In construction, risk is high, so it’s always tough to narrow down the best Contractor Insurance policies.

An estimated 4% of workers receive injury or fall sick in the construction industry, not to mention the countless other issues that can occur on a work site. A such, contractors Insurance can be costly and complex.  So how do you make sure you’re fully covered?

You may have Googled and followed recommendations. Furthermore, you probably have a rough idea of what best Contractor Insurance policies should look like. But in an industry with so many hazards, it can’t hurt to brush up.

Let’s look at the four main policies every contractor should carry to safeguard their business.

1. Builder’s Risk

Builder’s Risk is one of the best Contractor Insurance policies. Moreover, it covers non-liable damages to the entire insured area. From the likes of fire, wind, vandalism or vehicles while a building is under construction.

Running at about 1-5% of production costs, a Builder’s Risk basic policy will protect the structure. But it can be cheaply extended to include tools, scaffolding and property in transit, among others. It all depends on your own exposures and needs. Small policy extensions can save you from big losses.

2. General Liability

General Liability is among the best Contractor Insurance policies because of the peace of mind it gives. This policy pays for damages where your company is at fault, including legal fees and medical bills. As such, every business faces these risks, especially in construction.  After all, accidents happen.

Again, your General Liability policy really depends on your business. As such, choosing one may seem stressful, but it doesn’t have to be. Furthermore, Farmer Brown’s knowledgeable insurance agents can give you the advice you need to secure your most effective coverage.

3. Workers Compensation

Workers Compensation pays for medical bills and lost wages if one of your employees gets injured or sick on a job. Further, not only is it one of the best Contractor Insurance policies to protect your finances, it’s usually state-mandated.

Even if you carry a policy, you need to be wary of different states’ laws.  For instance, seasonal workers are not covered everywhere.

Without Workers Comp, you’re extremely vulnerable.  Some places could give you a fine of $100,000, and in states like Michigan, it can mean jail time.

4. Commercial Auto

Most construction companies use trucks, vans and cars daily. Moreover, a single accident caused by any vehicle could mean hundreds of thousands of dollars in damages.

Construction vehicles must be insured by a Commercial Auto policy. It pays legal fees, medical bills and repairs if your company is liable for a mishap. As such, an employee using their personal car for a company errand needs coverage too.

Again, the amount of coverage required varies by location. Farmer Brown is licensed in all 50 states. We are where you are. We’ll ensure your policy is safely within regulations.

Finding The Best Contractor Insurance Policies

Selecting the best Contractor Insurance policies means looking closely at each particular business. Within the four main types there are many variables and it can get confusing.

If you think your company may be vulnerable right now – don’t worry. We can guide you to your best coverage without delay. Furthermore, we guarantee fast turnaround on your quote, and certificates of insurance within 4 hours. If this sounds good to you, give Farmer Brown Insurance a call on 888 973 0016.

Written by: John Brown
John has more than 25 years of experience in the insurance industry. He grew from a star insurance producer to owning one of the largest agencies in the country; he's a reference regarding contractor's insurance, commercial insurance, and builders' risk insurance.