{"id":965,"date":"2020-11-18T03:49:08","date_gmt":"2020-11-18T10:49:08","guid":{"rendered":"https:\/\/contractorslicensingschools.com\/blog\/?p=965"},"modified":"2020-11-21T02:49:50","modified_gmt":"2020-11-21T09:49:50","slug":"types-of-business-insurance-your-contracting-business-may-need","status":"publish","type":"post","link":"https:\/\/contractorslicensingschools.com\/blog\/types-of-business-insurance-your-contracting-business-may-need\/","title":{"rendered":"Types of Business Insurance Your Contracting Business May Need"},"content":{"rendered":"

\"\"<\/a>When you work in construction, you\u2019ll need protection in case something goes wrong. This is where insurance can make a big difference. There are a variety of types of insurance for businesses, and some of them are specifically designed for industries like construction. Here are the most common forms of coverage for contracting businesses, and how to tell when you need them.<\/span><\/p>\n

General Liability
\n<\/b>As a business owner, you\u2019ll be obligated to carry a form of general liability insurance. If you consider how your car insurance works, liability may be easier to understand. When you buy car insurance, you can usually decide if you want the insurance to cover anything that happens to you, or just damage that you might cause to other people and their vehicles. Similarly, general liability insurance provides protection for damage that you or your equipment may cause on a jobsite. For example, if you accidentally cut into someone\u2019s gas line, your liability insurance may cover the repairs. It\u2019s vital to get the right amount of coverage depending on your field and the type of work you do.<\/span><\/p>\n

Errors & Omissions
\n<\/b>Errors and omissions insurance is similar to liability insurance, but it isn\u2019t dependent on physical risks or damage. As a business owner, you can be held liable for problems that you caused, even if they don\u2019t result in tangible damage. Insurance that covers errors and omissions is designed to provide coverage for events that caused financial problems to clients based on actions or decisions made by your business. If someone sues you under the basis that you left something out or made an error during the process, this type of coverage may pay for part of your defense. As with any other type of insurance, you\u2019ll need to determine how much you\u2019re willing to pay on your own, and what you\u2019d like the insurance to cover.<\/span><\/p>\n

Builder\u2019s Risk Insurance
\n<\/b>Builder\u2019s risk insurance is a type of insurance that protects the property related to a particular job. As a contractor, you\u2019re usually performing work on someone else\u2019s property. If something happens during construction, to you, your equipment or existing structures, having insurance to cover the damage can be beneficial. Builder\u2019s risk insurance varies in coverage, so it\u2019s important to read the details carefully. It may overlap in some ways with general liability insurance, but isn\u2019t designed to replace it. You or the property owner may be the one who buys the policy, depending on a variety of factors.<\/span><\/p>\n

Workers\u2019 Compensation
\n<\/b>In an industry that is as risky as construction, providing protection in case you or one of your employees gets injured is important. In fact, worker\u2019s compensation insurance is a law you have to follow. As a general rule, this insurance covers medical expenses and some lost wages for people who are injured in the course of their jobs. It\u2019s tied specifically to activities that people do while they are working or on the jobsite. There are times when this may overlap with insurance like builder\u2019s risk or general liability. If you\u2019re not sure which policy to apply to a certain incident, it\u2019s wise to ask your insurance agent.<\/span><\/p>\n

Equipment Insurance
\n<\/b>You may not think of your construction equipment as something that is uniquely at-risk, but it\u2019s worth considering insuring what you have. Like your car, you don\u2019t keep an eye on your construction equipment 24 hours a day. This means that, in the wrong hands, it may get damaged or even stolen. Equipment insurance covers certain problems as they relate to the equipment. For example, if you are moving equipment and it gets damaged in the process, this insurance may cover the cost of repairs or replacement. Some policies may also cover equipment rentals or tools.<\/span><\/p>\n

Insuring your contracting business against possible problems is one way you can protect your assets and the important work you do. To learn more about starting your own contracting business, visit CSLS today!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

When you work in construction, you\u2019ll need protection in case something goes wrong. This is where insurance can make a big difference. There are a variety of types of insurance for businesses, and some of them are specifically designed for industries like construction. Here are the most common forms of coverage for contracting businesses, and … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[220],"tags":[],"class_list":["post-965","post","type-post","status-publish","format-standard","hentry","category-contractor-business"],"_links":{"self":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/posts\/965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/comments?post=965"}],"version-history":[{"count":0,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/posts\/965\/revisions"}],"wp:attachment":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/media?parent=965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/categories?post=965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/tags?post=965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}