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Small business contractor insurance is more important than ever. The Covid-19 pandemic has disrupted the construction industry. It is a challenge for newcomers to navigate the insurance market. So let’s take a quick look at what coverage you need, and why.

General Liability coverage is essential. It helps protect you from heavy financial losses in cases of litigation due to bodily injury, property damage, personal injury, and advertising and marketing damages.

Where to find the right small contractor business insurance

What should you look for when deciding on the right insurance provider and policy?  Here are 4 important factors that will influence both the cost and quality of the insurance.


1. Coverage

Make sure that you know what coverage is included in your small contractor business policy. General Liability insurance helps protect your business from third-party damages, for example, but does not offer coverage in the case of theft.

Most policies offer extra coverage to your existing insurance. So, by being aware of the details of the coverage, you will know where the risks lie.  With this knowledge you can make an informed decision. But there is no reason to do this alone. Ask the experts to help. At Farmer Brown, we will assist you to get the coverage that your business needs.


2. Risk

Make sure that you are aware of the needs and risks of your business. Do this by examining potential pitfalls your company could face. By doing this, you can then source the right policy that best suits your requirements. Re-assess your business needs and risks as your business grows, this way you can ensure your coverage is up-to-date in responding to your requirements.


3. Trust

It’s all too easy to go with the cheapest insurance option, thinking the cheaper the insurance premium, the cheaper your overheads. However, this can lead to you being underinsured and leaving your business open to financial hazards such as litigation.

When applying for small contractor business insurance, you should look to a trusted insurance provider. Ensure that the policies they offer are the right fit for your business and that the company you are dealing with is reputable and trustworthy.

Do due diligence by researching your insurance policies, providers, and agents, which despite being time-consuming, will pay off in the long run.


4. Gaps

No insurance policy is perfect. Every policy will have some items that are not covered. These can be addressed by adding additional coverage to your existing policy or applying for different insurance policies to add on to your General Liability insurance.

Some popular insurance policies for the construction industry include:

Worker’s Compensation insurance: It is often state-mandated that you have this type of insurance. It covers missed wages and medical costs for your employees should they suffer a bodily injury on your work site.

Business Interruption insurance: Helps cover financial losses in cases such as a pause to your business operations. Make sure to check your policy to identify what causes are covered.

Professional Liability insurance: Also known as Errors and Omissions insurance, this provides businesses with coverage in case of claims of negligence, failed services, or incomplete services. It also includes claims in case of project delays or missed deadlines.



Get the right small contractor business insurance

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

For the best advice and excellent rates on your small contractor business insurance, call Farmer Brown Insurance at (888) 973-0016. Our team of trusted advisors are on hand to guide you with all your insurance requirements.


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