Work-related accidents can have a big impact on your business, and not only due to lost sales, lower staff morale, or reduced productivity. On top of work-related injuries, there’s a variety of other liabilities your contractor business is subject to. In order to ensure your business stays afloat during tough times, it’s of vital importance to have adequate contractor insurance coverage in place.
Here at Melton McFadden Agency, our team of insurance professionals is dedicated to providing you with only the most reliable and affordable contractor insurance policies. We will work around your budget to help you secure your livelihood and protect your business assets for any harm.
Insurance Legal Requirements for Contractors
The insurance legal requirements for contractors depends on the country, state, and even the city where your business is based. In most cases, business owners are required to have minimum insurance coverage, which means general liability contractor insurance. You should consult with local officials about your exact legal requirements.
Businesses That Need Contractor Insurance
Every responsible business should be covered with contractor insurance, whether or not it’s a legal requirement. We recommend that every contractor, subcontractor, and independent tradesmen should have commercial insurance – that way, everyone is protected in case of mishaps and can focus on the job.
Common contractor-related trades that need insurance are:
- HVAC workers
- Electricians
- Plumbers
- Cement workers
- Masonry workers
- Water well drillers
- Janitorial services
- Floor covering services
- Tile & stone services
- Sign erectors
Contractor Insurance Cost
The cost of contractor insurance varies from one carrier to another, depending on the type of work and occupational hazard that’s involved in a carrier’s trade. For instance, a janitor will certainly enjoy a lower rate than an electrician because they are exposed to different levels of risk.
But this is not the only factor that affects a contractor insurance coverage rate. Others include the number of employees, various coverage needs, as well as location and vehicles. Your claims history contributes to the total cost as well. Regardless of how much its costs, this coverage always pays off.
Types of Contractor Insurance Coverages
At Melton McFadden, we offer a range of contractor insurance policies:
Business Owners Policy (BOP)
Ideal for small-to-medium businesses with a lower risk of workplace injuries, BOP includes general liability and property insurance, as well as other optional coverage.
Workers Compensation
The state of Michigan requires all employers to carry workers compensation insurance and thus cover their employees in case they undergo a work-related injury.
Property & Liability Insurance
Designed to protect business owners against physical loss or damage, this type of contractor business insurance covers property and inventory owned by you or your business.
Commercial Vehicle Insurance
Commercial vehicle insurance covers all vehicles owned and used by your business. This coverage typically includes coverage for collision, property, and personal damage.
Specialty Liability Insurance
Special liability insurance plans cover types of business-related liabilities that are not included in general liability insurance packages.
Get Your Free Quote from Melton McFadden Today!
Every single business can benefit from one of these coverage plans, including yours. The impact of insurance coverage on you as a business owner, your employees, and your business at large goes beyond monetary value – in the event of an injury, it can mean the difference between life and death.
Melton McFadden can help you choose the best plan for your specific coverage needs.
Contact us today to receive your free quote.
