A guide to Contractor Insurance

If you work as a contractor {such as a builder, electrician, or plumber} then you will need to think about insurance, to cover you against any eventualities.

Contractor insurance is an insurance policy specially designed for contracting businesses, it includes coverages for third-party liability, business property, and contractors equipment.

Contractors equipment insurance is one example, it covers loss or damage to the equipment owned by contractors and that they used in their business, think forklifts, backhoes, air compressors. It is also designed to cover property that is frequently moved from one job site to another.

Operating via a limited company gives you different duties and responsibilities from working via a direct employer. Benefits such as sick pay, death in service and bereavement allowance that are standard for most employees are lost when you are self-employed.

Ensuring that you have insurance in place offers you and your company protection should anything happen, and it gives you peace of mind knowing that your company is safe.

How it works

Contractor Insurance offers you a safeguard from risks that can lead to liability claims and property losses – for example, workplace accidents and fires, whilst general liability insurance protects you from third-party claims, and property insurance covers any physical damage to business-owned property.

If you are a contractor, you can buy these different coverages separately o ryou can choose to purchase them in a combined policy. Contractors can buy liability and property coverages separately or combined into a single policy.

Types of policy

Contractor insurance covers general liability, commercial property and contractors equipment coverage. If you use cars or trucks in your business you many need a commercial auto insurance too.

General Liability Insurance

General Liability insurance protects against claims or lawsuits for injury or property damage. Contracters can be sued by customers, employees of other contractors or members of the public for injuries on a job site.

Commercial Property Insurance

Contacting businesses often own or rent buildings, furniture, computers, etc. If this is is lost, damaged, or stolen, they will face a financial loss. This type of insurance is to cover that loss.

Contractors Equipment Insurance

Commercial property insurance covers property kept at a business premise, you can also chose to include items that are on a job site as well.

Commercial Auto Insurance

If you use vehicles in their businesses need commercial auto insurance. This covers third-party claims against a business for bodily injury or property damage caused by an auto accident.

Contractor insurance is a group of insurance coverages that protect contractors from financial losses caused by unexpected events such as slip-and-fall accidents, windstorms, equipment damage, and more. It is worth taking the time to get a personalised quote from a specialist company to ensure that you have coverage to meet all of your needs. Buying a policy without taking the time to look into every detail could leave you without adequate coverage in the event of a claim – it is not a risk that is worth taking, and could result in your business being liable.