What protections can contractors get through insurance policies?
Contractor insurance policies can provide a variety of important protections. Some that contractors should strongly consider are:
- General Liability Coverage: Might protect against common accidents occurring on job sites and at a contractor’s facility
- Commercial Umbrella Coverage: Might protect against large lawsuits by providing secondary liability protection
- Commercial Property Coverage: Might protect against damage to/loss of equipment and tools while at a contractor’s facility
- Inland Marine Coverage: Might protect against damage to/loss of equipment and tools while being moved between locations
- Contractors Equipment Coverage: Might protect against damage to/loss of equipment and tools while at job sites
- Equipment Breakdown Coverage: Might protect against unexpected malfunctions of essential equipment
There are still other coverages available to contractors. An insurance agent who specializes in these policies can help contractors explore all of their coverage options.
What types of commercial auto coverage are available to contractors?
There are three main types of commercial auto coverage, and contractors might need any or all:
- Standard commercial auto coverage is normally used to insure company-owned vehicles, including trucks. These are normally commercially registered.
- Hired and non-owned auto coverage can usually be used to insure vehicles that a company doesn't own, including trucks that aren’t owned. If a contractor or their employees uses their personal vehicle for work, this insurance might provide liability coverage while they’re running errands to and from job sites.
- Commercial truck insurance might be needed if contractors have larger trucks that they use to move heavy equipment and/or supplies.
A knowledgeable insurance agent can help contractors make sure their vehicles are all properly covered.
Do contractors policies come with workers compensation?
Workers compensation is an important protection that helps protect against work-related injuries, which are certainly a risk in the trade and construction industries. Contractors who have employees are probably required by state law to carry the coverage, and it might also be needed in select situations where subcontractors are used.
Whether workers compensation is available within a contractor policy depends on the specifics of said policy. Some include it, while others leave contractors to purchase workers compensation through a separate policy. It’s readily available through separate, single-coverage policies.
How can Massachusetts contractors get quotes for contractors insurance?
If you need help finding contractors insurance in Massachusetts, talk with the independent insurance agents of Norwood Insurance Agency. We can help you compare several customized insurance quotes from different insurers, as we’re an independent agency that’s not obligated to favor any one insurer. We’ll then work closely with you to determine which insurer is offering the best combination of coverages and premiums.