Contractors Insurance
Are contractors required to have insurance? The short answer is “yes.” In most scenarios, there is at least a minimum amount of coverage your business is required to carry. Protection and safety are key to the overall success of your business. If something goes wrong on a job, contractors insurance coverage can help prevent significant financial losses.
Common types of contractors include, but are not limited to:
- General Contractors
- Electricians
- Carpenters
- Plumbers
- HVAC Technicians
- Window & Door Installers
- Roofers and Roofing Subcontractors
- Flooring Subcontractors
- Painters
When you need contractors business insurance in St. Charles, know that Webb Insurance has a collective 100+ years of experience providing coverage for contractors in a variety of industries. We specialize in making sure you have the right protection to take on any job with confidence and peace of mind.
What Insurance Do Contractors Need?
Contractors typically have a team of employees, an office, a fleet of company vehicles and special tools or equipment. A contractors insurance agency can build a customized policy which includes the following types of insurance:
- General Liability
- Property
- Commercial Auto
- Workers’ Compensation
1) General Liability Insurance for Contractors
General Liability Insurance helps protect your company if you or your employees are found liable for damages to a third party resulting from business operations. This is one of the most important types of coverage for contractors because of the layer of financial protection it provides — even though it is not always legally required.
Contractors liability insurance can help cover medical expenses and legal fees for incidents involving:
- Bodily injury to a customer, vendor or competitor
- Property damage
- Libel, slander or another form of advertising injury
2) Commercial Property Insurance for Contractors
Commercial Property Insurance helps provide protection for the physical premises of a business and your personal belongings. If your company is renting office space or if the property is mortgaged, your landlord or lender might require you to have a business property insurance policy.
A commercial property insurance policy can provide coverage for:
- Buildings, warehouses, offices and other structures
- Business tools and equipment
- Inventory
- Business property, such as furniture
- Intellectual property (e.g., data records)
- Outdoor structures, signage or fences
3) Commercial Auto Insurance for Contractors
Commercial Auto Insurance is a car insurance policy designed for vehicles operated by a business and its employees. A standard commercial car insurance policy generally includes liability, personal injury, collision and comprehensive coverage. Specialty coverage may also be required for certain vehicles — such as large trucks or trailers.
Missouri commercial auto insurance can be extended to:
- Cars and SUVS
- Vans
- Buses and limos
- RVs and motorhomes
- Trucks
- Trailers
- Tractor-trailers
4) Workers’ Compensation Insurance for Contractors
Workers’ Compensation Insurance helps provide benefits after an employee is injured at work. This coverage also helps protect employers from being sued by an employee for a work injury or lost wages. Workers’ Comp is an essential protection for businesses and employees in any industry. In fact, it is required by law in almost every state.
Contact us at (636) 946-0001 to find Workers Comp Insurance in Missouri.
Contractors Insurance FAQs
What is the biggest mistake contractors make when purchasing insurance?
The most common mistake business owners make is working with an insurance agent who isn’t knowledgeable about their business and its specific coverage needs.
At Webb Insurance, we know there is no “one size fits all” solution for contractors business insurance. We ask a lot of questions because it takes proper due diligence to provide the right coverage for a business. Our agents will take a deep dive into your needs in order to make strategic recommendations. Any time the process is rushed or overly simplified by another insurance provider, there is a strong possibility your company is underinsured and exposed to risk.
Read more about how to avoid the most common small business insurance mistakes.
Can I cover my work equipment or vehicles through a Homeowner’s Insurance or Personal Car Insurance policy?
No. If you are using tools or vehicles for your business, you need scheduled coverage through a Commercial Insurance policy — even if these items are your personal property.
How much is contractors insurance?
The price you pay will depend on several factors, including your business industry and location, the total number of employees and any specific coverage needs. A reputable contractors insurance agency will help you find the protection you need for a competitive price that fits within your operating budget. Remember, cheap discount insurance is a RISK that is not worth taking!
Get a free quote for independent contractor insurance with no obligation to purchase.
Working with Webb Insurance
As an independent broker, our agency can provide contractors insurance for businesses in all 50 states. The Webb Insurance team can also leverage our network of top-rated carriers to offer competitive pricing for the coverage your company needs.
During our consultation, we work collaboratively with contractors and business owners to fill out a questionnaire that will collect the following information:
- Your industry
- The number of employees at your business
- Tools, equipment, and other assets that need to be insured
- Specific coverage needs
- Unique risks faced in your industry
- What insurance you currently have
Our general contractors insurance policies are designed to fit your needs. From the smallest repair to a large construction project, we have you covered! You work hard day in and day out to help your customers. Webb Insurance works just as hard to ensure your business is properly covered. Let us be your guide!