Two Must-Have Insurance Policies For Contractors

​Contractors have to deal with a lot of issues and risks daily. These risks can be minimized through the use of a proper insurance policy. Many different types of insurance can be used for contractors. It is important to know what kind of coverage you need, how much you need, and who will provide it.

What are some important insurance policies for contractors?
Construction General Liability (CGL) Insurance This is the first type of insurance necessary for any contractor. This policy covers damage to people that get hurt or injured while working on a site. 

This includes workers and any pets that are on the site. A CGL policy usually lasts for one year. It is extremely important to have this coverage. 

Suppose you do not have a contractor’s liability insurance policy. In that case, you can be held liable for the property damage and personal injuries that may occur on the site. 

Comprehensive Homeowner Insurance is one of the most common types of homeowners insurance. If you hire an independent contractor, you could be required to have this insurance. It covers your liability in case of property damage.

Must-Have Insurance Policies for Contractors
Here are the two most important insurance policies that contractors should be getting: 

• General liability: If you’re a general contractor, your liability is your responsibility. Depending on the type of work you’re doing, it may include falls or injuries caused by poor installation. 
  
  Though your insurance will most likely not cover all of these situations, it will be an important component of protecting your workers. 
  
  
• Workers’ Compensation: If a worker is injured on your job site, you are legally obligated to provide them with medical benefits. Most contractors have workers’ comp. 
  
  It will be useful if a worker is injured at your place of business and you have them covered.

How to get insurance for your company
You have to talk to your insurer and make sure that you have the best insurance policy that is right for you. Before you apply, you can look at what the available insurance that you can get.

Conclusion
In the construction industry, there are many different types of insurance available to contractors and business owners. Contractors must be aware of all of the available coverage, which can help them protect themselves from potential loss.

At Black and Associates Insurance, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at  (509) 464-0058 or Click Here to request a free quote.