Contractors Insurance
Contractor insurance helps build protection for your business.
Construct coverage for your business needs with contractor insurance.
Do contractors need insurance?
As a contractor, you perform work that's unique to your specialized industry. That also means your business is open to risks that may only be present in your line of work. Securing an insurance policy is one way to cover multiple risks without having to settle for a one-size-fits-all policy that could potentially waste money on coverage you don't need.
There's insurance coverage for every type of contractor.
There are a variety of options available depending on what type of contracting work your business does. From general contractors to HVAC technicians, plumbers, carpenters, electricians, painters, and the like, contractor insurance may help provide your business with coverage and peace of mind. Here are some coverage options to consider in your contractor policy:
Contractors Insurance Coverages
- General Liability Insurance - This liability insurance can help protect you from most claims that would arise from the day to day activities. This includes the activity of running a business and the type of accidents that would occur at a job site.
- Tools and Equipment - Hand tools are normally covered on a blanket basis with no list or schedule. No item can exceed $500 in value. Equipment Insurance can help protect your larger tools and equipment such as welders, generators, nail guns and other expensive portable equipment.
- Builders Risk - C.O.C (Course of Construction) - Physical damage insurance for property under construction. Lenders will require it before issuing construction financing. They will usually require this coverage before funding remodeling projects as well and some policies can be endorsed to include the structure being remodeled also.
- Workers' Compensation - Contractors are responsible for providing this coverage for employees but may also have the exposure because of subcontractors who have not provided workers' compensation insurance for their employees. This exposure can be avoided by insisting that subcontractors carry appropriate workers' compensation insurance.
- Business Auto Insurance - Personal auto policies exclude autos used for Commercial and Business purposes and would therefore require coverage on a policy designed for such use. If you use your automobile in business, be sure you have the right policy and coverage is not excluded.
At Buell Insurance, we have the licensed agents that listen to your risks and develop insurance solutions to fit your industries needs. So, contact us to find out more about your contractors insurance in Libertyville, Illinois including the Buffalo Grove, Grayslake, Lake Forest, Mundelein, and Vernon Hills areas.