Types Of Contractors Insurance Coverage For General Contractors

​Owners of contracting businesses are aware of the risks and liabilities associated with handling construction projects. Construction sites are high-risk areas. Cases of worker’s injuries and property damages are common in job sites.

Contractors must manage risks that can potentially ruin the financial standing of the business. Contractors insurance is among the effective tools to protect contracting companies from a wide variety of risks inherent to the construction industry. 

Why Do You Need Contractors Insurance?

1. Contractor’s insurance can increase your chances of landing clients. Most clients prefer to deal with contractors that have proper insurance coverage.
2. It can protect you from claims. If someone got injured on your job site, your insurance provider could cover the other person’s claims. Financial liabilities like this can potentially ruin your finances if you pay it out of your pocket. 
3. It can also cover legal expenses such as court and attorney’s fees when someone sues you in court. If you are uninsured, legal costs might be a financial burden on your company’s budget.

Types Of Contractors Insurance Coverage

• General liability insurance. It is one of the most significant coverages that general contractors should have. It would offer your business financial protection if someone filed a lawsuit against property damages and physical injuries. Legal expenses incurred from that lawsuit are covered under the policy. The policy can pay medical fees and lost wages associated with the case.
• Builder’s risk insurance. It can protect the building that you are still constructing. It can cover the unfinished structure as well as the materials and equipment. If the building got damaged or someone stole your equipment, the builder’s risk insurance can cover the associated expenses. Once the building is completed, the insurance coverage will expire as well.
• Commercial auto insurance. If you have company-owned vehicles, this type of insurance is suitable for you. If your company vehicle smashes into another car, your insurance policy can pay the claims associated with it like damages and injuries. Legal fees incurred from the lawsuit are also covered.

Conclusion
Whether you like it or not, contractors are always vulnerable to risks and liabilities. Protect yourself and your business by getting contractors insurance. It will allow you to focus on your project without worrying that an unforeseen event can hurt your finances. Contractors insurance gives you peace of mind knowing that you are covered from risks and liabilities.

At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.