We often receive calls at the agency from contractors inquiring about their various insurance needs. There are many different types of commercial insurance policies available for contractors. Below are just some of the policies available to contractors to help protect themselves and their business.
Commercial General Liability (CGL) policy
One of the most common and often required policies for a contractor is a CGL policy. A CGL policy provides important protection to both business and personal assets. This policy is issued to businesses to protect them against liability claims for bodily injury, property damage, and personal injury liability.
Although a CGL policy covers a lot of the most common commercial claim scenarios, contractors often have unique needs that may require additional coverage.
If something happens to a contractor’s equipment, it can immediately have a negative impact on their income. Considering the need for and cost of tools, machinery, and mobile equipment, a Contractor’s equipment policy is certainly something to consider. Could your business quickly recover if equipment is stolen from a job site, destroyed by a fire, or damaged by vandals?
In general, an equipment policy would provide coverage for these scenarios.
Business automobile coverage
Business automobile coverage is important since most personal auto policies exclude coverage for vehicles used for business purposes. A commercial auto insurance policy provides coverage for business-related driving and often provides higher liability limits than personal auto policies.
Another item for a contractor to consider is a Worker’s Compensation policy. Workers compensation coverage is designed to resolve disputes between injured employees and their bosses. Any contractor with employees should, and is often required to carry Worker’s Compensation coverage.
What is the cost?
Insurance costs for contractors can vary based upon the type of work they do, number of employees they have, and several other factors determine rates.
We work with several different commercial companies that can provide the right protection for your contracting business needs. Every business is different; please call The Andrew Agency today at (804) 320-2886 so we can discuss your unique contractors’ insurance needs.