Contractors Insurance

As a contractor, you face unique risks day in and day out. That’s why it’s so important to ensure that you have the right insurance policies to protect yourself and your business properly. The team at Overbay Insurance Services is here to help Waynesville, North Carolina, businesses find the insurance solutions they need. Give us a call today or request a quote online to get started.

What Is Contractors Insurance?

Contractors insurance isn’t one singular policy that you can buy. Instead, contractors insurance refers to various policies that many contractors carry for comprehensive coverage.

What’s Covered Under Contractors Insurance?

Various types of coverage is available for contractors and general contractors, and you can customize coverage based on your business’s unique needs. Some options include:

·       General liability—This provides coverage if a third party files a lawsuit against your business for bodily injury or property damage. It may pay for the medical expenses or legal costs that arise from that claim.

·       Property insurance—If your company’s physical assets (e.g., your building or furnishings) are damaged by covered events such as fires, burst pipes or vandalism this coverage may help compensate those property losses.

·       Builders risk insurance—This coverage may help protect your building materials and supplies if they are damaged by covered risks such as fires, theft or vandalism during a construction project.

·       Commercial auto insurance—If a business vehicle is involved in an accident, this may cover medical expenses, legal costs, and property damage. It is a separate policy from your personal auto insurance.

·       Workers’ compensation—If your employees are injured on the job, workers’ compensation may help pay for their medical expenses and lost wages.

·       Business Interruption Insurance. If a covered event causes your company to stop operations temporarily, this coverage may help you pay for overhead expenses until your normal business activities resume.

·       Inland marine insurance—If your business’s equipment and tools are damaged as they are being transported, this coverage may provide repair or replacement costs.

·       Errors and omissions insurance—If a customer files a lawsuit alleging a mistake, oversight or negligence in connection with your professional services, this insurance may cover the associated costs.

·       Pollution liability insurance—This may provide coverage if claims arise that your business’s operations released pollutants that injured or caused property damage to third parties.

·       Umbrella insurance—If your business is responsible for a severe accident or significant property damage that exceeds your other coverage’s limits, umbrella insurance may offer additional financial protections.

Endorsements and other supplementary coverages may be available. Your agent can provide details regarding options, policy limits and exclusions.

Is Contractors Insurance Expensive?

Several factors determine the cost of contractor insurance. The size and location of your business as well your industry, claims history and selected coverages can influence premiums. The agents at Overbay Insurance Services can help you determine what coverages you may need, and explain what those coverages may cost your business.

Get Covered Today

Contractors in and around Waynesville, North Carolina, trust the team at Overbay Insurance Services to help them secure the insurance solutions they need. Give us a call today or request a quote online to learn how we may be able to help your business.