Constructing and repairing buildings comes with a lot of responsibility, and with that responsibility there’s also potential risk. Form potential liability lawsuits to vandalism and theft, contractors in Massachusetts are exposed to a number of potential perils that contractors insurance may help protect against.
Contractors insurance is a specialized form of commercial insurance that’s specifically designed for contracting professionals and businesses. Most policies are written as package policies that combine multiple insurance coverages together, and the exact combination of coverages can often be adjusted for a contractor’s particular situation.
There are many businesses in Massachusetts that might benefit from having a contractors policy in place. In fact, some businesses may need a policy in order to secure financing or land contracts. Even those that don’t a policy for financing or contract bidding should still consider carrying coverage, for a single major incident could financially devastate almost any contracting business.
Some specific examples of contractors who might want a policy include:
In certain situations, artisan contractors who aren’t in construction may also want a contractors policy. For example, policies might be adapted to give interior decorators, exterminators or other similar professionals coverage.
Professionals and businesses who aren’t sure whether a contractors policy is right for them should speak with an experienced insurance agent who specializes in contractors liability insurance. A specialized agent will be able to explain how a policy would or wouldn’t provide protection so that professionals and businesses can decide whether this is the right type of insurance for them.
Because contractors policies can often be adjusted for specific situations, the exact coverages that policies provide can vary. Nonetheless, most policies offer an array of liability and property insurance protections like the following:
Like other liability insurance protections, contractors liability insurance typically begins paying on covered claims when they’re filed. Contractors usually don’t have to wait for a verdict to be rendered before they can get help paying legal fees associated with a covered claim.
In Massachusetts, most contractors policies don’t include workers compensation coverage. Even though a large number of contractors need this coverage, which generally protects against job-related injuries and illnesses, it’s frequently purchased separately.
Insurance agents who are familiar with contractors liability insurance often also help contractors with any workers compensation needs they have.
Insurance companies consider many factors when setting the premiums for contractors policies. Some of the factors that insurers might take into account are the:
For help finding contractors insurance that meets your business’ needs, contact John P. Russell Insurance. Our independent agents have helped many contracting businesses in Massachusetts find insurance, and we’re ready to help you as well.
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