Protect Your Business with Contractors Insurance

As a contractor, your work is essential to the infrastructure and development of our communities. But with that important work comes risk. Contractors insurance is a must-have for any contractor looking to protect their business and their livelihood.

At Coral Point Insurance Services we offer a range of coverage options to meet the unique needs of contractors. These include:

  • General liability insurance: protects against third-party claims of bodily injury or property damage
  • Workers’ compensation insurance: covers medical expenses and lost wages for employees injured on the job
  • Commercial auto insurance: protects company-owned vehicles and equipment
  • Inland marine insurance: covers equipment and tools while in transit
  • Excess liability insurance: provides additional protection above and beyond general liability coverage
  • Surety Bonds: These bonds are required by state or federal law for most public construction projects or by a private developer. Includes license bonds, bid or proposal bonds, performance bonds, fidelity bonds, dishonesty bonds, contract bonds, disciplinary bonds

Who Needs Contractors Insurance?

Any contractor who works with the public or on other people’s property should have contractors insurance. This includes builders, remodelers, electricians, plumbers, and other tradespeople. Even if you have a small, one-person operation, the risks of working in the construction industry are too great to ignore.

Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it is often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:

  • Construction

  • Carpenter

  • Plumber

  • Electrician

  • Landscaper

  • Painter

  • Handyman

  • Heating & Air

  • Masonry

  • And More!

It’s always good to have insurance in case of accidents, even if it isn’t required contractually.

Why is Contractors Insurance Needed?

Contractors insurance is not only required by law in many states, but it also offers critical protection for your business. Without insurance, you could be held financially responsible for accidents or damages that occur on your job site. This could result in costly lawsuits or even bankruptcy.

How much does it cost?

The cost of contractors insurance will vary depending on the size of your business, the type of work you do, and the coverage limits you choose. On average, a small contractor can expect to pay between $500 and $2,500 per year for insurance when starting a business.

At Coral Point Insurance we specialize in customizing your quote to match your specific business needs which allows us guarantee you the most accurate quote, with the best coverage at the greatest rate.

Don’t wait until it’s too late to protect your business. Contact us today to get a free quote on contractors insurance.

Basic Coverages

  • General Liability (GL): often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. Typically needed before a contractor can begin work on a job
  • Commercial Auto: Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. You have the choice to cover attached equipment such as ladder racks and permanently attached tool boxes. Individual tools and materials usually aren’t covered under this policy.

Other coverages contractors might need

  • Business Owners Policy (BOP): Packages contractors liability and coverage for personal property and commercial buildings into one policy.
  • Workers’ Compensation: Protects if your employees become ill or injured while at work.