What all is covered in Contractors Insurance Package?


A contractor may get your tasks done, but bear a lot of risks while doing them. As per the Bureau of Labor Stats report, around 4 percent of the workers in the industry suffer from illnesses or injuries, eventually adding to the cost. It gets worse by several other problems which can happen at your work site. Because of so many risk factors involved in the job of a contractor, good insurance policies become important for any successful operation.

But before going for the insurance, it is important to know how well you run your business. For instance, if you are running it as an LLC, then it can insulate you from the expenses overruns and prevent you from keeping your personal assets at stake when a larger claim than your policy is asked for. Our agents at Contractors Prime Insurance Services will provide you with the best prime insurance California to deal with the likelihood of dangerous circumstances and prepare for them in the best possible way.

Things covered in the insurance package

Contractor’s insurance offer coverage to all the contingencies and risks involved in the construction site, along with the risk to your workers, working site, and any equipment being used. Most of the policies are combined together with other policies and include:

  1. Commercial bonds
  2. General liability insurance
  3. Commercial auto insurance
  4. Worker’s compensation

And the type of coverage required largely depends on the task they do. Contractors in different industries require different insurance and coverage, depending on their requirements and local laws. It is important to determine the kind of insurance you need for your company so that you aren’t left exposed.

Contractors Equipment Insurance

In order to get the task done efficiently, you need better human skills and a keen eye for detailing. Apart from this, you should also possess the right equipment for the task or it will not yield results as thought. However, what if your costly equipment gets damaged or destroyed? Wouldn’t you end up losing a lot of money? Well, if you have large pieces of equipment say a bulldozer, then you should get your equipment insured.

The insurance coverage will mitigate your risks to a great extent. The better you tell the agent about your equipment, the better policy they will recommend. They will explain to you the risks associated with your equipment and the type of reimbursement you can get in case something goes unexpected.

Contractor vehicle insurance

If you are planning to expand your use of vehicles for many tasks, i.e. not just to travel to the worksite but also other jobs, then you should go for an additional commercial vehicle policy that covers your vehicles. If you don’t have any vehicle for your job, then you can get your monthly premiums reduced as this coverage will be removed from your insurance.

It is up to you to pick a policy according to your requirement. Our agents will give you an idea of what will suit you in the best way.




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