As a contractor, you save the day when your customers need jobs done around their homes or businesses. They count on you to keep their properties running smoothly, so who do you count on to keep your business on even ground? Contractors insurance is protection specifically designed for independent workers. Like any business, this includes liability and property insurance, but it also includes industry-specific protection to help minimize the unique risks contractors face on the job.
At Mid Rivers Insurance, we provide coverage to many different types of contractors spanning several industries. Examples include:
- General contractors
- HVAC contractors
- Maid and janitorial services
- And more
Commercial Insurance Solutions for Missouri Contractors
There are several different types of coverage to choose from when building a contractors insurance plan. Though your individual needs may vary, we typically recommend the following types of coverage:
General Liability Insurance
You own your own business and practice responsible work habits. What could go wrong? A lot. When clients or vendors visit your business, you could be held financially responsible for any injuries or losses they sustain on your property. When you or your employees cause accidents or mishaps that result in injury, death, or damage to another person’s property, your general liability insurance can help cover the cost of repairs, medical bills, legal fees, judgments, and more.
Workers Compensation Insurance
Accidents can happen in any workplace, but the nature of a contractor’s work presents a unique risk of injury. If one of your employees gets hurt on the job, workers compensation can ensure his or her medical bills are covered, as well as any necessary rehabilitative expenses. Workers compensation also pays for lost wages during the recovery period.
Property Damage Insurance
When damages happen on your own property, the financial fallout can be tremendous. Are you prepared in case a storm blows your roof off or vandals shatter your storefront? Property insurance helps cover the cost of repairing or replacing your business structure, internal fixtures, equipment, and inventory.
Loss of Income
Sometimes, accidents and unexpected events can cause temporary interruption of your business. If your business is forced to close or pare back production due to a covered event, insurance can help you keep the lights on until you can get back in the swing of things.
Commercial Vehicle Insurance
All drivers must be insured in Missouri. Nearly all contractors use a vehicle for business purposes. Commercial auto insurance can help protect you, your vehicles, and other people when you or your employee is involved in an accident. It can also help pay to repair or replace your company vehicle if it is damaged due to other events, such as falling objects and vandalism.
Contractors often purchase bonds to help assure clients of their dependability and commitment to carrying out the terms of a contract as agreed. A bond may be required or at least helpful in winning the bid on a contract.
Other Types of Coverage
There are several other types of coverage that may be right for your contracting business depending on your needs and industry. Builders risk insurance, for example, helps cover the cost of property and raw materials on the job site before a project is completed. We can also provide coverage for heavy machinery and equipment you may have leased to complete a job. Talk with your agent for more information about insurance coverage types and which options may be right for you.