As a contractor, your job carries a certain amount of risk while being performed. The activities you perform may be low-risk or high-risk, and you want an insurance policy that covers a wide variety of claims.

Disabling workplace injuries cost contractors and companies more than $55 Billion in injury-related legal claims during 2019. Can you guess which industry was at the top of the list with the most lawsuits filed? It was the construction industry. There was $10.4 billion paid out in claims due to falls on the same level of a structure, such as slipping on a wet floor, alone.

If you're in the market for insurance for contractors, then you may be wondering where to start. As a contractor, your business is unlike anyone else. Your insurance coverage needs to best match your business type, not someone else's.

Knowing the insurance options you have as a contractor will help you better understand what you need now. It will also prepare you for what you may need in the future as your business continues to change.

What Are the Different Types of Insurance for Contractors?

The list below provides you with the essential options for your company's insurance:

1. Commercial General Liability Insurance

Claims due to damage caused by a contractor are covered under this type of insurance. That is what makes this type of insurance the most important to have. It will ensure that all ongoing business activity at your site is covered during the time you are there.

With the construction industry leading the way in workplace injuries and deaths, having general liability insurance is a must.

2. Workers Compensation Insurance for Contractors

If you hire employees for your business, you will need to look into workers' compensation insurance. This type of insurance covers employee injuries while they are performing their job. The insurance rates for workers' compensation vary depending on the type of contractor business you are operating but will almost always be the most expensive of all insurance coverage.

3. Liability Insurance for Company Automobiles

We understand that most contractors operate with their company vehicles. Whether used for transportation or on-site construction operations, you will need to have commercial automobile insurance coverage. A commercial automobile insurance policy will ensure the coverage of any damage done to property or person caused by the commercial vehicles you own.

4. Construction Contractors Risk Insurance

As a contractor, you know that each new project requires new materials and equipment. With this type of insurance for contractors, you can help protect your business from losses. Common losses include stolen, damaged, or lost equipment, materials, and other supplies.

Let Us Help You With Your Next Quote Today

At Hummel Group, we are dedicated to providing the right insurance for contractors and their businesses. We have over 60 years of experience in helping contractors worldwide receive the insurance protection they need to continue to perform the vital tasks that keep their companies and their clients thriving.

Please, contact us today with any further questions you may have about the commercial insurance services we provide. If you have a better idea of what type of insurance you are looking for, then head over to our quotes page.

We look forward to hearing from you!

If you have a construction company you may be wondering what kind of insurance is best for you. Accidents do happen on construction sites and your worse nightmare is probably to have something go wrong and being held liable.

Being held liable would be hard enough but not having the right coverage could send your company into bankruptcy. Here is a look at the type of insurance you need to cover yourself from any liability.

General Liability Insurance

General liability insurance will protect your business from claims of injury and any medical expenses that accompany that. General liability also protects you should a customer decide to sue you for damages to their property.

You may also get sued for problems with construction such as a window that is not properly sealed or plumbing that becomes faulty, just to give a few examples.

Professional Liability Insurance

While you will undoubtedly try to do your best when constructing a building, problems can arise. These problems can cost you a lot of money.

To cover your business from errors in design, you need to ensure that you have professional liability insurance.

Pollution Insurance for Your Construction Company

Pollution can happen while you are doing construction. Pollution liability protects you if you have to bring fuel tanks or chemicals onto the construction site and accidents happen that harm the environment.

There are some cases where professional and pollution liability can be combined. The best thing to do is to ask your insurers if this is possible.

Vehicle Insurance

You will probably need some vehicles to transport things from place to place. Once you have vehicles that bear the name of your company you need to have a commercial auto policy.

You can insure cars, trucks, trailers, dump trucks, and even cement trucks. This means that almost all types of vehicles are covered.

Worker's Compensation Insurance

This type of insurance not only protects your workers it also protects you. When employees get injured on the job you can be held liable for expenses.

This means that you will need to pay them wages and medical expenses. The premium of worker's compensation insurance is often determined by the state.

Cyber Insurance

A few decades ago cyber insurance didn't even exist. Now it has become a necessity if you want to protect your company data and that of your customers and vendors.

Your company is likely to be relying more heavily on software as you begin to use the internet to process payments and even to control smart technologies used on site.

Stay Secure

It's time to secure your construction company business by getting the right type of insurance. Insurance is a necessity because it helps to protect you and those who work for you.

Remember, that you need to talk at length with your insurers to make sure that you make all the right decisions for your business. If you would like more information, please contact us.