Things to Know About Contractors Insurance
Contractors insurance is essential for anyone working in the construction or trades industry. It provides protection against financial losses that may result from accidents, property damage, injuries, or legal disputes that occur while on the job. Ford Insurance Agency provides contractors insurance in OKC, Oklahoma City, Guthrie, OK, Edmond, OK, Henryetta, OK, Chandler, OK and surrounding areas.
Whether you’re a general contractor, electrician, plumber, or carpenter, having the right insurance coverage helps safeguard your business, employees, and clients.
One of the most important components is general liability insurance, which covers third-party bodily injury, property damage, and legal fees. For instance, if a client or bystander is injured on a job site, this policy helps cover medical expenses and potential lawsuits. Workers’ compensation insurance is also crucial if you have employees—it covers medical bills and lost wages for workers who are injured on the job and protects your business from employee injury claims.
Commercial auto insurance is necessary if you use vehicles for business purposes, such as transporting tools or materials. It covers accidents, theft, and vehicle damage. Contractors who own valuable tools or equipment should consider tools and equipment insurance, which helps replace or repair items that are stolen, damaged, or lost.
Some projects may require professional liability insurance (also called errors and omissions insurance), which protects against claims of negligence or faulty work that cause financial losses to a client. In addition, many clients and project owners demand proof of insurance before signing contracts, making coverage not just a safety net but a requirement for doing business.
Finally, contractors should review their policies regularly to ensure coverage keeps pace with business growth and changing risks. Working with an experienced insurance agent can help identify coverage gaps and customize a plan that fits your trade and budget. In short, contractors insurance isn’t just a legal or contractual obligation—it’s a smart investment in your business’s future stability and reputation. Please reach out with any questions you might have, and we will be happy to help.
