with your insurance agent for specific advice.
Types of Insurance Coverage Built for Contractors
The services your company provides, where you work
and the type of equipment you own will help you decide which insurance coverage you need.
Here are four popular types of coverage to consider:
General Liability Insurance covers property damage and bodily injury claims. It’ s essential to protect your business against accidents involving heavy machinery on jobsites, and some states require it. Construction accidents and jobsite injuries and fatalities cost over $ 11 billion per year, so don’ t overlook the importance of liability insurance.
Equipment Floater Insurance provides coverage for tools and movable machinery wherever you use them. For companies that provide services on client property, it’ s a must-have.
Inland Marine Insurance is ideal for companies that transport equipment between jobsites because it covers property during transit and in temporary storage. It’ s not just for large contractors— if your team regularly moves smaller equipment like skid steers or generators, look into this type of coverage.
Comprehensive Insurance Policies shield against damage and destruction from theft, vandalism, fire and natural disasters. They’ re a must for contractors with high-value equipment or those operating in risk-prone areas.
It’ s common for companies to carry multiple types of insurance to completely protect assets. Your insurance agent can help you decide the right combination of types and amounts.
Customizing Your Construction Coverage
Insurance policies vary widely and can be tailored to
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