Things That are Typically Covered Under Contractors Insurance
Contractors insurance is essential for protecting contractors and construction businesses from a range of potential risks and liabilities. Ford Insurance Agency provides contractors insurance in Oklahoma City, OKC, Yukon, OK, Mustang, OK, Moore, OK, Norman, OK and surrounding areas.
It typically includes several key types of coverage:
General Liability Insurance
- Bodily Injury: Covers legal fees and medical expenses if a third party is injured on the job site.
- Property Damage: Provides coverage if the contractor accidentally damages someone else’s property during the course of their work.
- Completed Operations: Protects against claims of property damage or injury after a project is completed.
Workers’ Compensation Insurance
- This coverage is mandated in most states and provides benefits to employees who are injured or become ill as a result of their job. It includes medical expenses, lost wages, and rehabilitation costs.
Commercial Auto Insurance
- Covers vehicles used for business purposes. It includes liability for bodily injury and property damage, medical payments, and physical damage to the contractor’s vehicle.
Professional Liability Insurance
- Also known as Errors and Omissions Insurance, it protects against claims of negligence, errors, or omissions in the provision of professional services.
Builder’s Risk Insurance
- Covers buildings under construction and includes protection against damage from fire, vandalism, weather events, and theft of materials.
Tools and Equipment Insurance
- Provides coverage for tools and equipment used by contractors, whether on-site or in transit. This is crucial for protecting valuable assets from theft, loss, or damage.
Commercial Property Insurance
- Covers the contractor’s office space, including buildings and their contents, against risks such as fire, theft, and natural disasters.
Surety Bonds
- While not insurance in the traditional sense, surety bonds are often included in a contractor’s insurance package. They provide a financial guarantee that the contractor will fulfill their contractual obligations.
Each type of coverage addresses specific risks associated with contracting work, ensuring comprehensive protection against various scenarios that could lead to financial loss. By securing these coverages, contractors can safeguard their business operations, employees, and assets, allowing them to focus on their projects with peace of mind. If you have any questions, please do not hesitate to call us.
