Contractors Insurance in Delaware OH, Westerville OH & Powell OH

Embarking on a construction project involves many risks, making contractors insurance a vital component of responsible business management. Whether you’re a general contractor or an independent contractor, understanding the importance of insurance is crucial for safeguarding your livelihood and financial security. 

Do Contractors Need Liability Insurance? 

The short answer is yes. Contractors—both independent and general—need liability insurance to protect themselves and their clients from potential risks and accidents. Liability insurance for contractors can provide coverage for bodily injury, property damage and other liabilities that may arise during the course of a project. Without appropriate coverage, contractors may find themselves financially responsible for the monetary consequences of accidents or mistakes, potentially leading to costly lawsuits and out-of-pocket losses.
 

What Does Contractors Liability Insurance Cover? 

Contractors liability insurance may consist of several types of coverage. For example, general liability insurance for contractors may offer comprehensive coverage that extends beyond just bodily injury and property damage. It can also cover legal fees, medical expenses and settlements related to accidents on the job site. Additionally, coverage may financially protect against claims of personal and advertising injuries, such as slander, libel, false advertising or copyright infringement. 

In many cases, contractors should also prioritize acquiring and maintaining additional policies, including professional liability insurance, commercial auto liability coverage and employer’s liability coverage, which is typically included in workers’ compensation insurance. A qualified insurance professional, such as those at Trimble Insurance Agency, can help your business identify and address its unique liability coverage needs. 

How Do You Know if Your Contractor is Bonded and Insured? 

Before hiring a contractor, it’s essential to verify their insurance status. Ask for documented proof of insurance and ensure that the coverage is adequate for the scope of the project. Being bonded and insured generally means that the contractor has obtained a surety bond and carries liability insurance, offering extra protection for various parties involved in a project. 

How Much Is Contractors Insurance? 

The cost of contractors insurance typically varies based on factors such as the type of coverage, the business size, and the nature of the projects undertaken. To determine the cost, contractors can request a contractor insurance quote from reputable insurance providers. Many factors, including the contractor’s experience, claim history and the level of coverage needed, contribute to the final insurance premium. 

Get the Right Coverage 

Contact the agents at Trimble Insurance Agency today to learn more about your options and secure optimal policies.