Massachusetts Contractors Insurance
More and more people in the workforce of today are contractors. Business owners who use contractors have to make certain that the people that they hire carry proper Contractors Insurance in the event of injury or damage that may occur on their property. As a contractor, you will need coverage that will protect you from claims that may be made directly against you as well as the legal costs that are incurred if you are sued unjustly.
Who Needs Contractor Insurance?
A Contractors policy is coverage that anyone needs who contracts their services out to others, either individuals or companies. You will find that some people, especially businesses are more likely to hire you for your services if you have the right policy effectively in place. The reason for this is that they know that everyone will be protected against a long list of risk exposures.
If you intend to contract your services out to a governmental organization, whether it be on a city, state or federal level, coverage will be mandatory. If you do not have proper Contractors Insurance, then you will have no chance at all to supply your services to government entities. As a contractor, you have a responsibility to your clients to protect both them and you with the best coverage possible.
What Typically Is And Is Not Covered
There are generally three different parts to a Contractor's policy, which includes:
- Coverage to protect you
- Coverage to protect the person or company that you contract your services to
- Coverage for members of the public that may be directly affected by your work
For each of these categories, you will have an options available for full protection. This will cover you against accidental damage that may be caused to property and equipment. With full liability protection, you will have coverage for compensations costs, medical expenses and legal fees.
Your policy typically will not provide coverage against any deliberate errors or negligent acts. In addition, it will not cover a pattern of behavior that seems to be consistently negligent. Otherwise, the policy offers comprehensive coverage that will provide you and your clients a safety net that is not possible from anywhere else.
The Coverage You Need
At Allan M. Walker Insurance Agency of Massachusetts, we specialize in Contractor Insurance that provides protection for your industry. We supply a wide range of coverage options at competitive prices. In addition, our team of qualified professionals is more than capable of providing you with the exact coverage to meet your unique needs.
Even though we can provide you with details on several different coverage options, some of the most common include:
- Bid and Performance Bonds – These surety bonds will provide coverage for losses that are incurred due to poor contract performance.
- Builders Risk Insurance – Often referred to as course of construction insurance, this type of property insurance will provide coverage against loss or damage during the course of a construction project.
- Commercial Vehicle Insurance – This is one of the most important coverage options available. Commercial vehicle insurance will cover the trucks, cars and other vehicles that you use for business purposes. General liability, personal auto insurance and business owner policies do not typically include coverage for commercial vehicles, so it is imperative that you obtain the appropriate coverage.
- Equipment and Tools Coverage – Also commonly known as inland marine insurance, this type of coverage is designed to protect a contractor’s property while it is in transit.
- General Liability Insurance – this portion of your Contractors Insurance is designed to protect you against liability claims that come from damages and injuries that may arise during a project. This coverage will protect you against negligence, oversights, accidents and more.
- License Bonds – This type of surety bond is often required for contractors with the primary goal to protect your clients.
- Workers Compensation – Workers comp is a type of liability coverage that will provide coverage for lost income, medical expenses and rehabilitation when an employee of yours is injured while performing the duties of their job. In Massachusetts, you are required by law to carry workers compensation insurance.
As a contractor, you are faced with major financial risk every day along with your other obligations and responsibilities. Your clients can make claims against you for errors that you or your employees make. Even though contracting mistakes are rare, they can be quite expensive. In some cases, you may even be required to have the appropriate coverage before you can be awarded the contract.
Do not waste another minute with inadequate or inappropriate insurance for your contracting business. Before it is too late, click on the Contractor Insurance quote request button now. In as little as one business day, an agent with Allan M. Walker Insurance Agency will contact you with your risk free quote.