Insurance Solutions for Your Contracting Business

2024-Oct-2 | Business Insurance, Company Blog

Although no two businesses are exactly alike, this statement rings true, especially for contractors, which include an extensive variety of businesses across a wide spectrum of industries. That’s why you’re not interested in a one-size-fits-all insurance policy.

Some of the common contractor insurance coverage options include property and general liability insurance. Most businesses, contractors to retailers, need these types of coverage. Property insurance helps protect you by covering losses to your building or other structures due to fire, theft, vandalism, severe weather, and other covered events. General liability insurance protects you from lawsuits and other claims.

If you’re on the road with your contracting firm, commercial vehicle insurance is a must-have. If your contracting vehicle carries valuable equipment, it’s a wise decision to increase your coverage limits or include additional riders to cover that expensive gear. Perhaps you also require cyber liability insurance if you conduct any online transactions or store customer information in a digital database.

If you currently, or plan on doing so in the future, contract with local, state, or federal government agencies, you will also need surety bonds for your business. A surety bond ensures contract completion in the event of contractor default. These vital forms of business protection are not typically included in your general contractor’s insurance policy, although many insurance providers also issue surety bonds. There are four main types of surety bonds: bid bonds; payment bonds; performance bonds; and ancillary bonds. Each form helps protect you and the job along each step of the process. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred.

Just as your clients value your expertise in the industry, you want an insurance agent who knows your needs. Knowledgeable, independent insurance experts at Tidwell Agency are always available to answer any questions you may have. We can assist you in locating a variety of policies from a number of providers, ensuring the insurance you choose offers the best coverage at the most competitive rates. Contact us to find out how you can obtain the best insurance solutions for your contracting business.