Understanding the Coverage Capabilities of Contractors Insurance 

As a contractor, you are an important pillar of the construction industry, potentially contributing essential services and expertise to many projects. However, despite your best efforts and extensive experience, mistakes happen. Clients expect jobs to be completed up to specifications and on strict timelines, and construction sites may be rife with possible dangers. Given these inherently risky conditions, understanding and retaining appropriate insurance is essential.

What Is Contractors Insurance?

Like business insurance, contractors insurance does not typically refer to a single policy that addresses all relevant risks and exposures. Instead, this term often alludes to a collection of coverages, each potentially safeguarding you against the fiscal impacts of possible incidents and subsequent losses.

What Coverages Do I Need?

Your insurance needs may vary depending on various aspects of your business, including the services you offer, your location and the number of people you employ. Still, many types of insurance may transcend unique circumstances and contribute to a suitable financial safety net for many contractors. Consider the value of the following:

• General liability insurance can help manage incidents in which you’re responsible for other parties’ bodily injuries, property damage or reputational harm.

• Professional liability insurance can assist with legal costs and losses if a client alleges you made errors, missed deadlines or provided subpar work.

• Commercial property insurance can financially protect your offices, tools, electronics, inventory and other physical assets.

• Builders risk insurance may cover structures being worked on, as well as temporary structures on a jobsite such as scaffolding and fences.

• Inland marine insurance can help pay to repair or replace your property if damaged or stolen while in transit or stored at a job site.

• Workers’ compensation insurance can assist with financial ramifications if your employees suffer work-related injuries or illnesses.

• Commercial auto insurance may offset losses involving your company vehicles.

We’re Here to Help

For contractors in the Port Orchard, Washington, area, You Choose Insurance can empower you to make the right decisions about your coverage. Contact us today to learn more about contractors insurance options and secure ideal policies.

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.