Contractors Insurance Information
Contractors from all industries face several job-related hazards. Carrying the proper insurance can help mitigate those risks and provide financial safeguards for your business. The team of agents at A.J. Gambardella Insurance in Stratford, Connecticut, can assist you in building a comprehensive insurance plan. Contact us today to get started.
What Types of Contractors Insurance Coverage Are Available?
Various types of contractors insurance coverage is available. Your specific needs may depend on your trade and its inherent risks. Some common types of contractors insurance that may be applicable regardless of your industry include:
General liability insurance. This type of insurance may provide coverage if a third party (e.g., a client) files a lawsuit against your business for property damage or bodily injuries. General liability coverage may help pay for the medical bills or legal costs. It may also provide coverage for advertising injuries, such as unintentional copyright or trademark infringement.
Property insurance. Property insurance may help your business with repair or replacement costs if covered events like fires, windstorms or vandalism damage your company’s physical property (e.g., your building and its furnishings). Different trades have different types of specialized equipment and additional property coverage may also be available.
Business interruption insurance. If your business if forced to temporarily close due to a covered peril, business interruption insurance may help replace lost income until you are able to reopen.
Workers’ compensation. If one of your employees is injured on the job, workers’ compensation may help pay for their medical bills and provide compensation for lost wages.
Professional liability insurance. If a claim alleges you made a mistake, had an oversight or were negligent while performing your professional services, professional liability insurance, also known as errors and omissions insurance, may provide coverage.
Umbrella insurance. This may provide an added layer of protection if a liability claim exceeds your other insurance policy’s limits.
The above list is not all-inclusive, and it may be advisable to secure additional protections depending on your trade. Below are examples of coverages particular industries may wish to have to fill in potential gaps:
Additionally, several of the coverages that provide protection for contractors may also apply to restaurant owners who may wish to consider liquor liability insurance and food spoilage and food contamination coverage as part of their insurance portfolio.
The agents at A.J. Gambardella Insurance can provide information on specific terms, limits and exclusions. We are ready to consult with you to help build a comprehensive insurance plan.
How Much Does Contractors Insurance Cost?
The cost of contractors insurance depends on several factors. The location and size of your business as well as your trade and claims history may affect premiums.
Get Started Today
At A.J. Gambardella Insurance, we are ready to help you find the right insurance coverage at the best value. We are a locally owned and operated insurance agency serving Stratford, Fairfield, Shelton, Milford, Bridgeport and the surrounding communities, and we are committed to providing quality products. Contact us today for more information or a quote.