Contractors insurance helps provide essential financial protection and peace of mind to contractors and their clients. By investing in a comprehensive insurance portfolio, contractors can help protect their business operations and confidently fulfill their contractual obligations.  

What Is Contractors Insurance? 
Contractors insurance is a specialized insurance coverage designed specifically for contractors and construction professionals. It can help provide financial protection against potential lawsuits, property damage and bodily injury claims resulting from accidents or mistakes on the job site. 

Who Needs Contractors Insurance? 
The following are examples of individuals and businesses that typically require contractors insurance: 

• General contractors
• Subcontractors
• Specialty contractors
• Construction managers
• Design professionals (e.g., architects and engineers)
• Independent contractors
• Residential and commercial builders 

What Does Contractors Insurance Cover? 
The following are some common types of coverage that may be included in contractors insurance: 

• General liability insurance may help protect contractors against third-party claims of bodily injury, property damage or personal injury caused during the contractor’s work or operations. It may help cover legal fees, third-party medical expenses, settlements or judgments resulting from such claims.
• Workers’ compensation insurance may help provide benefits to employees who suffer work-related injuries or illnesses. It may cover medical expenses, lost wages, disability benefits and rehabilitation costs. Workers’ compensation insurance may also protect employers from lawsuits filed by injured employees.
• Property insurance may help protect contractors’ physical structures (e.g., buildings and garages) against risks such as fire, theft, vandalism or severe weather. It may help cover the cost of repairs or replacement.
• Contractor’s equipment insurance can protect contractor-owned equipment and machinery from damage, theft or loss, both on and off the construction site. It may cover tools, heavy machinery, vehicles and other equipment.
• Builder’s risk insurance may help provide protection for construction projects in progress. It may cover damage to the structure, materials and equipment caused by risks such as fire, vandalism, theft or severe weather.
• Professional liability insurance may help protect contractors who provide professional services or advice. It may cover claims of negligence, errors or omissions in the design, project management or consulting services provided. 

To learn more about the intricacies of contractors insurance, contact Advance Insurance of Northwest Florida. We can help make policy recommendations based on your specific operations.