17 Nov, 2012
Contractors can choose where they want to work, but that doesn’t mean they don’t face risk. There are many options for coverage available to contractors to protect themselves from risk. Here’s a look at the five basic types of coverage that every contractor should consider getting:
General Liability: If you’re a contractor your liabilities are different from those of a store or shop owner. However that doesn’t mean you don’t face any risks at all. Actually, it means you could face more liabilities depending on your line of work. Therefore a general liability policy is the best way to ensure a broad range of coverage for a lot of your business liability risks. Roofing contractor insurance, builders’ risk, and other industry-specific liability plans should also be taken into consideration as a way to achieve full protection.
Property Insurance: Regardless of whether or not you need protection for the property you have in your home office or property that you take into the field, property insurance makes sure you don’t have to pay out of pocket repair or replace damaged items.
Professional Liability: In addition to having risks specific to their profession, professionals also have financial and medical risks they expose their clients and customers to. Professional liability coverage is protection from these risks. Some examples are malpractice insurance and omission and errors coverage.
Auto Insurance: If you’re a contractor, there may be a lot of driving you have to do. If you have to drive to work to supervise activities onsite, drive to business meetings, or drive as a service to your clients, then you should get a commercial auto insurance policy. It reimburses you for damages to your vehicle, caused while in use on the job.
Workers Compensation: As a contractor, do you employ anyone to help you out? You should have workers compensation insurance, if you have a regular employee on your payroll.
If you have any questions about which types of insurance would be best for you as a contractor or need a quote on Dallas commercial insurance, give us a call at 888-751-7511. We’ll create an insurance plan that’s right for you.