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What Types of Insurance are Available for Contractors?

As with other industries, construction insurance will help you minimize the basic financial risks of running your business. There are industry specific risks for each contractor, and insurance can protect individuals from the costs associated with those risks. If you are shopping for Clifton construction insurance, here are common coverages for independent contractors:

  • Workers compensation reimburses employees for medical expenses and lost wages if they are injured on the job. Independent contractors may not need this coverage.
  • Bodily injury and property damage is for contractors who work with heavy machinery. It will cover many accidents due to power tools and other hazards.
  • Commercial vehicle insurance needs will depend on state auto laws and will protect vehicles owned by your business from various damages.
  • Professional liability will protect your business’s finances if a client accuses you of mistakes or negligence. It will also protect contractors from liability risks due to losses a client may experience if the contractor provided them with advice.
  • Builder’s risk policies are often written for each project, as they protect property and raw materials.

If you are shopping for Clifton construction insurance, it is best to find an agency that offers specialized contractor insurance. This way you will know you have the necessary coverage for your business.