What insurance coverages are available to contractors?
Contractor policies offer a variety of protections. Some of the more common coverages usually included in these policies are:
- General Liability Coverage: This may cover commonplace accidents that cause harm to a third party, possibly including accidents occurring at a contractor’s location or a worksite.
- Commercial Umbrella Coverage: This may offer additional liability protection for legal claims that exceed the limit of general (or other) liability coverage.
- Commercial Property Coverage: This may cover tools, equipment, supplies, racks, furniture and electronics kept at a contractor’s location.
- Inland Marine Coverage: This may cover tools, equipment and supplies during transportation to and from worksites.
- Contractors Equipment Coverage: This may cover tools, equipment and supplies stored at worksites.
- Equipment Breakdown Coverage: This may cover unexpected malfunctions of vital equipment that need to be immediately repaired.
Contractors liability insurance coverages typically pay the legal costs and settlements associated with covered claims. Payments usually begin as soon as a covered claim is filed, enabling contractors to get legal help before any claim is settled or ruled on.
A specialized insurance agent can provide more detailed explanations about various contractors liability insurance coverages and other coverages.