Types Of Insurance Coverage Every Contractor Should Consider

​As a contractor, protecting your business from unexpected events is crucial to your success. One of the most important steps in managing risk is securing the right types of insurance coverage. In this article, we'll discuss the types of insurance coverage every contractor should consider, with a focus on commercial insurance for contractors in Bellevue, KY.

General Liability Insurance
General liability insurance provides coverage for third-party claims of bodily injury, property damage, and advertising injury. This type of coverage is essential for contractors who work with clients or subcontractors, as it provides protection against lawsuits that may arise from accidents or injuries that occur on the job site.

Workers' Compensation Insurance
Workers' compensation insurance provides coverage for medical expenses and lost wages if an employee is injured on the job. In most states, workers' compensation insurance is required for businesses with employees. However, even if you are a sole proprietor, it's important to consider this type of coverage to protect yourself in the event of a workplace injury.

Professional Liability Insurance
Professional liability insurance provides coverage for claims of negligence or errors and omissions in your work. This type of coverage is essential for contractors who provide professional services, such as architects or engineers. However, even contractors who do not provide professional services should consider this type of coverage as a safeguard against potential lawsuits.

Commercial Auto Insurance
Commercial auto insurance provides coverage for vehicles used for business purposes. This type of coverage is essential for contractors who use their vehicles to transport equipment, materials, or employees to job sites. It provides protection against accidents, theft, and vandalism.

Builder's Risk Insurance
Builder's risk insurance provides coverage for damage to a building while it's under construction. This type of coverage is essential for contractors who work on new construction projects, as it provides protection against theft, vandalism, and natural disasters.

Umbrella Insurance
Umbrella insurance provides additional liability coverage beyond the limits of your primary insurance policies. This type of coverage is essential for contractors who work on high-risk projects or who want an extra layer of protection against lawsuits.

In conclusion, contractors face unique risks that require specialized insurance coverage. General liability insurance, workers' compensation insurance, professional liability insurance, commercial auto insurance, builder's risk insurance, and umbrella insurance are all essential types of coverage for contractors to consider. By working with an insurance company that specializes in commercial insurance for contractors in Bellevue, KY, you can ensure that your business is adequately protected and focus on running a successful contracting business.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get 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. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!