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Contractors Insurance in Chesterfield, VA

Running any business comes with a certain amount of risk, but contractors, in particular, face many potential hazards because of the work they do. Contractors must obtain insurance coverage to protect themselves and their businesses from lawsuits.

What Insurance Do Contractors Need?

Some states require contractors to have a certain amount of liability insurance. However, even if that wasn’t the case, liability insurance is critical to protecting contractors. Contractors’ insurance policies are highly customizable and can include some combination of the following:

  • General liability insurance may help pay for losses and/or medical bills if the business causes property damage or bodily harm to a third party.
  • Professional liability insurance may help compensate a third party if professional advice or mistakes results in financial losses.
  • Property insurance may help compensate a business if property is lost or damaged due to a covered incident.
  • Umbrella insurance provides extra protection to help cover a claim that exceeds the limits of other liability policies.
  • Commercial auto insurance may help provide coverage for vehicles a business owns.
  • Workers’ compensation insurance may help provide replacement income and medical benefits to employees injured or ill due to a work-related incident.

What Does Contractors Liability Insurance Cover?

The following are different liability coverages for contractors:

  • General liability may help cover claims of bodily injury, property damage and personal or advertising injury.
  • Professional liability may help cover claims of professional negligence that cause a client to lose money.
  • Umbrella liability may help fill the gap left by other liability insurance coverage if the policies reach their limits.
  • Auto liability may help cover costs for bodily or property damage resulting from an accident involving a company-owned vehicle.

Do You Have to Carry Workers’ Compensation Insurance for Independent Contractors?

Employers typically provide workers’ compensation; however, independent contractors are usually their own boss or part of a company separate from the one they work for. Independent contractors must have their own workers’ compensation insurance to protect themselves if injured on the job.

How Do You Know If Your Contractor Is Bonded and Insured?

When interviewing a contractor, you should ask for proof that they are licensed, bonded and insured. You should also verify that the documents are up-to-date and complete.

How to Get Contractors Insurance

Contact Mequell Green Insurance Agency to discuss your insurance needs and get a quote for coverage.

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