There is no avoiding it – being a contractor comes with risks. More specifically, artisan contractors are vulnerable to hazards unique to their lines of work. A carpenter will not have the same risk profile as a plumber, and a roofer is likely to face different hazards than someone who performs electrical work. Ultimately, all of these contractors need insurance, but the type of coverage can vary depending on the type and size of the business. At Myers Insurance Group, we understand the challenges you face as an artisan contractor and work to build customized coverage to help mitigate your exposure to potential loss.
Artisan Work – Dangers of the Industry
As an artisan contractor, you spend your days performing skilled work in a particular niche. Perhaps you work for direct-hire, or maybe you work primarily as a sub-contractor hired by general contractors overseeing larger construction projects. In either case, you are expected to perform specific jobs according to rigorous deadlines, all the while communicating your progress and completing each job with exact precision and integrity. It is a big responsibility, and failing to follow through could result in a major loss, or perhaps even cost you your business. If your equipment fails, someone gets hurt due to your negligence, or one of your employees steals money from a job site, you could experience revenue loss, termination, or financial liability.
At Myers Insurance Group, we understand the risks of going into business as a contractor. We aim to protect contractors and their assets with customized insurance that covers tools, commercial vehicles, equipment, employees, liability, and more.
Our office serves artisans from many different fields, including:
- Home heating and A/C
- Pest removal
- Tree Removal
- And more
Artisan Contractor Insurance – Coverage Types
Many contractors require similar coverages, although there may be some variations in types and amounts depending on the size, scope, and type of business.
In some cases, certain primary coverages may be combined into a single policy known as a Business Owners Policy (BOP). This typically combines general liability, property damage, and business interruption into a single package rather than having separate policies for each coverage type. Ask your independent agent if BOP insurance may be right for you.
General Liability Insurance
Contractors typically purchase general liability insurance for their own protection in the event they are sued for third-party damages due to injuries, property damages, or even advertising injury. In many cases, clients require contractors to provide proof of liability insurance before accepting bids for a job. At Myers Insurance Group, we help you select GL coverage and choose limits that minimize your exposure to potential loss. If you are sued, general liability insurance can help cover your litigation expenses and legal fees, as well as judgments against you (up to the limits of your policy).
Workers Compensation Insurance
If you have one or more employees on your payroll, you need workers compensation insurance to protect them – and your business – against workplace injuries. This coverage is mandatory for most employers, as it helps pay for employee medical expenses and time off work due to work-related injuries and illnesses. It can also help protect your business against workplace injury-related litigation.
Talk to your agent about additional liability protection that can be added to your coverage. Professional liability insurance, for example, can protect you against accusations of error or neglect in how you advise a client or carry out a project. It can help protect your business if your mistake results in financial damages to a client. Employee dishonesty coverage is another type of liability protection that can protect your business against a worker’s dishonest behavior or fraud.
Commercial Umbrella Coverage
An umbrella policy offers supplemental liability protection. It is versatile coverage that extends your liability protection when you exhaust the limits on your primary policy. Umbrella policies typically come with millions of dollars in extra protection, which could mean the difference between staying in business or losing everything in a lawsuit.
Commercial Property Insurance
If your business owns physical assets, you probably need commercial property insurance. This type of coverage can protect your buildings, signs, equipment, office technology, and other physical assets against damage or loss due to a covered event. Even if you work out of a shop in your backyard, you may need commercial property insurance to help cover the potential for loss. Examples of commonly covered damage events include wind, lightning, explosion, vandalism, fire, and fallen objects.
Tools and Equipment
Your tools and equipment likely follow you to many job sites. Without them, you cannot do the work that supports your business. Talk to your agent about the coverage needed to assure your tools and equipment are protected against damage, loss, and breakdown whether at your shop, on the job, or during transport between sites.
Business Interruption Coverage
If your business is put on halt due to a covered reason, business interruption insurance can help cover your financial loss until you can resume operations. This coverage is often combined with property damage and general liability insurance in a business owner’s policy (BOP insurance).
Commercial Vehicle Insurance
Many contractors own one or more vehicles for commercial use. These vehicles are essential to your business, as they get you and your equipment to and from the job site, supply stores, and your office. Commercial auto insurance is important for protecting your vehicle against collision and non-collision damages, as well as safeguarding your business against accident-related lawsuits.
Artisan Contractor Insurance Quotes
If you work as a contractor in Savoy, Illinois, or the surrounding areas, we want to help you get the coverage you need. As an independent agency, we work for you – not the insurance company. Call Darren at here at Myers Insurance Group today to request your consultation and quotes. We look forward to serving you soon.