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When you work in the construction industry you are working on the areas where your clients’ lives will unfold, whether that is a home, an office, or other structures. Your clients are counting on you to create a space that is safe, operational and will serve them for the foreseeable future.
Just like any other business, your construction business needs insurance to go along with industry-specific coverage. Expensive equipment and tools, and possible injury should be considered when thinking about what type of coverage may be necessary in the construction industry.
A Multitude of Insurance Options to fit your Business’s Needs
We understand that there are many different types of contractors. From general contractors to specialty trade contractors, and maintenance contractors, there are various risks that come along with running a contracting business. Protect your business and your employees with specialized coverage that caters to your industry.
At Prince Insurance Group, we provide a number of insurance options for contractors:
- Workers’ compensation
- Retirement plans
- Group benefits
- Liability coverage
- Property insurance
- Umbrella coverage
- Other specialized coverage for tools and equipment will keep your business covered
- Property damage coverage
- Theft coverage
- Lost key coverage for janitors
- General liability
Contractor insurance: what is it?
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.