As a general contractor, it’s important to carry insurance ahead of working on various projects. From painters and roofers to landscapers and plumbers, there are many tradespeople who must protect their business assets in the event of damage or injuries sustained while on the job. In fact, insured contractors are more likely to be hired than their uninsured counterparts, because those seeking out work also want to safeguard their own financial health.

At Doeren Mayhew Insurance Group, we assist our valued clients in preserving their long-term business growth and minimizing liability risks. In the face of potential risks, general contractors and tradespeople need to secure several different types of commercial insurance policies to help cover unforeseen costs that may threaten the future of their business or career.

General Liability Insurance

Given that general contractors and tradespeople interact with the public, general liability insurance is important to carry in the event of a third-party liability claim. Be it a client, vendor, or another contractor that is involved in a lawsuit or accident, this essential type of commercial insurance will help cover the legal responsibility of your business. It’s also important to note that general contractors should have their own liability insurance in addition to the policies of their subcontractors.

Errors & Omissions Insurance

This important type of professional liability insurance can offer many benefits to general contractors and tradespeople. While accidents can happen at anyone’s job, they can be particularly costly when they occur during a construction project. From unintentional work errors and breaches of contracts to instances of professional negligence and faulty workmanship, there are many different types of professional mistakes that errors and omissions insurance can help cover.

Workers’ Compensation Insurance

In such a risky environment, it’s wise to anticipate the unexpected while working on a project. For contractors, this means securing workers’ compensation insurance ahead of experiencing serious injuries or prolonged illnesses. This type of policy was designed to eliminate the need for litigation and help cover medical costs and replace lost wages for workers. It’s also required in most states in order to protect businesses and their employees in the event of various health and safety issues.

Equipment Breakdown Insurance

As with the other risks we’ve mentioned, it’s equally important to protect against the financial implications of essential equipment or tools breaking down. That’s why contractors secure equipment breakdown insurance to protect the collateral damage associated with repairs, replacement, and related equipment issues.

Commercial Auto Insurance

A commercial auto insurance policy can provide liability, medical, and physical damage coverage to the vehicles owned by your business that are operated by you and your employees. Keeping an accurate list of these vehicles and drivers is extremely important. Working with an agency that has organized service and account management teams can help keep these items up-to-date.

Umbrella Insurance

An umbrella insurance policy provides excess liability protection that sits over your other policies, including your general liability, commercial auto, employment practices liability, and others. An umbrella policy can help cover claim amounts in excess of the limits of your other insurance policies. Umbrella policies are often affordable considering the extra layer of protection that they provide.

Inland Marine Coverage

Inland marine coverage provides coverage to the equipment and machinery that your business transports back and forth to multiple locations. Having your equipment damaged or stolen could derail any ongoing projects, not to mention the high cost of replacement. In these situations, inland marine coverage provides a financial safety net to keep your business up and running. Also, inland marine insurance offers protection for rented vehicles and equipment.

How We Can Help

Whether you’re a painter, roofer, or another type of professional contractor, it’s important to work with a trusted insurance agent to identify the right type of commercial insurance for you and your business.

Getting ahead of costly expenses associated with equipment breakdowns, personal injuries or illness, professional negligence, or third-party liability claims can help promote the long-term financial health of your business. Schedule a consultation with one of our trusted agents to discuss your unique insurance needs today.