How Can Contractors Insurance Save You From Financial Losses?

Contractors without contractors insurance often face constant financial threats.

As customers and clients rely on you to provide dependable services while often operating under strict deadlines, even slight delays or accidents could incur significant economic consequences.

Your business should prioritize a robust and versatile insurance portfolio regardless of your experience level or dedication to safety.

What is Contractors Insurance?

Contractors insurance is a specialized type of business insurance that may be suitable for many types of professionals and companies. Whether you operate as a general contractor, subcontractor or artisan specialist, coverage can be tailored to suit your unique circumstances and protect your financial interests.

How Does My Coverage Work?

A contractors insurance portfolio typically comprises several separate types of policies that can combine to form adequate coverage. Commonly purchased types of insurance may include the following:

• General liability insurance can financially protect you from third-party losses arising from bodily injuries, property damage or personal and advertising injuries for which you are at fault.

• Professional liability insurance, also known as errors and omissions insurance, can assist with losses should a client accuse you of providing late, substandard or otherwise inadequate services.

• Commercial property insurance can assist with repair or replacement costs if your own tangible assets, such as your company’s building, furniture, inventory or tools are damaged.

• Builders risk insurance can cover structures being worked on or renovated should they sustain damage by covered perils, such as fires, severe weather or vandalism.

• Inland marine insurance may help pay for losses and damages involving tools, equipment and materials being transported or stored on a job site.

• Workers’ compensation insurance can help pay for expenses and losses following employees’ work-related injuries and illnesses.

• Commercial auto insurance may render aid if your business vehicles are involved in an accident or otherwise sustain damage.

• Business interruption insurance can help you recoup losses should your normal functions and tasks be delayed or disrupted.

We’re Here to Help

Contact AJ Gambardella Associates, LLC today to learn about contractors insurance or compare quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.