Contractor insurance can be described as a commercial umbrella term covering all sorts of insurance policies, which protect contractors against unforeseeable worksite damages (bodily injury, property damage, liability, etc.). Business risks common for one sector (construction) might be rare for another (hospital), for instance.
Here are the most common policies for contractor insurance:
- General liability.
- Inland Marine.
- Builder’s risk.
- Worker’s Compensation.
Each policy needs to be customized for the sake of offering coverage that businesses require most, the most crucial one being general liability insurance. It will provide coverage for negligence lawsuits because of damages to someone’s property, or injuries that an individual sustains. It also covers legal defense costs.