Contractors Insurance in Fairhope

Contractors provide many essential services and are heavily relied upon to ensure various projects are completed adequately and on time. However, this level of responsibility may subject contractors to significant risks and exposures. Furthermore, many contractors may need to account for many work-related perils. Given these stakes, sufficient insurance is essential. 

What Is Contractor Insurance? 

Contractors insurance is a specialized type of business insurance that, when addressed correctly, can provide crucial financial protection for policyholders. Contractors insurance may not always be available as a single product. Rather, businesses may need to construct their insurance portfolio by combining several policies. 

What Does Contractor Insurance Cover? 

Although exact coverage needs may vary, an adequate contractors insurance portfolio may often include the following: 

• General liability insurance for contractors can provide financial security when considering incidents that may affect third parties, such as guests touring a job site or passersby. 
• Business property insurance may help pay for losses and damages involving a contractor’s equipment, inventory and tools. 
• Workers’ compensation insurance for contractors can provide financial aid if employees are injured on the job or develop work-related illnesses. 
• Builders risk insurance can financially protect policyholders from losses involving buildings under construction. 
• Errors and omissions insurance may help contractors manage losses and expenses if accused of failing to provide adequate or on-time services. 
• Commercial auto insurance can render financial assistance if a contractor’s motor vehicles are involved in incidents from which they accrue losses. 

Who Needs Contractor Insurance? 

All contractors, regardless of size or specialty, should consider adequate insurance to be a top priority. Certain coverages may be mandated by law (e.g., workers’ compensation insurance and commercial auto liability coverage) and many clients may also have their own requirements for a contractor to be eligible for a job.  

Where Can You Get Contractor Insurance? 

By working with a qualified insurance professional at Stillman Insurance Group in Fairhope, Alabama, contractors can accurately assess their coverage needs and acquire personalized solutions, such as electrical contractor insurance and independent contractor liability insurance. Contact us today to learn more.