Contractors Insurance

Different contractors have diverse insurance needs. By its very nature, a contractor’s job lends itself to many unique job-related risks, including injuries, accidents, and damage to a customer’s property.
Aside from protecting you from a financial hardship, insurance for contractors provides coverage for your supplies, tools, employees, and other business assets. Given the steep costs of medical care, potential liability risks, and expensive litigation costs, it’s important to protect yourself, your business assets, your employees, and your livelihood.
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Who Needs 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.

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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.