Indiana Contractor Insurance: Protect Your Business, Build with Confidence
As a contractor in Indiana, you face a variety of risks that could put your business in jeopardy without the proper insurance coverage.
At The Allen Thomas Group, we are dedicated construction risk insurance specialists with over 20 years of experience helping contractors like you protect your livelihood.
We provide customized business insurance solutions tailored to your unique risks and needs.
Table of Contents
Indiana Construction and Contracting Trades Our Insurance Agency Provides Insurance Coverage
Understanding Contractor Insurance
Contractor insurance refers to the various types of insurance coverage contractors need to safeguard their business. The main types of insurance Indiana contractors require include:
General liability protects your business against third-party claims seeking compensation for bodily injury or property damage caused by your operations. Typical policy limits range from $1 million to $2 million.
Indiana does not universally require contractor general liability insurance. However, many municipalities and commercial clients do mandate minimum limits as a condition of licensure or contract.
Property insurance covers your business assets including office buildings, warehouses, equipment, tools, and materials. It protects against theft, vandalism, fire and storm damage.
For contractors constantly moving locations between home office, equipment storage, and job sites, property risks abound. We tailor broad property policies meeting the diverse needs of contractors.
Builders’ risks ensure construction projects against damage while they are still ongoing and unfinished. It protects against weather incidents, materials theft, vandalism, and more.
Small and mid-sized contractors can find affordable builders risk coverage added to existing property or general liability policies.
For those taking on large-scale commercial projects, dedicated builders’ risk policies allow customization to match the project size, timeline, and exposures.
Equipment coverage insures machinery like backhoes, nail guns, generators and more against damage or theft. For smaller contractors, attaching an equipment floater or inland marine policy to your existing package can provide affordable protection for your vital assets.
Larger excavation and road contractors with more extensive equipment invest in specialized scheduled equipment policies listing each asset. This allows customization of coverage, limits and deductibles item per item based on value and theft/damage risk.
Business vehicle insurance protects your company trucks, vans, trailers and more. It covers collision, liability claims from third parties you injure or whose property you damage, and damage from events like theft or flooding.
Unlike personal auto insurance, commercial policies allow higher limits critical for contractors frequently transporting expensive equipment and materials. They also better accommodate risks like employee drivers and passenger injuries.
Indiana law requires all employers with one or more employees to carry workers’ compensation. It assists your team with medical bills and lost wages if injured on the job.
Mistakes in classification codes or payroll reporting when purchasing workers’ compensation can result in insurance gaps, fines, and legal issues if an employee gets hurt.
Our agents make sure you have the proper classifications and understand all the latest regulation changes.
Other Valuable Coverages
Many Indiana contractors also invest in additional options like:
- Business Owner’s Policies (BOP): Bundles property, liability and more into one cheaper package.
- Surety Bonds: Guarantees you complete projects per contract terms. Often mandated by commercial clients and public projects.
Beyond the type of insurance, getting the right amount of coverage is key.
Our agents help finalize limits and deductibles balancing premium costs and risk mitigation.
General liability and auto liability limits inadequate to cover major claims or lawsuits can spell financial ruin for contractors.
Each type also carries certain standard policy limits contractors should understand when evaluating policies.
Construction projects often mandate surety bonds as a risk transfer mechanism to protect the customer if a contractor can’t finish the job. Common bond types include:
Bid Bonds: Guarantees you’ll enter into a contract if your submitted bid wins.
Performance Bonds: Covers costs to hire another contractor to finish your work if you default.
Payment Bonds: Protects vendors and subcontractors you hired if you fail to pay.
Navigating surety bonds for public contracts or large commercial projects takes experience given stricter underwriting. We have long-standing relationships with Indiana’s top surety carriers to get our customers the right bonds at the best rates.
Commercial Insurance Solutions Customized For Indiana 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.
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.
We’ve helped thousands of Construction Contractors Just Like You
Our Carrier Partners
That allows us to find the best rates for your construction business
Get The Insurance Coverage You Need For Your Indiana Construction Business Today With The Allen Thomas Group
You have many options when it comes to shopping for Indiana contractor insurance.
But The Allen Thomas Group stands apart for contractors who want:
- 20+ Years of Niche Expertise: Our licensed commercial agents handle contractor insurance, not auto or home policies on the side. That laser focus makes us true subject matter experts.
- Custom Protection & Value: We don’t peddle cookie-cutter policies or steer you to options making us higher commissions. Our tailor-made solutions provide broader protection and greater long-term value.
- Proven Track Record: We have served Indiana contractors of all sizes from family businesses to enterprise corporations. Read our reviews and see why clients trust us to protect even their largest projects.
- Hands-On Guidance: You want an advisor in your corner through every risk scenario, not just an order taker. Our proactive guidance helps you make smart decisions benefitting your bottom line.
- No-Hassle Service: Securing insurance should ease stress, not cause it. You’ll love our fast response times, zero red tape, and relentless focus on simplifying complex coverages.
We offer free consultations to discuss your unique situation in depth.
Contact us today to protect your contracting business the right way!
Questions About Contractors Insurance and Other Key Resources
Get More Insights On Making The Right Insurance Decision For Your Company
An insurance broker helps you navigate through the various options of contractor insurance policies available in Indiana. They assess your specific needs and risks, then recommend the most appropriate coverage for your business.
Typically, contractors with more years of experience and a clean claims history may be able to secure lower premiums for their insurance. This is because they are seen as less risky to insure compared to those with less experience or a high number of claims.
Indiana contractor insurance typically includes coverage for equipment and tool theft. However, details can vary from policy to policy. It’s essential for contractors to discuss this aspect with their insurer or broker to understand what level of protection they have against theft.
Why is it important for a contractor in Indiana to have an experienced and knowledgeable broker when purchasing their liability insurance?
An experienced broker understands the challenges and potential risks that contractors face in their line of work. They can help identify any gaps in coverage that could potentially lead to financial losses down the line, ensuring you get comprehensive protection tailored specifically for your business needs.
How can having proper contractor’s Insurance protect me from theft losses on construction sites in Indiana?
Proper contractors Insurance comes with property damage clause which covers tools and equipment used at job sites.
If these items are stolen, your policy should reimburse you for the value lost, minus any deductible that applies.
- New York
- North Carolina
- South Carolina
- Indiana Workers’ Compensation Board: https://www.in.gov/wcb/
- Indiana Construction Code Administration: https://www.in.gov/library/collections-and-services/indiana/subject-guides-to-indiana-collection-materials/indiana-building-code-rules/
- Indiana Small Business Development Center: https://isbdc.org/
- Associated Builders and Contractors of Indiana (ABC Indiana): https://www.abcindianakentucky.org/
- Indiana Builders Association (IBA): https://buildindiana.org/
- American Subcontractors Association (ASA): https://www.asaonline.com/
Other Helpful Links:
- Insurance Information Institute (III): https://www.iii.org/ – Provides educational resources and statistics on various insurance topics.
- Independent Insurance Agents and Brokers of America (IIABA): https://www.independentagent.com/ – Connects you with independent insurance agents in your area.
- Contractor Connection: https://www.contractorconnection.com/ – Offers online resources and forums for construction professionals.
- The Construction Zone: https://www.cnbc.com/construction/ – Provides industry news, resources, and events for construction professionals.
Areas We Serve In Indiana
Lakes of the Four Seasons
North Terre Haute