Contractors Insurance in Vermont
What is Contractors Insurance?
Contracting work is full of potential risks, including injuries, property damage and liability risks. Contractors insurance helps protect Vermont contractors from many of the potential risks that they face.
Contractors insurance is a specialized type of commercial insurance that’s specifically designed for contractors. Most policies are written as package policies that combine several coverages together, and businesses can often adjust the included coverages to suit their particular situation.
What Businesses in Vermont Need a Contractors Policy?
A contractors policy can benefit both general and artisan contractors in Vermont, and both types of contractors should consider getting coverage.
General contractors often face many risks that could result in expensive loses, such as vandalism to major equipment, large liability lawsuits and job-site injuries that have long-term effects. In light of such risks, most general contractors should probably carry a contractors policy.
Artisan contractors might not have the same risk exposure as general contractors, but they still face substantial risks. Additionally, many plumbers, electricians, carpenters and other artisan contractors have few resources to recover from a major claim with.
What Coverages Are Available Through Contractors Policies?
Insurance companies offer many different coverages through contractors policies. While the exact list of coverages that are available through a specific policy can vary, the following are commonly made available:
- General Liability Insurance, which may cover common accidents, defamation lawsuits and false advertising suits
- Contractors Liability Insurance, which may cover lawsuits arising from work-related errors
- Commercial Property Insurance, which may cover buildings, supplies and other items owned by a contracting company
- Contractors Equipment Insurance, which may cover equipment owned by a contracting business
- Inland Marine Insurance, which may extend coverage for equipment and supplies to times when they’re in transit
- Commercial Auto Insurance, which may cover trucks and other vehicles owned by a contracting business
An independent insurance agent who specializes in contracting liability insurance and other related coverages can help guide contracting businesses toward the right policy for them. Such an agent is able to show business policies offered by different insurance companies, and they have the expertise necessary to make informed recommendations regarding the available policies.
Is Workers Compensation Coverage Included in Contractors Policies?
Contractors policies often don’t come with workers compensation coverage. Although a few might include it, workers compensation is frequently purchased as a stand-alone protection. Most insurance agents who are familiar with contractors liability insurance can help with workers compensation also even when it’s bought separately.
What Factors Affect Contractors Policies’ Premiums?
Insurance companies consider many factors when setting premiums for contractors policies. A few items that might influence how much a business pays for coverage include the:
- Address a business is located at
- Places where a business does jobs
- Types of jobs a business does
- Size of jobs that a business does
- Coverages and limits selected for the policy
- Past claims history of the business
Again, an independent insurance agent can help businesses compare premiums and policies offered by different insurance companies. Unlike a captive agent who’s tied to a single insurance company, an independent agent is free to show policies from many different insurance companies.
How Can Contractors in Vermont Get Contractors Insurance?
For help finding contractors insurance that has the coverages your contracting business needs, contact T.S. Peck Insurance. Our independent insurance agents have helped both general and artisan contractors in Vermont find contractors liability insurance and other coverages, and they have the expertise necessary to help you find the best available contractors policy based on your business’ particular needs.
