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Why Contractors Need Contractor Insurance

As a contractor, customers expect you to:


  • Put their construction plans into action

  • Meet deadlines

  • Ensure large and small projects are completed

All these tasks can expose your business to unique risks. In addition, your business will likely be exposed to common workplace risks. These risks include damage to your property or important records.


To learn more about contractor insurance – a type of business insurance – contact The Hartford. We’ll be happy to provide you with the insurance quotes you need to keep your business safe.


What Is Contractor Liability Insurance?

Contractor liability insurance can help protect your business when something unexpected occurs. This includes protection for your business’s assets and employees. Contractor liability coverage offers you peace of mind in that you’ll have coverage when your business faces a lawsuit or covered loss. This means it’s important to understand the best types of insurance coverage for contractors. The right coverage ensures you can protect your business and your employees.


Business Owner’s Policy for Contractors

Most contracting businesses have a Business Owner's Policy (BOP). They have this because it helps protect them in the same way a homeowner’s policy helps protect your home and personal possessions.


By combining three basic coverages, a BOP can help save you money while safeguarding what you’ve worked hard to build. These coverages include:


  1. General Liability Insurance – helps protect your contracting business from lawsuits resulting from injuries or property damage. For example, say a customer is injured at your workplace. General liability insurance can help cover the costs associated with bodily injury claims. This coverage also helps cover claims of slander and libel. Business liability insurance does not cover liabilities resulting out of the professional services you may provide. For claims of errors or omissions in services you provide, you’d need professional liability insurance.

  2. Commercial Property Insurance – helps protect the place where you do business and the things you use to conduct business. This can include tools and equipment. It doesn’t matter if they’re owned or leased.

  3. Business Income Insurance – helps cover the loss of income when you can’t run your business because of covered property damage.

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