Guide On How To Get Contractors Insurance This 2022

​Choosing the right insurance for a business is a little confusing. It needs analysis and wisdom on what policies are required to save the contractor from unforeseen damages at the worksite. In some cases, businesses tend to avoid insurance that may not be useful and will only cost unnecessary expenses.

Common Contractor’s Insurance Policies
These policies are included in the insurance and may cover the most common business risks in the construction businesses. 

1. Worker’s Compensation 
   This policy covers workers who went injured, disabled, or contracted an illness while employed by the company with the policy. These cases are very common since accidents happen every day. It is very helpful for the contractor and to the employee affected. 
   
   According to the National Council on Compensation Insurance (NCCI), the average cost for all claims combined in 2017-2018 was $41,003.
   
   
2. Builder’s Risk
   This policy includes coverage for a person or organization over the damages or loss of materials or equipment being used. This case is pretty common due to accidents that are not rare at a construction site. The builder's risk insurance cost typically accounts for 1% to 4% of a business's total construction budget. 
   
   
3. Inland Marine
   This policy covers the products and equipment being transported on land for any loss or damages. Businesses that require transporting their goods are the ones in need and are making use of this policy. The average cost of Inland Marine Insurance is $2,500 per year. The best way to estimate the cost of Inland Marine Insurance is to get a quote.|
   
   
4. General Liability Insurance
   It is the most important policy because contractors are unlikely to be awarded commercial contracts without it. It covers if you are sued for negligence that causes bodily injury to someone else or damages someone’s property. 
   
   General Liability Insurance also covers the following third-party damages:
      - Bodily injuries
      - Property damage
      - Reputational harm
      - Advertising
      - Damage to rented property

While a Contractor’s Policy is a bundle of insurances that covers the most common business risks that might take place, it is still being asked if it is better to buy these policies individually. One good thing about the rates of these policies is that it is cheaper when purchased as a bundle.

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.