The Top 3 Insurance Coverages for Contractors

As a contractor in the construction business, you know that having the right insurance coverage is essential to protecting your business. But with so many different types of insurance available, it can be difficult to know which coverages you need. In this blog post, we'll take a look at the three most important insurance coverages for contractors and explain why they are so important.

General Liability Insurance

General liability insurance is one of the most important types of insurance for contractors. This coverage protects you from third-party claims of bodily injury, property damage, and personal injury, such as defamation. If you're found liable for damages, your general liability policy will help pay for legal expenses and any settlements or judgments that are awarded against you.

How Much Does General Liability Insurance Cost?

The cost of general liability insurance varies depending on the size and scope of your business. Factors that will affect your premium include your business location, the types of services you offer, the number of employees you have, and your claims history. 

Workers' Compensation Insurance

If you have employees, workers' compensation insurance is essential, and in most states required by law. This coverage provides benefits to employees who are injured on the job, including medical expenses and lost wages. Workers' compensation insurance also protects you from being sued by an employee who is injured on the job.

How Much Does Workers Compensation Insurance Cost?

Workers' compensation insurance is not typically as expensive as general liability insurance, but it is still important to have. The cost of workers' compensation insurance varies based on the state you live in, the number of employees you have, and the type of work your employees do. However, most contractors find that workers' compensation insurance is a relatively affordable way to protect their business from potential lawsuits.

Commercial Auto Insurance

If you use vehicles for business purposes, you need commercial auto insurance. This type of insurance provides coverage for damages caused by your vehicles, including accidents, theft, and vandalism. Commercial auto insurance also covers injuries that occur while using your vehicles for business purposes.

How Much Does Commercial Auto Insurance Cost?

The cost of a commercial auto policy for your business depends on multiple factors. It is based on the number of vehicles in use, their value, what are they used for, and the driving record of the driver or drivers. It is important to know we will have to run a motor vehicles records report for each driver before we can get you a quote.

Conclusion

As a contractor, it's important to have the right insurance coverage in place to protect your business. General liability, workers' compensation, and commercial auto insurance are three of the most important types of coverage for contractors. Construction is a risky business, so its important to get these 3 coverages right.

Don't go another day without the peace of mind that comes with knowing your business is fully protected. Make sure you have the right insurance in place, so you can focus on what you're good at - running your business! At Uprise Insurance, we specialize in providing insurance for general and specialty contractors, so we know just what you need to be fully covered. Contact us today to get started.