Contractors Insurance offers coverage that can protect your business from experiencing financial debt due to work-related accidents. Depending on your coverage, you can find yourself protected from lawsuits, liabilities, and more. Having this insurance policy could mean the difference between losing or keeping your business. That is why it’s essential you find the right policy for you.
Commercial Insurance is just one type of insurance required by contractors. It is also needed by independent tradesman and subcontractors. Not only can it protect you and your business, but it is often required by many employers. Trades where this insurance policy proves useful or are required include construction, plumbing, carpentry, landscaping, and more.
Contracting jobs, like many other jobs, are not without their risk. With that in mind, it’s important you have the right insurance policy to keep you covered on the job. However, Texas Contractors Insurance can be tricky to navigate. With that in mind, Texas Insurance Agency is here to help. We are proud to partner with some of the most trusted and dedicated insurance companies to bring you the best coverage at the best rates.
Reach out to our experts today to find a Contractors Insurance policy that’s right for you and your company.
Independent Contractors
Like any small business, independent contractors require an insurance policy for several reasons. First and foremost, it keeps you from being held responsible for damages or accidents. What’s more, you may find potential clients are hesitant to work with you if you don’t have coverage. This is because they themselves could be held responsible for accidents caused by you or your work.
Finally, a certain level of Insurance coverage is required by the law in many businesses, and construction is one of them.
Being an independent contractor does not mean you will be exempt from liability. This means that without the right coverage, you could find yourself paying out of pocket for any lawsuits taken out against you due to damages done by your work. On top of paying damages, you’ll also have to pay legal fees. However, if you take out a General Liability coverage, you won’t find yourself in this situation. That is why this type of coverage is essential in this industry.
What is Covered under Contractors Insurance?
Contractors insurance typically covers business liability exposures. No matter what industry you’re in, accidents are bound to happen, and construction is no exception. That is why you need to have the right coverage in place. With the right insurance policy, you or your company will not be held liable for damage done to clients’ property.
Additionally, the right policy will keep you covered for various other incidents, such as injuries sustained by others. You’ll also find that, with the right policy, your company’s vehicles and employees will be covered. This means if damage is done to your vehicle while on a job, you won’t be financially responsible for the bills.
Although insurance policies vary between contracting jobs, certain policies or coverages are required by contractors on the whole. These coverages include General Liability and Commercial Auto.
General Liability
This type of coverage is typically needed before a contractor is able to begin work on a job. It provides coverage in several situations where your business might be found liable. Some of these situations include faulty work, damage to property, or injuries.
Commercial Auto
This covers vehicles used for work-related journeys, such as transporting tools or other materials. It’s important to note that this policy does not cover those individual tools. It does, however, cover equipment attached to the vehicle, such as a ladder.
Other coverages that contactors may require include Workers’ Compensation and Business Owners Policy (BOP). However, this is dependent on the size of your business and the work you’ll be carrying out.
Contractor Insurance: Swimming Pool Contractors
Companies in any industry are not without their risk. However, construction and contracting jobs tend to be met with higher risk. For example, pool construction includes renovations, industrial equipment, and heavy material, meaning workplace accidents are not uncommon. That is why you need to have the right policy to protect your business from financial disaster.
General Liability Insurance is a great starting point when you’re looking to protect your business. However, there are several other policies to consider if you’re looking for maximum coverage, one of those being Builders Risk Insurance.
Builders Risk Insurance
Builders Risk Insurance, or Course of Construction Insurance, is a form of property insurance designed to protect buildings under construction. Having this insurance policy ensures your building is protected against a variety of factors, from fires to theft to vandalism. It can also protect your building against weather conditions such as lightning or hurricanes.
With that in mind, if you or your company have a financial interest in a construction project, you should seriously consider a Builders Risk Insurance policy. This type of insurance is aimed towards property owners, subcontractors, general contractors, architects, and lenders.
Additionally, if property damage delays the project, this insurance type will also cover further costs. This could include, but is not limited to, lost sales, real estate taxes, and rental costs. As every construction project is different, there are different types of Builders Risk Insurance. If you’re looking for a customized policy, don’t wait to contact Texas Insurance Agency. Our team is here to help you find the right policies for you and your company!
Commercial Construction Contractors and More
Commercial Construction Contractors, Green Energy Contractors, and more can also benefit highly from Builders Risk Insurance. Additionally, depending on the type of work you offer, certain policies may or may not be acceptable to use for your type of business.
For example, if you are a freelance contractor, then Workers Compensation probably isn’t too big of a concern. However, if you own a sizeable business, this should be one of the first policies you look into to keep both your company and your employees protected.
We, at Texas Insurance Agency, also provide the following Contractors Insurance Policies:
- Business Auto Insurance – Personal Auto Policies don’t cover vehicles used for business and commercial purposes. That is why you need business auto insurance to keep your work vehicles covered. Speak with Texas Insurance Agency today if you’re looking to take out a policy that will protect your business vans, trucks, or more.
- Workers Compensation – Contractors are responsible for providing coverage to their employees. This coverage comes in the form of Workers Compensation and can cover a variety of concerns from employee injury to lost wages to employee rehabilitation. To learn more about this coverage type and why it is necessary, call our team today.
- Tools & Equipment – You may find that your work tools are covered in other work policies, up to a certain price. However, if you’re looking for coverage on tools that exceed a $500 value, you’ll need a tools and equipment insurance policy. This policy offers coverage on equipment such as generators, welders, nail guns, and more.
Whether you’re a swimming pool contractor or a construction contractor, you can rely on Texas Insurance Agency to help you find the right coverage for you. Speak with our team today and see how we can find you the right policy at the right price.
