Contractor Business Insurance: What Coverage Do You Need?

Running a contracting business involves various risks, from accidental property damage to employee injuries. To safeguard your business, it’s crucial to have the right insurance coverage.

Insurance for Contractors

Contractors should explore these essential coverage options:

• General liability insurance can help financially protect your business from claims of bodily injury or property damage caused by your operations. For instance, if a client trips over your equipment and is injured, general liability insurance may help cover medical expenses and legal fees.

• Commercial property insurance can help financially protect your business’s physical assets, such as tools, equipment and office space.

• Workers’ compensation insurance offers coverage for medical expenses and lost wages for employees who sustain injuries while working. This insurance can also shield your business from potential lawsuits.

• Commercial auto insurance is essential if your business uses vehicles. It can help cover the cost of accidents involving your business vehicles.

• Business income insurance can be beneficial if your operations are interrupted by a covered event. It can help you continue to pay bills and salaries even when your business is temporarily shut down.

• Contractors equipment insurance can offer financial protection for equipment and tools against risks such as theft, damage or loss. Given that only a small percentage of stolen equipment is recovered, having this insurance can be beneficial.

Learn More

Choosing the right mix of insurance policies depends on the specific risks associated with your contracting business. For insurance guidance near you, contact SF Insurance and Financial Services.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.