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While contractors reap the benefits of working for themselves, there are still some risks that go along with managing a team on a job site. If someone is injured or there is extensive property damage, the contractor may have to pay out of pocket if a claim is filed. Luckily, having insurance can offer some protection in these situations. If you are a contractor looking for the right policies, consider these common types. 

What Types of Commercial Insurance Do Contractors Need?

1. Commercial General Liability Insurance

This is the most common policy for contractors, as it covers both injuries and property damage. Normally, the contractor is responsible for paying for medical expenses or repairs if these two things happen. However, all fees are covered under the protection of this policy. This even includes legal expenses such as court costs, lawyer fees, and administrative fees.

2. Automobile Liability Insurance

MInsuranceost contractors use a wide array of vehicles to transport materials to and from a construction site. If one of these vehicles is in an accident causing injury or property damage, a claim can be filed against the contractor or vehicle owner.

Automobile liability insurance offers coverage for claims as well as court costs and lawyer fees during the deliberation of the case.

3. Workers’ Compensation

Workers' compensation is meant to protect employees if they sustain injuries while working on a site or fall ill due to circumstances related to the job. It covers a variety of things including medical treatment, rehabilitation, and income during recuperation.

Workers' compensation also covers suits or claims made by families of employees who sustained fatal injuries on the job. 

 

If you are a contractor interested in finding the right insurance for your business, contact Truax Insurance in Ogdensburg, NY. This trusted agency offers commercial policies from well-known companies including Progressive®, Livingston Mutual Insurance Company®, and NYCM Insurance®. They also provide hundreds of auto, homeowners, and life insurance policies to fit any budget. Visit their website for more information, or call (315) 393-3805 to receive a free quote.

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