As a contractor, you face many risks while running your business. Whether it’s workplace injuries or property damage, numerous exposures could impact your operations. Having a comprehensive insurance plan in place can help protect you and your company. The professionals at RCU Insurance Services can work with you to find coverage that meets your needs. Contact us today for more information.
What Coverages Are Available for Contractors?
Several coverages are available, and policies can generally be tailored to your business. Some options include:
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Property insurance—If covered events like fires, windstorms or vandalism damage your company's physical assets (e.g., the building and its furnishings), property insurance may help provide repair or replacement costs. Additional property coverage may also be available to cover your specialized tools or equipment.
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Builders risk insurance—Builders risk insurance may protect against the resulting costs if a covered peril damages your building materials and supplies during a construction project.
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Inland marine insurance—As part of your operations, you may regularly move equipment and tools. Inland marine insurance may provide repair or replacement costs if equipment is damaged during transportation by a covered event.
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Business interruption insurance—If a covered event causes your company to shut down temporarily, this coverage may help replace lost income until your operations resume.
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Workers' compensation—Workers' compensation may help pay for your employees' medical bills and lost wages if they are injured on the job.
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Errors and omissions insurance—This insurance may cover legal costs that arise if a claim alleges a mistake, oversight or negligence occurred while you performed your professional services.
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Commercial auto insurance—If you own or use vehicles as part of your business, commercial auto insurance may provide coverage for accident-related costs.
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Pollution liability insurance—Such a policy may provide coverage if claims allege that your company released pollutants that caused property damage or bodily injuries to third parties.
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Cyber liability insurance—Cyber liability insurance may help cover costs connected to a data breach of your stored digital information.
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Umbrella insurance—Umbrella insurance may offer additional financial protection if a claim exceeds your other policies’ coverage limits.
Additional supplementary or add-on coverages may be available. Your agent can provide details regarding options, policy limits and exclusions.
How Much Does Contractor Insurance Cost?
The cost of contractor insurance varies. Several factors, including your business's size and location, industry and claims history, can influence premiums. The professionals at RCU Insurance Services can help you find the protection that comes at the best value. We can tailor your plan to meet your unique needs. Contact us today for more information or a quote.