As a contractor, you know the value of a hard day’s work. Protect your business and all you’ve put into it with comprehensive contractors insurance coverage from Binford Insurance. While you are busy constructing, installing, and repairing, our insurance policies are working in the background to protect you against potential risks. From your income to your equipment and nearly everything in between, we can help you safeguard your assets against potential loss.
Our office serves many different types of contractors. Examples include:
- General contractors
- HVAC workers
- Granite installers
- And more
By choosing a local, independent agency, you are choosing to work with an agent who understands the unique risks of your field and the types of jobs you perform for your customers. We consider many different factors when determining your coverage needs, including the types of services you offer, the number of people who work for you, where you provide your services, the value of your physical assets, and more. Then, we shop and compare insurance options from multiple Indiana insurers to help maximize the value you receive from your coverage.
Contractor Insurance Coverage Types
As a contractor, you work for yourself. Sometimes that means working with clients directly, and sometimes it means working with other contractors. Either way, you are likely responsible for insuring yourself and your business against the loss hazards you face on a daily basis. There are broad, general risks to insure, as well as niche-specific risks that are industry-specific. Depending on your needs, you may need coverage for:
General Liability (GL)
Clients often require proof of general liability coverage before accepting bids on a project, but general liability insurance is designed for your own protection, too. It helps pay your financial obligations in the event you are sued for third-party injuries, property damages, advertising injury, or personal injury as a result of your business operations. This can include your legal fees, as well as victim medical bills, property damages, and any judgments or settlements against you. Note that GL only covers damages up to the limits of your policy. Talk to your agent about high limits and supplemental liability protection that can better protect your business against loss.
Workers compensation coverage is insurance for employees against losses due to workplace accidents. The coverage is considered ‘no-fault’ protection, meaning there does not have to be proof of fault or negligence for your workers compensation insurance to pay benefits. Employees can file claims for necessary medical and rehabilitative expenses, as well as lost wages during the recovery period. It can also help prevent a lawsuit against your business for damages due to an employee’s workplace injury.
Whether you work out of a shop in your backyard or run a complex contracting business from a central office, commercial property insurance can help protect your business’s physical assets against a wide range of damaging events, such as fire, wind, theft, and vandalism. This can include coverage for your building’s structure, signs, desks, furniture, computers, equipment, and more.
You open your contracting business up to risk every time you use a vehicle to travel to a new job site. Your commercial vehicles should be protected against accident-related damages and other types of loss, such as hail damage and run-ins with wildlife. Commercial vehicle insurance can protect your trucks against damage and loss, and it can also protect your business against collision-related liability in the event of an accident.
When your workers leverage their positions in your business to commit fraud or other criminal activity, you could face significant losses. Employee dishonesty coverage helps protect you against financial liability when your employees steal from your clients and commit certain other types of crime.
If you make an error or professional mistake, you could be on the hook for any damages it causes. This insurance can help protect you against financial responsibility if a client or other third-party suffers injury or property loss as a result of negligence in your work.
Tools and Equipment
You rely on your tools and equipment to get the job done every day. Without them, you could face an interruption of cash flow and income. Be sure to protect your work equipment with comprehensive coverage against a wide range of losses when they are being used on the job site or in transit.
Builders risk insurance is designed to protect the financial interest in a construction project before the job is completed. Since most jobs require weeks or months of work, there is an extended time of loss of vulnerability between project initiation and completion. Whether a storm takes out your framework or copper thieves raid your job site, consider builders risk insurance to protect against potential losses.
Having an umbrella policy in place could protect your business against bankruptcy in the event of a major lawsuit. When litigation-related damages against your business exceed the limits of your general liability coverage, a commercial umbrella policy can pay for millions of dollars in additional damages subject to the limits of your policy. This can include the cost of your business’s legal defense fees and any judgments or settlements against you.
Indianapolis Contractors Insurance
At Binford Insurance, we enjoy supporting local contractors with comprehensive commercial insurance solutions. We work with you to customize your benefits according to your industry and risk. From your truck and tools to your income and assets, we can help you prepare for many different loss possibilities.