Contractor's Insurance

Contractors have insurance needs in three areas - property and liability coverage, commercial vehicles, and workers compensation. Contractor's insurance needs vary from the ordinary small business in that their operations are very mobile. They are seldom in one location for a long period of time.

Most owner/operators of contracting firms are eligible for a Contractors BOP, which is a small business policy designed specifically for the contractor. Liability coverage is again provided for operations and completed operations products, but is often based on the payroll of the business and can vary from year to year. The primary difference between a Contractor’s BOP from an ordinary policy is the extent of coverage provided for property while at job sites, mobile equipment, tools, property while on vehicles, computers and property while installed at another location.

The operation of commercial vehicles exposes the contractor to the substantial risk of both property and liability claims. Most contractors will have to buy a business automobile policy. This policy involves decisions regarding the correct coverage and pricing of the coverage. The appropriate coverage decisions and good driving habits can provide substantial protection at reduced premiums. Contractors are required to have workers compensation insurance coverage for their employees just as any other business. Because the payroll for contractors is highly variable depending on the amount of work contracted, premiums can vary substantially. Assistance is needed in correct pricing of the premium due to varying labor classifications and variable payrolls.

Our Contractor BOPs are aimed at the owner operator of a contracting business - the owner who is involved in the work. They offer a variety of specialized coverages to meet the needs of the artisan contractor. Built-in standard coverage is available for transportation, business income, installation floaters, contractors mobile equipment, computers and tools. Our general liability premiums are based on an owner’s chargeable payroll of $15,600, one of the lowest in the business!

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