As a contractor, it`s important to have insurance coverage in case of unexpected accidents or damages that may occur while on the job. But what exactly does a contractor`s insurance cover?
First and foremost, a contractor`s insurance typically includes general liability coverage. This type of insurance protects against bodily injury or property damage that may occur as a result of your work. For example, if you`re a contractor working on a construction site and one of your workers accidentally damages a neighboring property, your general liability coverage would come into play to cover the cost of any resulting claims or lawsuits.
In addition to general liability coverage, many contractor insurance policies also include worker`s compensation coverage. This type of insurance protects your workers in case they are injured on the job. It typically covers medical expenses, lost wages, and other related costs that may arise as a result of a workplace injury.
Another common type of coverage included in contractor insurance policies is professional liability coverage. This can be particularly important for contractors who provide specialized services, such as architects or engineers. Professional liability coverage protects against claims of negligence or errors in your work, such as a design flaw that leads to property damage or injury.
Finally, some contractor insurance policies may also include commercial auto coverage. This type of insurance protects any vehicles or equipment that you use for your work, such as trucks or bulldozers. It typically covers damage to the vehicle, as well as liability for any accidents that may occur while using it.
Overall, contractor insurance is a complex product that can be tailored to meet the specific needs of each contractor. By working with an experienced insurance provider, you can ensure that you have the right coverage in place to protect yourself, your workers, and your business in case of unexpected situations.