What is contractor insurance?
Like any business, independent contractors need insurance to protect themselves financially. What type of insurance you need depends on the type of work you do. Some types of independent contractors include the following:
- Independent construction contractors
- Repair people, plumbers, carpenters, electricians, painters
- House and carpet cleaners
Contractors are like any business. You need property and general liability insurance to minimize the basic financial risks of running a business. Additionally, contractor insurance includes coverage designed for specific industry risks. Oberle Risk Strategies can find a customized policy that includes coverage most suitable to you.
If you are hiring contractors, you want them to have contractor insurance. Insurance you carry as a business or homeowner may not protect you from liability for a contract worker. This can expose you to lawsuits if a worker gets injured at your business or home.
What types of contractors insurance are available?
There is a wide variety of contractor insurance options. Here are common coverages for independent contractors.
- Bodily injury and property damage: This coverage is for contractors who work with heavy machinery and need to be prepared for accidents due to power tools and other hazards.
- Commercial vehicle: Any vehicles owned by your business must adhere to state auto insurance laws. You can also protect your vehicles from various damages.
- Builder’s risk covers property and raw materials while construction is underway. This type of policy is often written per project.
- Workers compensation: Independent contractors may or may not need workers compensation. This coverage compensates employees for medical expenses and lost wages after an on-the-job injury.
Get started today!
Our staff has been serving the Missouri, Kansas and Illinois markets for years and can find you the best policies based on the size of your business, the number of employees and the type of work you perform. Call us today at 636.391.0700, email us at questions@oberle-risk.com, or click here to get started on a free quote.
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