Commercial Insurance For Contractors And Trade

​Commercial insurance is a type of insurance that covers businesses against risks. When you have commercial insurance, the financial risk for your business is reduced because it has been transferred to an insurer. 

Without this protection, if something goes wrong and the costs exceed what you can cover yourself, the business might have to close its doors. This article will answer some common questions about commercial insurance for contractors and trade companies like yours!

What is commercial insurance?
Commercial insurance is a type of property and casualty insurance that covers businesses against risks. It may protect the company from financial loss due to physical damage, injury, or death caused by fire, explosion, windstorm, or hail; it can also cover burglary losses and medical payments for employees on the job site if there are injuries.

Why do you need commercial insurance for contractors and trade?
Construction sites are dangerous, and mistakes can lead to accidents or lawsuits if something goes wrong. Commercial general liability pays the amount awarded (up to limits) by law for damages after going through various legal defenses, such as denying coverage based on lack of duty.

Claiming contributory negligence on behalf of the victim, so make sure you consult an attorney before proceeding. Types of coverage to consider:

• Workers' compensation insurance is a mandatory requirement in every state. The law requires that all workers receive payment for any injuries or illnesses suffered during employment with your company. 
• Commercial auto insurance: a commercial car is different from your own because it is used to transport goods and services for multiple customers. 
• Workers' compensation insurance (for employees): covers medical bills/lost wages should an employee become injured at work or need time off due to illness like cancer which cannot be attributed directly to work activities. 

 
Conclusion:  
A lot of contractors and tradespeople have a hard time finding insurance for their businesses. They may be wondering what they need to know about commercial insurance before signing up with an agent or broker.

Consider these factors when determining the best type of coverage for your company's needs. What questions do you want to be answered? Let us help you navigate this confusing topic by providing information on how each policy works, who it is designed for, and which types of businesses would benefit most from them.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE.