Must-Have Contractor Coverage For 2022

​Insurance may be needed by the business for which you are in contract work. Regulatory and construction authorities often mandate it. To guarantee you have the greatest coverage, you must understand the fundamentals of whatever you have and what you may require in the future. Here are some of the must-haves that you should have as a contractor.

General Liability Insurance
It protects liabilities stemming from losses caused by the contractor to a third party. This is one of the most significant coverages a contractor can have since it protects against the liability risks connected with continuous activities. 

Products & Completed Operations Insurance
While general liability insurance protects your present operation, completed operations insurance protects your business once the job has been accomplished.

Equipment Insurance
Equipment coverage safeguards your equipment from natural disasters and theft. And it will cover anything, from hand tools to large gear. You can find it available as standalone insurance or an add-on to your existing BOP.

Workers Compensation 
Workers' comp insurance protects a company's workers who are hurt while doing their job. Sometimes, it is the most costly component of securing your company in a contractor insurance package.

Property Insurance 
Property insurance protects specific buildings and the assets inside them. This insurance is needed especially for larger contractors that own structures and have warehouses for their heavy equipment.

Commercial Auto Insurance
Contractors frequently hire trucks or other automobiles for their work functions. Commercial auto coverage will pay for any damage to property or physical injury inflicted by those vehicles in the case of an incident.

Conclusion
Each company has its own set of priorities. Examine your business to determine what needs to be addressed and secure it. This way, you won't have to worry about unexpectedly large business expenses in the future. Reassess your business needs this year and contact your insurance provider.

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. Coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!