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Contractors Insurance

Contractors insurance is a vital safeguard for individuals or companies working in the construction industry. It encompasses various types of coverage designed to protect contractors from financial losses resulting from unforeseen circumstances during projects. Understanding and obtaining the right coverage is essential for mitigating risks and ensuring the success and longevity of construction projects.

What Does Contractors Insurance Cover? Man Wearing Black Denim Pants With Carrying Hammer on Holster

The following are common types of coverage included in a contractors policy:

  1. General liability insurance can financially safeguard contractors against third-party claims involving bodily injury, property damage or personal injury arising from their operations on a job site or at their place of business. It may cover legal fees, third-party medical expenses, settlements or judgments resulting from such claims.
  2. Completed operations liability insurance may financially cover third-party claims of bodily injury or property damage related to work that the contractor completed.
  3. Workers’ compensation insurance can benefit employees with work-related injuries or illnesses. This coverage may include medical expenses, lost wages, disability benefits and rehabilitation costs. It may also offer protection to employers against lawsuits filed by injured employees.
  4. Property insurance can financially protect physical structures and their contents, such as buildings and garages, from risks like fire, theft, vandalism or severe weather. It can assist in covering the costs associated with repairs or replacement.
  5. Contractors equipment floater may be added onto a policy to cover tools and moveable equipment financially after damage, theft or loss.
  6. Builders risk coverage is geared toward construction projects in progress. It can help cover the cost of damage to structures, materials and equipment resulting from a covered incident.
  7. Professional liability insurance can protect contractors who provide professional services or advice. It may help cover claims related to negligence, errors or omissions in areas such as design, project management, or consulting services. Professional liability insurance is crucial in the construction industry, where mistakes can have significant financial consequences.

How Much Is Contractors Insurance?

The cost of contractors insurance can vary widely depending on several factors, including the size and scope of the construction business, the types of projects undertaken, the coverage limits desired, the location of operations, the claims history and the chosen insurance provider.

How to Get Contractors Insurance

Contact Rock Insurance Agency today to discuss your contractor insurance needs.

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