Safeguard Your Contractor Business with Comprehensive Insurance Coverage
In the world of construction, every project comes with its unique set of challenges and potential hazards.
From property damage and equipment theft to liability claims and workplace accidents, the risks can be daunting. But worry not, because at The Allen Thomas Group we’ve got you covered.
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. Get a Quote for comprehensive coverage and a Certificate of Insurance to provide proof of insurance at your next job by clicking on the button below.
Table of Contents
Choose your trade from the list below for more information or get a customized quote for your business.
What types of insurance do Contractors & Construction Businesses Commonly need?
These common insurance policies cover most risks in the construction trades
Commercial General Liability Insurance
This type of coverage is important since it shields your company from financial losses associated with legal proceedings from a person experiencing a bodily injury or damage due to negligence or carelessness on the part of your business or employees.
Professional Liability Insurance
Helps cover mistakes or negligence if services you provide have caused harm to someone’s property, such as malfunctions that lead to injury.
Contractor’s Tools and Equipment Insurance
Covers any physical damages to your own property, including tools and materials used in your business that may become damaged through general wear and tear or natural disasters.
Business Interruption Insurance
Helps keep your business owners afloat if a certain area has been affected by damage or disruption caused by vandalism, fire, or natural disaster so that you can still generate income until things get back to normal.
Commercial Auto Insurance
A commercial auto policy provides coverage either 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
Workers’ compensation insurance covers medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for contractors that have employees.
At The Allen Thomas Group, we understand how challenging it can be to run a successful contracting or construction business, and we offer contractor liability insurance policies that will 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 have a large workforce with subcontractors, we have a range of insurance packages and prices to choose from.
Don’t let unexpected losses and setbacks stall the progress of your business. Invest in insurance coverage from The Allen Thomas Group today and prevent catastrophic losses tomorrow.
Insurance Solutions Customized For You Contractors
Yes, Getting A Certificate Of Insurance Is Really That Easy
We know how frustrating and complex the process of finding the right insurance can be and how it slow down your ability to take care of your customers especially when you are waiting for bonds or a Certificate of Insurance (COI).
Let us help fix it for you.
Tell us about your specific needs and we will find the right policy for you.
Review the results of our search.
We will walk you through your new policy step by step.
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Getting Your Questions Answered About Liability insurance for Contractors
Get More Insights On Making The Right Insurance Decision For Your Company
There are several crucial factors that 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 adequately assess their insurance needs. Here are the key elements that influence contractor insurance costs:
Nature of Your Construction and Contracting Services: The type of construction and contracting services offered by a contractor 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 compared to a contractor 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 will generally face higher insurance premiums. This is because 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 insurance costs. 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 adequately cover the associated risks.
Location: The geographical location where a contractor operates can impact insurance costs. 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 insurance costs due to the increased 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, insurance premiums tend to increase with the number of employees to ensure adequate coverage for all personnel involved.
Type of Insurance or Surety Bond: The specific insurance policies or surety bonds a contractor obtains also impact costs. Contractors may require different types of coverage, such as general liability insurance, 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 that contribute to their insurance costs. It is important to conduct a comprehensive assessment of their business operations and consult with insurance professionals to obtain the most suitable coverage at a competitive price.
When it comes to finding the best type of business insurance for contractors, there are several factors to consider.
Liability risks will vary depending on the type of work you do and need to be taken into account 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 make an informed decision about the best type of business insurance for your contracting needs.
When it comes to setting up business insurance for contractors, 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 that outlines what your policy needs are and how they fit into your budget. We can help assist you in this process.
Once this is done, we will discuss features such as coverage limits, claims handling, and claims process with your insurer. In most cases, it takes about 7-10 business days before you have a policy in place.
When it comes to business insurance for contractors, the answer to whether or not it’s required by law depends on where you work.
In some states and industries, there may be tax implications or liability coverage requirements that necessitate the purchase of a policy. It’s best to compare different coverage options and review the risk management strategies associated with each.
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 is in compliance with any legal requirements in your area.
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Get The Insurance Coverage You Need For Your Construction Business Today
As a contractor, it’s essential to have the right business insurance coverage for your work.
You don’t want to be caught off guard when an accident or disaster occurs and you’re left without protection.
With the right policies in place, you can rest assured that your business is secure like a fortress.
Take this chance as an opportunity to build a strong foundation for your business and make sure that everything is protected so that you can stay afloat no matter what comes your way.
Let us help you explore your insurance options today and take steps to 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.