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Contractors Insurance in Bountiful, UT

Running any type of business comes with a certain amount of risk, but contractors in particular face many potential hazards due to the nature of their work. In order to protect themselves and their business from costly lawsuits, contractors must obtain proper insurance coverage.

Do Contractors Need Liability Insurance?

In many places, contractor insurance is legally mandated. For example, some states require construction businesses to have a certain amount of liability insurance. Contractors insurance policies are highly customizable but typically include the following coverages:

  • General liability insurance can help pay for losses and/or medical bills if the business causes property damage or bodily harm to a third party.
  • Errors and omissions insurance may help compensate a third party if professional advice or mistakes results in financial losses.
  • Property insurance may help compensate a business if the property is lost or damaged due to a covered incident.
  • Umbrella insurance provides extra protection to help cover a claim that exceeds the limits of certain liability policies.
  • Commercial auto insurance can help provide coverage for vehicles owned by a business.
  • Workers’ compensation insurance can help provide replacement income and medical benefits to employees injured or ill due to a work-related incident.

What Does Contractors Liability Insurance Cover?

As a contractor you may want to consider the following types of liability coverage:

  • General liability may help cover claims of bodily injury, property damage and personal or advertising injury.
  • Professional liability may help cover claims of professional negligence that cause a client to lose money.
  • Umbrella liability may help fill the gap left by other liability insurance coverage if the policies reach their limits.

Are Subcontractors Covered Under Contractors Insurance?

Subcontractors are not always covered under a basic contractors insurance policy. A contractors insurance policy typically only covers you and your full-time employees. However, it is possible to either extend your contractors insurance policy to cover subcontractors or require each subcontractor you hire to have their own insurance.

How Much Is Contractors Insurance?

Many factors affect the cost of contractors insurance, including:

  • Type of services offered
  • Business property and equipment used
  • Business income and size
  • Types of insurance purchased
  • Policy limits and deductibles
  • Number of employees

Contractors Insurance Quote in Bountiful, UT

If you want a contractor insurance quote, contact Axcess Insurance Group. We can help match you with the coverage you need.

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