Things to Know About Contractor Insurance Policies
Contractor insurance is essential for protecting businesses from financial losses due to accidents, property damage, or legal issues. Whether you’re a general contractor, electrician, plumber, or carpenter, understanding your coverage options is key to running a secure operation. Mynatt Insurance Agency, Inc. provides contractor insurance in Tampa, Carrollwood, Lutz, FL, Temple Terrace, Westchase, Greater Northdale and surrounding areas.
- General Liability Insurance
This is the foundation of most contractor insurance policies. It covers third-party bodily injury, property damage, and legal fees if a client or bystander is injured due to your work. For example, if a ladder falls and damages a client’s property, general liability would typically cover the costs.
- Workers’ Compensation
If you have employees, workers’ compensation is often legally required. It provides coverage for medical expenses and lost wages if a worker is injured on the job. This protects both your employees and your business from costly lawsuits.
- Commercial Auto Insurance
Contractors often use vehicles to transport tools and materials. If you’re using a vehicle for business purposes, personal auto insurance may not be enough. Commercial auto coverage protects your vehicles and covers liability in case of accidents.
- Tools and Equipment Coverage
This protects valuable gear and machinery from theft, loss, or damage, both on-site and in transit. It’s especially important if you carry specialized tools that are expensive to replace.
- Bonding and Surety Bonds
Some jobs, especially government contracts, require you to be bonded. A surety bond guarantees that you will complete the work as agreed. If not, the client can make a claim to recover their loss.
- Policy Customization
Every contractor’s needs are different. It’s important to tailor your policy based on the size of your business, number of employees, and types of projects you take on.
Regularly reviewing your coverage with a licensed insurance agent ensures you’re protected as your business grows and changes. Please reach out with any questions you might have, and we will be happy to help.
