liability insurance and other coverage to match their specific risks. Some of the professionals that need contractors insurance include:
What a Contractors Insurance Package Covers
Contractor’s insurance covers problems typically associated with the risks of construction and renovation projects, including risks to your employees, your work site, and anyone or any equipment involved. Most of these policies are a combination of other policies, often including:
- A Business Owner’s Policy
- General Liability Insurance
- Worker’s Compensation
- Commercial Vehicle Insurance
From there, what coverage is needed depends on the work that you do. Contractors in different industries often have different insurance needs (and occasionally different requirements, depending on local legislation). People First Insurance Family can help you determine which forms of insurance are required for your company and ensure that you’re never left exposed.
Contractors Equipment Insurance
Getting a job done takes more than human expertise and a keen eye for detail—you need to have the right tools for the job, or it’s probably not going to be finished. However, if something goes wrong and your equipment is damaged or destroyed, you stand to lose a lot of money. This is particularly true if your company operates any larger pieces of equipment (bulldozers, etc.), which are sometimes omitted from normal coverage.
People First Insurance Family‘s goal is to mitigate your risks as much as possible, and the more we know about your equipment, the better the policy we can offer. On request, we can let you know about how certain pieces of equipment are classified, the associated level of risk, and what kind of reimbursements you can expect if something goes wrong.
Contractor Vehicle Insurance
If you’re one of the growing number of contractors who use vehicles during a job—not just to get to and from a worksite—then you may need an additional commercial vehicle policy that covers the vehicle(s) you use.
If you don’t use your vehicle for commercial purposes, you may be able to lower your monthly premiums by having this coverage removed from your policy. The choice is ultimately yours, but if you’re having trouble deciding, our agents can help you figure out whether or not your use of a given vehicle qualifies as a commercial purpose.