Contracting businesses are exposed to a variety of risks by the work they do. Equipment malfunctions can interrupt operations, items can be stolen from job sites, and employees can be injured on the job. These are just a few of the risks that contractors may face. Contractors insurance policies help Massachusetts contractors protect themselves from many of the risks they’re exposed to.
Contractors insurance policies are a specialized type of commercial insurance policy that’s specifically made for contracting businesses. Most policies are package policies that include contractors liability insurance and many other coverages.
As mentioned, most contractors policies provide contracting businesses with contractors liability insurance. In most cases, this particular coverage safeguards businesses from covered liability lawsuits that are related to their work. When a lawsuit is covered, this coverage will typically help with legal fees, settlements and judgments associated with the suit, and it’ll normally provide assistance regardless of a contracting business’ guilt or lack thereof. (Exact protections can vary and depend on a policy’s particular terms and conditions.)
In addition to contractors liability insurance, policies usually offer a variety of other coverages. Some other coverages that might be included in a policy are:
Contractors Equipment Coverage, which may help protect the equipment a contracting business owns
Equipment Leased or Rented from Others Coverage, which may help protect any equipment that a contracting business leases or rents
Commercial Auto Coverage, which may help protect any vehicles a contracting business owns
Inland Marine Coverage, which may help protect equipment and supplies while they’re being transported to or from a job site
Insurance companies usually send contracting businesses a certificate of insurance when they purchase a policy. In most cases, making copies from this original will satisfy any clients who want to see a certificate.
If a contracting business has lost the original or indeed does need another original, another certificate can be requested by contacting the business’ insurance agent. An agent can relay the request, and most insurance companies will provide additional certificates at no cost.
Many factors influence how much contractors policies cost. Some of the factors insurance companies consider when calculating premiums include:
The size of a contracting business
The type of work a contracting business does
The equipment a contracting business owns
The address where a contracting business is headquartered
The area a contracting business serves
The coverages and limits a contracting business selects
For help finding a contractors insurance policy that provides the coverages they want, Massachusetts contracting businesses should contact an independent insurance agent. An independent agent can help review a contracting business’ risk exposure and coverage needs, and then they can request and compare quotes for policies that meet the business’ needs.