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Contractors Insurance Information
Also Serving Irmo, Chapin, Lexington & Surrounding Areas in South Carolina
Every contractor, of every shape and size, needs insurance coverage. Insurance for contractors is much like other types of business insurance policies. However, contractors insurance needs to address your specific needs. Let Affordable Insurance Group help you find coverage to keep you protected.
What Is Contractors Insurance?
As a contractor, you might think of yourself as your own business owner. That's true, but only to an extent. You might be your own boss, but you still must follow the stipulations of your clients' contracts. You can still can pose damage risks not only to yourself, but also to others.
Contractors insurance covers both you and other parties in the event a problem occurs. With the right policies, you can get money to cover the costs associated with accidents in your line of work.
Who Can Contractors Insurance Cover?
There's a wide definition of who qualifies as a contractor. They might be:
- Independent construction contractors
- Freelance writers, editors and graphic designers
- Repair people, plumbers, carpenters, electricians, painters
- Accountants and financial planners
- House and carpet cleaners
- Independent hair stylists and salon professionals
- Business service professionals
It's easy to see how a graphic designer is different from a construction contractor. Each will need different insurance policies depending on the work they do. Our agents can help you find the best-targeted policies for you.
What Policies Will I Need?
- Commercial General Liability (CGL) Insurance: This coverage can pay for the damage you cause to third parties, such as your clients. Most policies contain at least:
- Property Damage Liability (PDL) coverage to pay for third-party property damage. For example, if you damage a client's property while fixing it, this coverage can help pay for the repairs.
- Bodily Injury Liability (BIL) coverage to pay for a third party's injury costs if they get hurt by doing work with you.
- Property Insurance: If you operate out of an office, or even your own home, you might need coverage for business possessions, contents or an office's structure.
- Business Interruption Insurance: If you must shut down your operations for a time after a damaging accident, this coverage can still help you meet ongoing operating costs. For example, it might help you pay utilities or employee salaries during the closure.
- Commercial Auto Insurance: If you own a vehicle that you use for business purposes, you'll likely need commercial auto insurance. Your policy might contain:
- Collision Insurance to pay for wreck damage to your vehicle.
- Comprehensive Coverage to pay for non-accident car damage, such as damage from car fires or severe weather.
- Liability Insurance to repay others in the event you are found at-fault for a wreck you cause.
- Uninsured/Underinsured Coverage will pay for your own vehicle damage caused by another party that does not have enough liability insurance to repay you.
- Errors & Omissions Insurance: This coverage is sometimes called professional liability insurance. You might give advice that causes someone else financial harm. This coverage can help repay the affected party for their monetary losses.
- Cyber Liability Coverage: Company data systems are vulnerable to hacks or other losses. This coverage can help you repay customers if they face identity theft or other security threats in the event of data losses.
- Workers Compensation Insurance: If you hire employees, you might need to provide them with workers compensation protection. This coverage can repay employees for medical expenses and lost income after on-the-job injuries.
- Builder's Risk Insurance: This coverage applies to construction contractors. It can cover property and raw materials while construction is underway. This type of policy is often written per project.
Here at Affordable Insurance Group, we can help you choose policy options that pertain specifically to your industry and operational risks. By working with us, you won’t have to worry about if you have the right policies. Instead, you’ll have the peace of mind knowing you have adequate coverage.
Ask About BOP Options
Talk to one of our agents about a Business Owners Policy (BOP). This is a package policy that can contain many of the most-necessary coverage elements for business owners.
Usually, BOPs start with at least:
- Property Insurance
- CGL Coverage
- Business Interruption Insurance
You can also often add additional coverage elements around standard BOP protection. Most contractors can qualify to enroll in one of these policies. They can help you get a lot of coverage in one place.
A Note For Business Owners
Do you need to hire a contractor for your business? If so, make sure they have their own insurance. Your commercial coverage will usually only provide limited protection for contractors — if it provides any at all. Therefore, you'll need to still ensure everyone working on your behalf has their own coverage.
Get Started Today!
We can search for the best policies based on the size of your business, the number of employees and the type of work you perform. Call Affordable Insurance Group today at (803) 798-4499 to get started with a free quote.