You know the old saying, the cheapest policy isn’t always the best policy. 

Contractor Liability Insurance needs will vary from project-to-project. To properly secure your business and manage risk, it is crucial to find an insurance policy that provides the type of coverage you require to succeed.

We know you’re busy, so we’ve made finding the best policy for your business simple. Here are a few points to keep in mind when buying insurance for your contracting business:

Not Having Contractor Insurance Is A Big Mistake

The foundation of a solid Contractor Insurance policy package is the most basic insurance coverage for your contracting business – Commercial General Liability Insurance (CGL). CGL protects against the most common risks you face as a contractor, such as damage to a client’s property or workplace injury. While the risks associated with your business will depend on the nature of your project, contractors suffer up to four times more workplace accidents than any other industry.

For this reason, more and more project managers and general contractors are requiring contractors to have CGL before hiring them.

Projects Rarely Go To Plan – Protect Yourself

The second step to building the best Contractors Insurance policy for your business? Meet Builder’s Risk Insurance.

Builder’s Risk Insurance is a type of insurance covering damage to buildings, structures, and materials during a project. Some of the policy coverage highlights include: 

  • Coverage for construction materials entering into or forming as a part of the project. 
  • Loss or damage to tools, equipment, materials, and supplies required to complete a project. 

Consider the contractor whose team has spent weeks installing new windows in a commercial office space only for them to be destroyed in a windstorm. A solid Contractor Insurance policy protects you from the events you can’t plan for.

Keep in mind, Builder’s Risk Insurance only covers the property until the completion of the project (unless otherwise specified). 

No Contractor Insurance Policy Is The Same

You know Contractor Insurance is essential to the sustainability of your business, but insurance coverage is like the industry itself – lots of variety. Your broker can help you find a policy to meet your specific needs, but generally speaking, a contractor insurance policy package should contain the following policies:

  • Commercial General Liability Insurance (CGL)
  • Equipment & Tools Insurance
  • Non-Owned Automobile Insurance
  • Extra Expense Liability

While this list covers some of the necessary insurance policies you should have as part of your insurance coverage, the specific needs of every business will differ.

Speak with your broker about customizing your insurance policy to suit your unique business needs. 

Last, But Definitely Not Least

It’s about more than finding the most inexpensive policy when you are looking for the best Contractor Insurance coverage. You know what you’re looking for and why, and you know it’s always better to be safe than sorry. Here’s one last thing to keep in mind when buying insurance for your contracting business:

  • DON’T accept the first policy offered to you for the sake of saving money.
    Be picky when choosing a Contractor Insurance policy and make sure you are getting the coverage you need in the areas of your business that present the most risk. The last thing you want to do is pay out-of-pocket because you didn’t take the time to read the fine print.
  • DO let us do the shopping around for you.
    When you’re busy running your business, picking the first policy you’re offered may seem like an easy way to insure your business. But by skipping the research phase, you may be missing out on getting the right type of coverage that protects you against risks specific to your business.

We’re here to help. If you’re interested in seeing what contractor insurance looks like for you and your business, create an online application – it’s quick and easy.

Running a business is complicated, leave it to us to protect it.

Ready To Start? Let’s Get a Quote!

Getting a business insurance quote shouldn’t be complicated!

At Zensurance we simplify the process of getting commercial insurance so that you get the coverage you need, quick and easy!

Our friendly support team is always ready to answer questions, we’re just a click or a phone call away.

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