Contractors Insurance in Ocala, FL
Contractors insurance is a specialized insurance coverage designed specifically for contractors and construction professionals. It can help protect against various risks and liabilities inherent in these careers. Contractors insurance typically consists of multiple types of coverage, offering a comprehensive solution for the unique risks faced by contractors.
What Insurance Do Contractors Need?
The following are some common types of coverage contractors should include in an insurance policy:
- General liability insurance may help protect contractors against third-party claims of bodily injury, property damage or personal injury caused during the contractor’s work or operations. It may help cover legal fees, third-party medical expenses, settlements or judgments resulting from such claims.
- Workers’ compensation insurance may help provide benefits to employees who suffer work-related injuries or illnesses. It may cover medical expenses, lost wages, disability benefits and rehabilitation costs. Workers’ compensation insurance may also protect employers from lawsuits filed by injured employees.
- Property insurance may help protect contractors’ physical structures (e.g., buildings and garages) against risks such as fire, theft, vandalism or severe weather. It may help cover the cost of repairs or replacement.
- Contractors equipment insurance protects contractor-owned equipment and machinery from damage, theft or loss, both on and off the construction site. It may cover tools, heavy machinery, vehicles and other equipment.
- Builder’s risk insurance may help protect construction projects in progress. It may cover damage to the structure, materials and equipment caused by risks such as fire, vandalism, theft or severe weather.
- Professional liability insurance may help protect contractors who provide professional services or advice. It may cover claims of negligence, errors or omissions in the design, project management or consulting services provided.
What Does General Liability Insurance Cover for Contractors?
As a contractor, your general liability insurance policy may cover the following losses and expenses:
- Third-party bodily injury
- Third-party property damage
- Legal defense costs
Note that different coverage options may provide varying levels of liability protection. General liability insurance is one of the most common coverage solutions, but other offerings may also fit your needs.
Do You Have to Carry Workers’ Compensation Insurance for Independent Contractors?
Employers typically provide workers’ compensation; however, independent contractors are usually their own boss or part of a company separate from the one they work for. Independent contractors must have workers’ compensation insurance to protect themselves if injured on the job.
Contact Affiliated Agency Insurance to discuss your insurance needs and receive a quote for coverage.