Contractors Insurance
Every contractor needs the protection that insurance for contractors provides, including these:
Electrical Contractors
Plumbing Contractors
HVAC Technicians
Construction Contractors
Painting Contractors
Excavators
Masons
Flooring Contractors
Painters
Window Installers
Roofers
Siding/Exterior Contractors
Carpenters
Landscapers
Carpet Cleaners
Animal Trainers
Salon Stylists and Professionals
Repair Contractors
Handyman Contractors
In other words, the term contractor covers a great deal of professional and skilled trade territory.
Types of Insurance Coverage for Contractors
It’s important to understand your risks and how much contractors insurance coverage you need in order to effectively protect your interests. Depending on the type of business you own and operate in New Jersey, you’ll have different insurance needs. It’s best to speak to an independent insurance agent to discuss your unique set of risks and needs.
General Liability Insurance
One of the most important types of insurance for contractors to own is general liability. There are two main types of general liability protection that each matter a great deal to contractors.
Bodily Injury. Protects you in the event that you or someone working for you causes injuries and/or death to a third party while carrying out your job duties. It provides protection for not only the medical expenses and care of the injured person, but also helps to cover the costs of your legal defense if you are sued.
Property Damage. Covers damage to property belonging to other people whether it’s the property you’re working on or the property of a third party that your actions impact.
Business Owners Policy
A standard business owner’s insurance policy, or BOP, bundles several different types of insurance policies together to create a policy that meets the basic needs of most businesses.
While many business owners find it necessary to expand on certain areas of the standard business owner’s policy, many find it to be a nice starting point to get the necessary coverage for contracting and other businesses. Some of the types of policies often wrapped into a BOP include the following.
Property Damage
Business Income / Loss of Income
Commercial Vehicle Coverage
Depending on their professions, contractors may also need additional liability policies, including
Errors and Omissions Coverage
Inland Marine
Commercial Umbrella Insurance
Further, additional commercial vehicle insurance might be necessary when contractors carry costly tools in their vehicles and make modifications to vehicles that aren’t covered by standard auto insurance policies.
Workers’ Compensation Insurance Coverage
Depending on the state you are in there may be few exceptions for the workers’ compensation coverage requirement. The odds are good that if you have employees working for you, you need this type of coverage.