The Nuts and Bolts of Contractor’s Insurance

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A Contractors Insurance Update

The success of your business depends on the quality of your business insurance.  Business insurance is designed to protect your business in the event of an unexpected claim.  We can create a contractor’s insurance program that is designed for your unique operation.  Here are a few of the kinds of contractor insurance you need.

  • The basic contractor insurance program should include property, commercial liability, auto, equipment coverage, and excess liability.
  • Contractor’s bonds. A contractor’s license bond is a license and permits bond that is designed to assist all types of contractors.  In many states, contractor bonds are required and help ensure that the contractor will operate in compliance with the local statutes as well as laws.
  • As an independent contractor, you may need to have worker’s compensation insurance. Worker’s comp regulations are mandated state by state.  If you are in business for yourself and you do not have employees, you are most likely not required to buy worker’s compensation insurance.
  • Contractor tool/equipment coverage. Your tools are part of your business; make sure they are insured to full replacement cost.
  • Contractors Errors and Omissions coverage. Every contractor has this exposure.  If you provide any advice on your job, you have professional liability risk.
  • Employment Practices Liability (EPLI) coverage. An EPLI policy covers claims made against directors, officers, employees, the company, and its subsidiaries.  The policy can cover a long list of claims, including wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment-related libel, slander, defamation, invasion of privacy, wrongful failure to employ or promote, and retaliation.
  • Workers’ Compensation. Workers’ compensation insurance is insurance that provides lost income, medical benefits, disability benefits, and rehabilitative services for workers injured on the job or while performing work-related duties.

Your business needs protection provided by a company and insurance advisor that you can trust.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.