Contractors Insurance Information
All contractors, no matter what industry they work in, have operating liabilities. After all, numerous hazards or mishaps could easily cause your endeavor to fall apart. You, therefore, can always benefit from the assistance provided by a strong commercial insurance portfolio.
Contractors insurance isn’t just one policy, but it is a conglomeration of numerous policies. Each can lower your financial burden following unexpected hazards in the business. You’ll have to consider a lot of different factors to get the right policies.
Lupton & Luce Insurance offers contractors of any industry and of any shape or size quality contractor insurance options, all of which can be to your benefit. If you are ready to design an optimized portfolio, just give us a call at (631) 727-4114 or request your free policy quote now!
Common Contractors Insurance Questions
Contractors can work in almost any industry. They might be freelance writers and graphic designers, stylists, construction contractors, electricians or accountants.
However, because these workers provide contracted services, they face significant commercial liabilities. In fact, being a contractor makes you more responsible for your own actions, and any hazardous loss could be particularly crushing to your business’ future. That’s why you need appropriate insurance benefits. The right policy can help you cover the costs of recovering from these accidents and can stabilize your business against potential losses.
There are many insurance policies from which a contractor can benefit, including:
- Professional Liability Insurance: If you offer advice or other professional services, then you might make a mistake that causes clients a financial loss. This coverage will compensate them.
- General Liability Insurance: Your mistakes in your work could cause third parties (I.e. your clients) bodily injuries or property damage. This coverage can pay those parties for their losses.
- Business Property Insurance: Any property owned by your business will require insurance. If you work from home, your home insurance will not include coverage for business property.
- Commercial Auto Insurance: When you use a vehicle in your line of work, such as to travel between work sites, then you might need commercial auto insurance.
- Business Interruption Coverage: Should you face property damage that forces you to stop work for a time, then this coverage can help you recover lost income in the meantime.
- Workers Compensation Insurance: In some states, you have a requirement to buy workers compensation insurance. This coverage can help you and your employees receive income and medical support if someone gets hurt on the job.
These are only the most general policies that you might find your business needs. Depending on your industry and the nature of your operations, you might need numerous other benefits, such as builder’s risk, inland marine, equipment breakdown or disability coverage.
Since you will likely need numerous policies of various shapes and sizes to support your business, your premiums on your coverage will likely vary. Your Lupton & Luce Insurance agent can help you research a host of policy options to find the correct one for your needs. We’ll also be able to point you in the way of the policies that offer you the most affordability for your chosen benefits.