How Does Contractor Insurance Work?

​Unexpected occurrences that could seriously harm your company could result in bankruptcy or a negative reputation if they are not appropriately addressed. If you need money to cover damages, legal fees, and injuries, contractor insurance may help you out financially.

Regardless of the size or kind of your company, you need contractor insurance to safeguard you from financial debts caused by accidents, lawsuits, thefts, and any damages. In addition, contractor insurance can be purchased by a construction worker or employee. 

Contractor Insurance Coverage
Like any other insurance, a contractor policy offers coverage, such as workers' injuries and damage to customers' property. Contractor insurance may aid not only employers but also workers. 

Here is the basic coverage of contractor insurance.

General Liability
General liability should cover the property damage, injuries, and medical fees only if the accidents occurred on the job. 

Worker's Compensation
Worker's compensation may cover medical fees, check-ups, and medications if they obtain an injury due to work-related activities. 

Other coverages that contractor insurance may offer are the following:

• Commercial auto 
• Business owners' policy
• Contractor's tools insurance 
• Errors and omissions insurance
• Equipment breakdown
• Medical Fees

Who Needs a Contractor Policy?
Before an employer hires you, they will require you to invest in a contractor's insurance to protect you. Contractors and subcontractors are required to have this insurance. Some jobs also need contractors' policies to aid them in case of an accident, such as:

• Construction workers
• Painter
• Plumbers
• Electricians
• Carpenters
• Technician
• Welders
• Mason
• Handyman

Conclusion
Safety always comes first, especially when planning to enter a risky job industry. Contractors insurance is a two-in-one policy that may cover your business and employee. It's widely available and reasonably priced.

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get 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. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!