5 Insurance Tips Every Contractor Should Know
As a contractor, you work hard to deliver quality results for your clients. But protecting your business is just as important as completing the job. From unexpected claims to legal requirements, the right insurance coverage can safeguard your livelihood and keep your business running smoothly.
Here are five key tips to make sure your coverage works as hard as you do:
1. Have Employees? You Need Worker’s Compensation Insurance
If you have employees, even just one, Worker’s Comp Insurance isn’t optional. It provides medical and wage benefits to employees injured on the job and protects your business from costly lawsuits. In many states, it’s legally required once you hire staff.
2. Add Blanket Additional Insured for Faster Certificates
Many job sites require you to provide a Certificate of Insurance before starting work. Adding a Blanket Additional Insured endorsement to your policy streamlines the process so you can get certificates issued quickly and keep your projects moving.
3. Install Something? Add Installation Coverage
Whether you’re putting in cabinetry, wiring, plumbing, or other installations, you’ll want protection against claims that could arise after the job is done. Installation Coverage helps cover your work while it’s being installed and until it’s accepted by the client, giving you peace of mind long after you leave the job site.
4. Have Trailers? Add Them to Your Commercial Auto Policy
Your work trailer is an important tool for hauling equipment and materials. If it’s not listed on your commercial auto policy, you may not be covered in the event of damage or theft. Listing your trailers ensures you’re fully protected while they’re in use or being transported.
5. Hold Customer Materials? Add ‘Care, Custody, & Control’ Coverage
If you store or work on a customer’s property or materials in your shop, you could be held responsible if they’re damaged or stolen. Adding Care, Custody, and Control coverage helps protect you from these types of losses; something standard policies often exclude.
