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How To Choose The Right Contractor’s Insurance

How To Choose The Right Contractor’s Insurance

You didn’t start your business to worry about insurance. You started your business because you like to work with your hands, build things that matter, and work for yourself.

As a contractor, you know how fast accidents can happen and how expensive and devastating they can be. And as an independent contractor, you don’t have a corporate entity there to protect you from financial ruin in case of emergencies. It’s important to ensure your business and employees are all protected with the right Ohio contractor’s insurance policy, especially before the hustle and bustle of spring season starts. But how do you know which one you need or is right for your work?

Liability Coverage
Accidents happen. Say you have a painter repainting an office space and an employee of the business walks in to see how the job is going, only to trip over a paint bucket, breaking her ankle.

If you have liability coverage, should the employee then sue the contractor and win compensation in court, it will then be paid by the insurance company through whom the contractor has coverage. Without that coverage, you could be held accountable, potentially jeopardizing your business.

Commercial Property
The tools, equipment and materials you use for a job are costly to replace if stolen or damaged. Having one break due to human error, or losing an important piece of equipment to a fire or burst pipe can stop a project dead in its tracks while the financial situation is sorted.

As a contractor, it’s vital to have commercial property coverage that protects your tools, equipment, and materials between jobs and on-the-job. That way, if accidents happen, deadlines won’t suffer.

Commercial Auto
Do your employees use company vehicles to get to and from job sites? What about traveling far distances to worksites? Businesses with one or more company vehicles need commercial auto insurance.

A personal auto insurance policy won’t cover drivers while they’re in a company vehicle, making it essential for an owner to have commercial auto insurance to protect your business and employees.

You can be held liable and have a claim denied if your employee were to get into an accident while on company time (and in a company vehicle) without commercial auto insurance.

Equipment Breakdown
Have you ever worked a job site and had an equipment failure pause a project, sending everyone home for the day, or even a week?

While property insurance covers theft, this form of insurance will protect you in case of equipment breakdown or malfunction, helping you get your machinery fixed or replaced so you won’t have to skip a beat.

Builder’s Risk
When your job site is under construction, it’s safe to assume anything that can go wrong usually will. Protect yourself, your business, and your employee’s livelihoods with builder’s risk insurance.

Exact coverages vary between providers, but policies may cover damage to construction material, scaffolding, flood and fire damage, and even vandalism. Having builder’s risk insurance will allow you to leave your site each day knowing you’re protected.

SFM Insurance Can Find The Right Coverage For You
Let SFM Insurance handle finding the right contractor’s insurance policy for the needs of your business, so you can focus on the task at hand — finding more bids, getting ready for spring projects, and working more jobs, as you gear up for the busy spring season! We’ll come up with a plan that protects your business.

Interested in finding the right contractor’s insurance in 2022? Request a free quote from SFM Insurance today. We would be glad to help! For more tips and our latest updates, visit us on Facebook, Twitter or LinkedIn!