Types of Insurance Contractors Should Have

When running a contracting business, it is vital that you manage all the inherent risks associated with your line of industry. Whether that risk is regarding a physical injury or property damage, you should ensure that you could be able to settle claims and continue to operate.

One of the essential ways to mitigate contracting-related risks is through having proper insurance coverage. With that, here are a few general contractor insurances that you should have or consider getting.

Commercial General Liability Insurance 

This kind of insurance is one of the most prominent types of insurance for contractors. It protects against third-party claims for bodily harm or property damage sustained during contracting work. In addition to paying the compensation sum, commercial general liability insurance covers the legal expenditures incurred during the case.

Workers Compensation

As the name implies, workers’ compensation ensures that employees are protected in the event of an on-the-job accident. This type of policy often covers medical care, disability income, rehabilitation expenditures, and compensation to families for work-related deaths.

Automobile Liability Insurance

If contractors’ vehicles cause property damage, physical harm, or death on the job site, whoever owns those vehicles is accountable to reimburse third parties who file a claim. Automobile liability insurance covers any third-party claims for injury, damage, or loss, as well as all legal costs paid while the claims are being adjudicated in court.

Roofers Insurance

Roofers insurance is a type of general liability insurance that protects roofing contractors whose employees are involved in a workplace accident that causes bodily harm or property damage. Because roofers operate at a specific height, the potential of an accident is significantly larger, whether it’s a person tripping or a tool falling from the roof.

To learn more about general contractor insurance and even restaurant business insurance, visit ISU Armac today at www.isu-armac.com/.

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