Supervising residential and commercial construction projects requires a significant amount of skill. General contractors typically manage these complex plans. These contractors must deal with substantial hazards every day—from environmental exposures, operational issues and worker safety to professional liability and property exposures. 

Due to the nature of construction, issues can suddenly occur that threaten project timelines and the health and safety of your employees. Just one incident can interrupt operations, damage property or cause harm to others. Contractor insurance ensures that regardless of the risks on the job site, you have coverage that protects you, the project and your team. 

What is contractor insurance?

Contractors have a lot of responsibility. They’re accountable for all workers on the job site, many of whom perform risky tasks, such as working at heights, operating heavy machinery and working around hazardous or flammable materials. In addition, general contractors have oversight of any third parties needed to complete a project.  

Contractor insurance helps you plan for and respond to issues regarding employee safety, equipment breakdowns and other interruptions, such as crime and liability issues that can impact a construction project. Michael Noe Insurance can help you navigate these risks. 
 

Contractors are like any business. You need property and general liability insurance to minimize the basic financial risks of running a business. Additionally, contractor insurance includes coverage designed for specific industry risks. Our agency can find a customized policy that includes coverage most suitable to you.

If you are hiring contractors, you want them to have contractor insurance. Insurance you carry as a business or homeowner may not protect you from liability for a contract worker. This can expose you to lawsuits if a worker gets injured at your business or home.

What Coverage Can I Get With Contractor Insurance?

You can often combine multiple types of insurance to compose your contractor insurance, including:

• Builder’s risk/inland marine insurance - This coverage protects against perils such as fires, vandalism and severe weather damage. It also covers projects in progress, as well as the materials associated with them. 
  
  
• Business interruption insurance - This coverage can help pay overhead expenses until you reopen if an unexpected accident forces you to halt operations.
  
  
• Commercial auto insurance - This coverage pays the costs of wrecks or other hazards that happen to vehicles operated by your business.
  
  
• Equipment insurance - This insurance covers employee equipment and other essential items.
  
  
• General liability insurance - If an accident causes property damage or bodily harm to others, this policy can help you compensate the party if they sue you for their losses.
  
  
• Professional liability insurance - This coverage pays for recovery costs if your professional mistakes or advice cause a client financial harm. 
  
  
• Property insurance - This coverage protects your company assets such as buildings, stock, inventory, equipment and furnishings.  
  
  
• Surety bonds - A surety bond is a legal guarantee that compels you to repay your clients if you fail to meet your contractual obligations.  
  
  
• Workers’ compensation insurance - This coverage helps you compensate employees for their medical expenses and lost wages after an on-the-job injury.
  
  

In addition, specialty policy endorsements and supplementary plans are available that can further customize your contractor insurance. We can explore your coverage options with you.

How Much Does Contractor Insurance Cost? 

Contractor insurance costs will depend on your specific risk exposures. We can secure a policy that meets your budgetary needs and provides the needed protection.

How We Can Help

Michael Noe Insurance can help you to obtain contractor insurance tailored to your needs and budget. Call us at 256-767-4237 or 205-333-7133 to get started.