If you have any type of West Virginia contracting business, you could be vulnerable to claims that could cause serious financial damage — enough to put you out of business. You can help protect yourself from these risks with contractors insurance. Read on to
Contracting Businesses Are at High Risk of Liability Claims
Contracting work has inherent risks that many other businesses do not. If you make a mistake in your work, a client could get hurt as a result or their home may wind up damaged. A tool carelessly left on your job site could cause an injury to a passerby.
If someone claims you are liable for their injury, they could sue you or ask for a financial settlement to cover medical bills and property damage. Without liability insurance, you’d have to come up with this money on your own, which most contracting businesses cannot do.
How Liability Insurance Protects Contractors
Contractors liability insurance was created to keep you from having to pay enormous damages that would decimate your business. It covers court-awarded judgments, financial settlements, legal fees, court costs, and other related expenses in liability claims.
You can also purchase specialized liability insurance, such as:
- Errors and omissions insurance in case a mistake results in damages or injury
- Employment practices insurance to cover allegations of discrimination, wrongful termination, or harassment
- Directors and officers insurance for larger companies whose leaders’ mistakes carry serious consequences
Your general liability insurance policy has a cap on what it will pay out. You can increase that limit with commercial umbrella insurance that kicks in when you reach the maximum on your general liability policy.
Who needs contractors insurance?
Many types of contractors and subcontractors need contractors insurance, including:
- General contractors
- Remodelers
- Handypersons
- Carpenters
- Electricians
- Plumbers
- HVAC specialists
- Roofers
- Landscapers
- Excavators
- Framers
- Swimming pool installers
- Window and door specialists
- Drywallers
- Painters and wallpaper hangers
- Chimney specialists and masons
- Concrete pourers
- Plasterers
- Tile specialists
- Garage builders
- Porch, patio, and deck builders
What Other Kinds of Insurance Should Contractors Carry?
While liability should be your biggest insurance concern as a contractor, there are other types of insurance we recommend for your field:
- Property insurance for your business premises, equipment, and tools
- Commercial auto coverage for vehicles used in your contracting work
- Cyber insurance in case of data breaches, ID theft, or hacking
- Loss of income insurance if events outside your control prevent you from operating
- Workers compensation in case an employee is injured on the job
- Inland marine coverage if you transport valuable items that belong to others
- Bonds for when your promise to complete a job is on the line
Our Independent Agents Can Customize Your Contractors Insurance
At Wickline Insurance, we tailor insurance policies that are unique to each contracting business because your company is not the same as others. Because we’re independent agents, we have a wide range of contractors insurance products and offer personalized service you won’t find with big insurance companies.
Call us at 304-252-1483 to learn how your contracting business can be protected by the right insurance coverage, or start your policy online now.