Skilled tradespersons who make a living as subcontractors are always in demand. For many professionals, it’s a terrific way to apply their knowledge and expertise and contribute to a building or renovation project. The best part? You get to choose the projects you want to do, giving you a sense of control and independence.
For professionals who earn the bulk of their income as subcontractors, getting a customized subcontractor insurance policy is not only wise but also an investment in their financial health and future careers. It provides a sense of security and peace of mind, knowing that you’re protected in case of unforeseen events.
A subcontractor without insurance can face various legal, financial, and professional consequences, as well as difficulty landing jobs from a general contractor or others.
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That’s why every subcontractor needs to consider these five types of insurance to cover unexpected accidents and incidents and ensure they can continue to thrive:
1. General Liability Insurance
General liability insurance covers third-party bodily injuries and third-party property damages caused by your work, whether an accident or due to negligence. For example, if a customer trips over an extension cord or one of your tools while you’re working at their location and is injured, general liability insurance is designed to pay for their medical and rehabilitation expenses.
2. Professional Liability Insurance
Also called errors and omissions (E&O) insurance, professional liability insurance protects you from allegations or claims of professional negligence, poor workmanship or advice, misconduct, mistakes, and failure to deliver a service as promised.
3. Tools and Equipment Insurance
You can’t use your bare hands to do your difficult work; you rely on high-quality tools and equipment. Protecting them from many risks, such as damage caused by fire or water or if they’re vandalized or stolen, is why you should have tools and equipment insurance in your overall policy.
4. Installation Floater Insurance
Installation floater insurance protects the property or materials you use for a project stored at a temporary site, while in transit, or during the installation process until they are installed. For instance, if you’re charged with picking up materials to be used for a new build or renovation job, and they’re damaged before being installed, lost, or stolen, an installation floater pays to replace those materials, so you’re not out of pocket.
5. Commercial Auto Insurance
Commercial auto insurance is critical for any vehicle used for commercial purposes, whether transporting people, packaged goods, raw materials, or tools and equipment. A personal car insurance policy isn’t adequate protection for business vehicles, as it isn’t designed to pay for damages following a collision to your pickup or work vehicle.
How to Get Low-Cost Subcontractor Insurance Fast
Getting low-cost, customized business insurance protection for any subcontractor’s needs is quick and easy through Zensurance.
Fill out our online application for a free quote in less than five minutes.
Our experienced brokers will shop our partner network of over 50 insurers to find the right coverage to suit your needs, customize it, and issue you your policy documents and a certificate of insurance instantly upon purchasing a policy.
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