As a contractor, you work hard to build your business. You’ve earned clients, built a reputation, and hired people to help you out. Whether you’re a solo contractor or have a team, you need the right insurance.
If you don’t have the proper insurance, you could be liable for financial or legal damages. But you might be asking “what insurance do I need as a contractor?”
So in this article, let’s talk about the five types of insurance every contractor needs to have in addition to standard General Contractors’ insurance in Decatur GA.
What Kind Of Insurance Does A Contractor Need?
So with so many options today, what’s the bottom line? What type of insurance do general contractors need specifically?
Here are the best policies for contractors right now:
General Liability Insurance
General liability insurance policies for contractors help protect you against injury and medical expenses. They protect you from damage that might occur on a client’s property as well.
If construction materials are faulty, you also get protection in certain circumstances. General liability insurance is a great addition to any policy for contracting businesses.
Professional Liability Insurance
Everyone makes mistakes, even contractors who are experts at their craft. Professional liability insurance helps you protect yourself in case of a faulty design or construction effort.
It will cover your financial losses from the project. Even negligence claims are insured in these difficult situations.
Commercial Truck And Car Insurance
If you have a truck or a fleet, these are essential for running your business as a contractor. However, accidents can happen on the road. Whether you or one of your workers are driving, you need to be protected.
Auto insurance policy protects your vehicle and compensates you if it’s damaged or if another person is damaged or harmed in the process.
Workers’ Compensation Insurance
One of the most important types of insurance for a contractor to have is workers’ comp. When doing physical work like contracting, accidents happen.
While they can be rare, you still need to be protected in terms of your finances and your legal situation.
Having workers’ compensation insurance provides you with a policy that prevents you from paying large amounts out of pocket if one of your team members happens to take leave or get injured.
If you have a truck or a fleet, these are essential for running your business as a contractor.
Homeowner’s Insurance
Many contractors own homes as well. Your home, in some ways, is an extension of your business.
This is especially true if you happen to park any of your contracting vehicles or keep any of your equipment or machinery nearby. If something were to happen — for instance, a board falls on a window — you’ll be protected in that event.
Conclusion – What Kind Of Insurance Should A Contractor Have?
At Focus Insurance Group, we specialize in providing contractors with the best insurance policies for their needs. Don’t take the risk of losing your livelihood, savings, or client list.
Contact the insurance experts at Focus Insurance today and ensure that you’re covered in every way possible. Every contractor is different and you deserve customized insurance.
