What is Contractor Business Insurance?
Commercial General Liability
Contractor Insurance starts with Commercial General Liability (“CGL”). It is the primary layer of protection for any business; it provides the broad coverage that contractors need the most. If a pedestrian injures themselves on a job site, or if a client decides to sue because of an issue with your work, contractor liability insurance will help cover you. Get a business auto quote today.
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Commercial Property Insurance
Contractors should also obtain commercial property insurance, which covers the tools and equipment that they use to perform their work. If tools are lost, damaged, or stolen, it can make it impossible to complete a job on time, but property insurance is there to help protect things. Do you need SR22?
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Workers’ Compensation
Depending on your location, you may require workers’ compensation insurance as well. US-based contractors are generally required to carry workers’ compensation insurance, and some Canadian contractors will need to carry workers’ compensation insurance as well.
This will help protect teams of contractors from workplace injuries, and make sure that the cost of injured workers doesn’t derail a business completely.
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Who Needs Contractors Business Insurance?
Appliance Installation & Repair Carpenters Carpet, Flooring & Rug Services Electricians & Lighting Services Furniture Services Glass Services Handy people HVAC Contractors Home & Interior Consultants Landscapers, Lawn care & Gardening Locksmiths Masonry Services Office Services Painters & Wallpaper Services Pavement, Driveway & Sidewalk Services Plumbers Renovation, Remodeling, and Services Sign Services.
Do Subcontractors Need Contractors Business Insurance Too?
Yes, subcontractors are often required to carry their own insurance. A general contractor insurance plan may not cover other contractors, which means that subcontractors may not be protected in their work. Subcontractors should carry all necessary insurance to protect their business and complete their work safely.