Contractors Insurance Information
Your clients rely on you to properly do your job with an expert eye for detail and not leave them at risk of facing significant problems with the finished product. You must take responsibility for your operations and liabilities; this means investing in quality insurance solutions. Securing the appropriate insurance can help mitigate these risks and provide financial protection for your business.
Here at Lefebvre Insurance Agency, we believe in taking a comprehensive approach to every construction business’s insurance needs. If you’re located in Providence, Pawtucket, and the surrounding areas, give us a call today to learn how we can help you.
What Coverages Do Contractors Need?
Contractors face various on-the-job hazards Consequently, every contractor may need a variety of commercial insurance solutions to be properly protected.
Several types of coverages may be available for contractors, including:
General liability insurance—This may provide coverage if your business is responsible for injuries or property damage of third parties. It may help pay for medical expenses or legal fees.
Property insurance—If covered events such as fires or severe storms damage your company’s physical assets (e.g., your building or furnishings), property insurance may compensate those losses. Coverage may also be available for your tools and machinery.
Inland marine insurance—This coverage may protect your commercial property (e.g., equipment and tools) as it is being transported overland.
Builder’s risk insurance—If a covered peril (e.g., fire) damages your building materials while a construction project is in progress, builder’s risk insurance may help reimburse you for those losses.
Commercial auto insurance—This may provide coverage for the vehicles your business owns, uses or leases if an accident occurs. It is a separate policy from personal auto insurance.
Business interruption insurance—If a covered event forces you to cease your operations temporarily, this coverage may help pay for continuing expenses (e.g., taxes and wages) until your business activities resume.
Pollution liability insurance—This may provide coverage if your business is responsible for releasing a pollutant that caused injury or property damage to a third party.
Workers’ compensation—This coverage may help compensate your employees if they sustain a work-related injury or illness. It may help pay for medical expenses or provide wage replacement.
Umbrella insurance—If a claim exceeds the limits of your other liability policies, umbrella insurance may provide additional financial protections to help fill in the gap.
Additional policy endorsements and supplemental coverages may also be available. We can work with you to help find an insurance plan that meets your needs.
Is Insurance for Contractors Expensive?
Multiple factors affect the cost of insurance for contractors. Variables, including the size and location of your business and your specific industry or trade, can influence premiums. Different insurance carriers will rate these factors in numerous ways. It is important to compare prices across plans and to speak with an insurance agent about the intricacies of your business in more detail.
Find the Policy That Fits Your Company
When matching clients with insurance, we review their current policies and offer our recommendations based on experience, dedication and expertise. Give us a call today to discuss your contractors insurance needs.