Contracting is considered a riskier profession. But you’re not just in danger of hurting yourself on the job; you could be sued in a liability claim too. Here’s how you can protect yourself with contractors insurance, along with a checklist of other common types of insurance for contracting businesses.

Contracting Puts You at Risk of Liability Claims

If you do contracting work, whether you have dozens of employees or you’re a solo operator, you’re at risk of liability lawsuits. Errors in your work or non-employee accidents on your job site, for example, could result in someone successfully suing you and being awarded damages in the thousands or even in the millions.

Without insurance, a liability claim against you would have to be paid out of your own funds, which most small contracting businesses can’t afford. If the damages are high enough, a liability incident could put you out of business permanently or force you to sell assets like your home and other property.

Contractors Insurance Protects You from a Range of Risks

Fortunately, you can purchase contractors insurance for a reasonable cost to cover you in case of liability claims. Who needs contractors insurance? Among others, these professionals should have this coverage:

• General contractors
• Remodelers and renovators
• Handypersons
• Electricians
• Plumbers
• Roofers
• HVAC specialists
• Window and door installers
• Chimney experts and masons
• Flooring and carpeting specialists
• Painters and wallpaper hangers

If someone sues you or if you need to pay a liability settlement, your insurance covers the expense, usually including court and attorney fees if necessary. You may be required to have this kind of insurance to bid on certain jobs, so it opens doors for you and shows potential clients you take responsibilities seriously.

Other Types of Insurance for Contractors

Liabilities are the greatest risk for contractors today. However, there are other types of contractors insurance you likely need for other kinds of protection:

• Property insurance for your business premises and equipment
• Commercial auto coverage for vehicles driven for business purposes
• Specialized liability coverage for errors and omissions or employment practices
• Bonds for when your word is on the line with your clients
• Umbrella insurance for increased liability protection
• Cyber crime insurance in case of hacking, ID theft, or data breaches
• Inland marine insurance if you transport expensive items belonging to others
• Workers' compensation in case an employee is injured on the job

Let Us Customize Contractors Insurance for Your Unique Business

At J. K. Meadors & Co, we understand every contracting business is unique. When you partner with us for your contractors insurance, you get the benefit of an independent agency that can tailor a policy just to your needs. That’s because we not only offer renowned personalized service but have a larger selection of contractors insurance products than big name companies with only a few on their menu.

To make sure you’re fully protected, call 405-377-0000 today to discuss contractors insurance. Or you can easily start a policy any time online, and we’ll follow up to make sure you have no gaps in coverage.