Contractor Insurance

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Why Contractors Need Contractor Insurance

As a contractor, customers expect you to:
 
  • Put their construction plans into action
  • Meet deadlines
  • Ensure large and small projects are completed
All these tasks can expose your business to unique risks. In addition, your business will likely be exposed to common workplace risks. These risks include damage to your property or important records.
 
To learn more about contractor insurance – a type of business insurance – contact The Hartford. We’ll be happy to provide you with the insurance quotes you need to keep your business safe.
 

What Is Contractor Liability Insurance?

Contractor liability insurance can help protect your business when something unexpected occurs. This includes protection for your business’s assets and employees. Contractor liability coverage offers you peace of mind in that you’ll have coverage when your business faces a lawsuit or covered loss. This means it’s important to understand the best types of insurance coverage for contractors. The right coverage ensures you can protect your business and your employees.
 

Business Owner’s Policy for Contractors

Most contracting businesses have a Business Owner's Policy (BOP). They have this because it helps protect them in the same way a homeowner’s policy helps protect your home and personal possessions.
 
By combining three basic coverages, a BOP can help save you money while safeguarding what you’ve worked hard to build. These coverages include:
 
  1. General Liability Insurance – helps protect your contracting business from lawsuits resulting from injuries or property damage. For example, say a customer is injured at your workplace. General liability insurance can help cover the costs associated with bodily injury claims. This coverage also helps cover claims of slander and libel. Business liability insurance does not cover liabilities resulting out of the professional services you may provide. For claims of errors or omissions in services you provide, you’d need professional liability insurance.
  2. Commercial Property Insurance – helps protect the place where you do business and the things you use to conduct business. This can include tools and equipment. It doesn’t matter if they’re owned or leased.
  3. Business Income Insurance – helps cover the loss of income when you can’t run your business because of covered property damage.
Learn more about our Business Owner's Policy for your small contracting business from The Hartford today.
 

Add Optional Contractor Insurance Coverages to a Business Owner’s Policy

Business Income Extension for Off-Premises Operations

Our business income insurance extension for off-premises operations may help replace lost income if you must suspend your operation. In some cases, business owners suspend their operation if property or equipment gets damaged on the job. For example, say an essential tool gets damaged at a job site. You may not be able to work until it’s replaced. This coverage from The Hartford may help replace the income your business loses while you are unable to operate.
 

Contractors Tools

The tools and equipment you use as a contractor are vital to your business. Imagine the impact on your business if the tools or equipment you use every day gets lost, damaged, or stolen. A range of coverage options available from The Hartford can help pay for the replacement or repair of all types. It doesn’t matter if they’re owned, borrowed, or leased tools and equipment.
 

Inland Marine

Say your company is using a bulldozer at a job site. While operating the bulldozer, one of your employees accidentally collides with a tree. Inland marine coverage can help cover the costs to repair the damage.
 

Installation Coverage

Say your contracting business is remodeling a bathroom and your customer chooses an expensive tub. While carrying the tub to the second floor, one of your employees drops it. This results in a large crack down the center of the tub. This coverage can help cover the costs associated with the claim against you.
 

Data Breach Coverage

General contractors and contracting businesses often store sensitive information about their employees and clients. This information includes:
 
  • Social Security numbers
  • Debit or credit card numbers
  • Other personally identifiable information
If this information gets lost or stolen, it could leave your business vulnerable to lawsuits. It can also leave your business with a damaged reputation. Data Breach Coverage can help pay the costs of:
 
  • Notifying affected individuals
  • Managing public relations
  • Good faith advertising

Employment Practices Liability Insurance

Contracting businesses are vulnerable to employment practices liability claims. Current and former employees may take legal action against your contracting business. They may do this for issues such as:
 
  • Wrongful termination
  • Retaliation
  • Discrimination
  • Harassment
For example, say you end up facing costly legal fees when a former employee claimed your business wrongfully terminated him. The former employee claimed he got terminated even though a medical accommodation may have been made for a personal injury he received on the job. In this case, employment practices liability insurance can help cover legal expenses associated.
 

How Much Does Contractors Insurance Cost?

Your contractors insurance cost is determined by the specific trade you need covered.
 
For example, say you’re a plumber and need to install a new hot water heater. After you complete the job you receive a notice that the customer has scalded themselves. As a result, they sought out medical attention and they’re holding you responsible. Because of the faulty thermistor control, you’re going to have to cover the medical costs and more.
 
Beyond the specific trade, you’ll find common variables weigh into the total insurance cost, such as:
 
  • Location
  • Vehicles operated
  • Claims history
  • General coverage needs
  • Number of employees
So how much is contractor insurance for your business? Contact The Hartford today, to find out contractor insurance costs for your business.
 

Bundle Insurance Coverage for Contractor Insurance

Stretch Your Dollar

It’s easy to increase your BOP protection at an affordable price with The Hartford’s Stretch® endorsement. This endorsement bundles essential coverages. For contractors like you we offer:
 
  • Contractor’s Stretch
  • Super Stretch for Business Services
Contact an agent or a representative from The Hartford about these cost-effective solutions. Our agents help take the guesswork out of selecting the right coverage for your contractor business.
 

Additional Contractor Insurance Solutions

If you have employees, use a car for work, or work from home, you may also need:
 

Workers' Compensation Insurance

This coverage is required by most states. Workers’ compensation coverage provides benefits to your employees for work-related injuries or illnesses. This includes:
 
  • Medical care
  • Wages from lost work time
  • Legal fees if a worker’s family decides to sue you
Businesses have been turning to The Hartford for workers’ comp coverage for more than a century.
 

Commercial Auto Insurance

Do you use your car to visit customers, pick up tools, or run work errands?
 
A Business Auto Policy provides coverage that’s not usually included in a personal auto policy. This insurance covers you or an employee when an owned business vehicle gets in an accident.
 

Home-Based Business Solutions

If you run your contractor business out of your home, you probably want a Business Owner's Policy (BOP). A BOP provides coverage not typically available with a homeowner’s policy.
 
When determining what coverage you need ask yourself these questions:
 
  • Do I have customers come to my home?
  • Do I provide services away from my home?
  • Do I have employees or inventory?
If you’ve answered yes to any of these questions, contact your agent or a representative from The Hartford today. We can help you select the right coverage to help protect your business.
 

Secure Contractor Insurance

As you consider the coverage you need, don’t consider insurance companies with minimal coverage options. At The Hartford we understand that each business requires unique insurance coverage. Contact The Hartford and receive a contractor’s insurance quote today.
 
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
 
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.