The Allen Thomas Group Independent Insurance Agency

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Construction & Contractor Insurance

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Safeguard Your Contractor Business with Comprehensive Insurance Coverage

construction business insurance solutions

Every project comes with unique challenges and potential hazards in the construction world.

The risks can be daunting and threaten your business and reputation, from property damage and equipment theft to liability claims and workplace accidents

But insurance can help safeguard you from the risks and cover the cost of liability claims. Trust the best brains in the business to provide the best protection for your investment so you can have peace of mind that your business is safe.

At The Allen Thomas Group, we’ve got you covered with the best kind of insurance! 

We specialize in providing comprehensive insurance solutions that will shield your business from financial setbacks, giving you peace of mind to focus on what you do best.

Contractors need general liability insurance policies in addition to their business owner’s policy to cover their business.

Get a Quote for comprehensive coverage and a Certificate of Insurance to provide proof of insurance at your next job by clicking the button below.

Table of Contents

Choose your trade from the list below for more information or get a customized contractor insurance quote for your business.

Getting The Right Coverage

What types of Business Insurance do General Contractors Need?

There are different types of small business insurance available for contractors. While insurance requirements vary by state, here are some of the most common insurance options that cover most risks in the construction trade.

You should get general liability insurance to protect your company from financial losses associated with legal claims of bodily injury or damage due to negligence or carelessness on the part of your business or employees. How much does general liability insurance cost? Well, the cost may vary from state to state, depending on your specific requirements and risk level.

This type of business liability insurance protects your business from mistakes or negligence if services you provide have caused harm to someone’s property, such as malfunctions that lead to injury.

You need this type of coverage in case of physical damages to your business property, including tools and materials used in the business that may become damaged through general wear and tear or natural disasters.

Builder’s risk insurance for contractors provides protection against property damage or loss during construction projects. It safeguards against risks such as theft, vandalism, fire, and natural disasters, ensuring that contractors don’t bear the financial burden of any unexpected incidents that may occur on the job site.

By having this insurance coverage, contractors can focus on their work without worrying about potential financial setbacks.

A commercial auto policy covers owned vehicles used solely for business operations or certain non-owned vehicles used by some employees when providing services away from the office.

Workers’ compensation insurance offers coverage for medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for contractors that have employees.

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Small Business Contractor Insurance Solutions

At The Allen Thomas Group, we understand how challenging it can be to run a successful contracting or construction business, and we will help you find the protection you need for your business. 

For example, commercial general liability insurance can help cover the damages and losses incurred in the event of an accident, theft, or lawsuit–enabling our clients to keep their businesses moving forward while keeping costs low.

Whether you are a sole proprietor or business owner with a large workforce of subcontractors, we have the best contractors insurance for your small business.

Don’t let unexpected losses and setbacks stall the progress of your business. 

Get your next insurance from The Allen Thomas Group today and prevent catastrophic losses tomorrow. 

Commercial Insurance Solutions Customized For Contractors

Yes, Getting A Certificate Of Insurance Is Really That Easy

We know the process of finding the right insurance can be quite frustrating and overwhelming. Undoubtedly, it can affect your ability to take care of your customers, especially when you are waiting for bonds or a Certificate of Liability Insurance.

Let us help fix it for you.

Step 1: Assess

Tell us about your specific needs and we will find the right policy for you.

Step 2: Review

Review the results of our search.

Step 3: Service

We will walk you through your new policy step by step.

Get Precise Coverage For Your Business Now

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Need Business Insurance? We’ve helped thousands of Construction Owners and Contractors Just Like You

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That allows us to find the best rates for your construction business

Get The Insurance Coverage You Need For Your Construction Business Today

As a contractor, it’s essential to have the right business insurance for your work. 

Coverage will help pay for risks and liabilities that have the potential to affect your business reputation and finances.

Without insurance, you would be caught off guard when an accident or disaster occurs.

But with the right policies in place, you can rest assured that your business is secure like a fortress.

Build a strong foundation for your business and ensure that everything is protected so you can stay afloat no matter what comes your way.

Let us help you explore your insurance options today and take steps to help create a comprehensive risk management plan that can help protect your business and its assets.

Get a Custom Insurance Quote from The Allen Thomas Group today.

Questions About Contractors Insurance

Get More Insights On Making The Right Insurance Decision For Your Company

Several crucial factors play a significant role in determining the costs associated with contractor insurance. These factors encompass various aspects, and understanding them is essential for contractors to assess their insurance needs adequately. Here are the key elements that influence contractor insurance costs:

Nature of Your Construction and Contracting Services: The type of construction and contracting services a contractor offers directly affects their insurance costs. Different services involve varying levels of risk, complexity, and potential liability. For instance, a contractor specializing in low-risk projects like residential renovations may have lower insurance costs than those involved in high-risk activities, such as heavy industrial construction.

Business Equipment and Property: The value of a contractor’s business equipment and property is another important factor. Contractors with expensive machinery, tools, or specialized equipment generally face higher insurance premiums. The replacement or repair costs associated with such assets can be significant, and insurers factor this risk into their pricing.

Revenue: The annual revenue generated by a contracting business also plays a role in determining the cost of insurance. Higher revenue often indicates larger projects and a higher level of activity, leading to increased potential risks and liabilities. Consequently, contractors with higher revenues tend to face higher insurance premiums to cover the associated risks adequately.

Location: The location where a contractor operates can impact the insurance cost. Insurance rates can vary depending on factors like local building codes, regulatory requirements, climate risks, and the overall claims history of the area. Contractors working in regions prone to natural disasters or with a history of high claims may experience higher costs due to the increased business risk exposure.

Number of Employees: The size of a contractor’s workforce is another influential factor. Companies with more employees typically require broader coverage to protect their workers and handle potential liability claims. Consequently,  independent contractor insurance premiums tend to increase with the number of employees to ensure adequate coverage for all personnel involved.

Type of Insurance or Surety Bond: A contractor’s specific insurance policies or surety bonds also impact costs. Contractors may require different types of coverage, including general liability and commercial property coverage. You may also need tools and equipment coverage, workers’ compensation insurance, professional liability insurance, or surety bonds for specific projects.

The premiums associated with each type of coverage will vary based on the level of risk and coverage limits required.

By considering these factors, contractors can better understand the elements contributing to their insurance costs.

It is important to conduct a comprehensive assessment of business operations and consult with insurance professionals to obtain the most suitable coverage at a competitive price.

When it comes to finding the best insurance quote for your business, several factors must be considered.

Liability exposures will vary depending on the type of work you do and need to be considered when choosing a policy.

Coverage is another important factor, as is understanding the policy terms, deductible rates, and claims process.

Risk management should also be a priority; look for an insurer who can provide tailored advice on minimizing potential risks.

With all these elements in mind, you can decide on the best type of business insurance for your contracting needs.

When setting up contractor coverage, the process can vary depending on the type of coverage needed and the qualifying criteria. Generally speaking, you’ll need to provide an insurer with a risk assessment outlining your policy needs and how they fit into your budget. We can help assist you in this process.

Once this is done, we will discuss various features, such as coverage limits, claims handling, and claims process, with your insurer. In most cases, it takes 7-10 business days before you have a policy in place.

Should you carry general liability coverage? When it comes to contractor insurance, the answer to whether or not it’s required by law depends on where you work.

In some states and industries, tax implications or liability coverage requirements may necessitate the purchase of a policy. It’s best to compare different coverage options and review the associated risk management strategies.

Additionally, filing a claim can be complex, so make sure you have an experienced team helping you understand all of your policy details. Taking these steps when looking into business insurance for contractors can help ensure that your company complies with any legal requirements in your area.