What is Contractor's Insurance?

Contractors have a difficult and risky job. Working with tools and heavy equipment, doing work at heights, and lifting objects can put you, your employees, subcontractors and passersby in danger. You need to manage these risks, while still providing a quality product at a reasonable cost. Having the proper contractor’s insurance can keep you on the job and help mitigate the financial consequences of an accident or other unexpected event.

Contractors insurance is a specialized form of commercial insurance that’s specially designed for contracting businesses. Most policies have multiple coverages that are bundled together so that they provide a web of protection.

What Businesses Need New Hampshire Contractors Insurance?

No matter how careful you are, accidents can happen. Injuries, property damage and job shutdowns can result and jeopardize your ability to keep your business running.

Both general contractors and artisan contractors in New Hampshire need a contractor's insurance program in order to secure work and protect their assets and reputation. 

General contractors sometimes need coverage in order to win bids and get permits, and they also need coverage because they face substantial potential risk. When constructing or remodeling buildings, mistakes can lead to major liability lawsuits, severe injuries and other issues.

Artisan contractors may not be exposed to the same risks as general contractors, but they still can face sizeable potential perils. A single mistake could have multiple costly impacts when working on electrical, plumbing or other systems, and many artisan contractors have fewer resources available for recovering from major accidents.

Some of the common risks you should be aware of and address include:

• Workplace injury
• Injury to subcontractors, pedestrians and others
• Property damage to the client's property
• Damage to your equipment from an accident, vandalism, storm or fire
• Theft of equipment, tools, trailers or supplies
• Injury or damage caused by your work after job is complete

Any of these events could cause such significant damage that you could be unable to pay, damaging your hard-earned reputation and possibly facing lawsuits and even bankruptcy.

An insurance program customized to meet the needs of your contracting business may not only protect you against the financial damage from such events; but also include legal defense further protecting you and your business.

What Coverages Do Contractors Policies Come With?

There are a variety of coverages suitable for contractors, depending on your specific needs. When you work with an insurance professional at HPM Insurance, you can combine policies so your business can be protected for the many risks you and your business face. With insurance protection you can not only get onto job sites easily by showing you have coverage with a certificate of insurance, but also operate your business confidently and professionally.

Some common policies that contractors may need include:

• General Liability Insurance, which typically covers common accidents and some liability lawsuits

• Contractors Liability Insurance, which typically covers accidents caused by errors in work

• Commercial Umbrella Insurance, which typically provides additional liability protection

• Commercial Property Insurance, which typically covers buildings and supplies owned by businesses

• Inland Marine Insurance, which typically covers equipment while it’s being transported

• Commercial Auto Insurance, which typically covers vehicles owned by businesses

• Pollution Insurance

Being a contractor might mean anything from being a handyman to a large general contractor or anything in between. Because there are many types of coverage, you should speak with HPM Insurance about the types of projects do, how many employees you have, how many subs you use, the types of equipment you work with and many other factors. We can help you determine the coverage your business needs to build a policy tailored to your specific needs and budget.

Do Artisan Contractors Who Are Paid by General Contractors Need Contractors Policies?

Artisan contractors who work for general contractors should at least consider purchasing their own personal contractors policy. While this isn’t necessary in every situation, some artisan contractors may want to get their own policy so that they can select the coverages and limits that are in place. General contractors’ policies may not provide all the protections that artisan contractors want.

Artisan contractors who want help reviewing their situation and determining whether purchasing an individual policy makes sense should talk with an insurance agent who specializes in contractors liability insurance. After reviewing a general contractor’s policy, a knowledgeable agent will be able to make an informed recommendation regarding policy selection.

Are Job-Related Injuries Covered by Contractors Policies?

Job-related injuries normally fall under the domain of workers compensation, and this insurance isn’t included in contractors policies. Insurance agents who assist with contractors policies generally also can help contracting businesses find workers compensation insurance if they need it, though.

How Can Contractors in New Hampshire Get Contractors Insurance?

For help finding contractors insurance that’s tailored to your contracting business’ type of work, contact HPM Insurance. Our independent insurance agents have helped many contracting businesses in New Hampshire find policies that have the coverages they need, and our team is ready to assist you.