Contractors know all too well how many risks their businesses are exposed to. From worksite injuries to natural disasters, any number of events could result in a costly lawsuit or extensive property damage. Contractors insurance can help Texas contractors safeguard against many of the risks they face.
Contractors insurance offers tailor-made coverage for those in construction and the trades. Policies usually come with a variety of coverages, which can be customized based on a contractors work.
Most contractors, construction companies, and tradespeople in Texas should have contractors liability insurance. Without coverage, a single incident could have dire financial consequences. Coverage could help pay attorney fees, court fees, and any settlement that’s agreed to.
In addition to contractors liability insurance, property insurance for a business’s assets is also broadly recommended.
Of course, there are many different businesses in construction and the trades. Some examples of the various businesses that might purchase this type of policy include
An insurance agent who knows contractors policies well can help find a policy thats well-suited for a particular type of construction or trade work.
There are several contractor liability insurance protections that businesses might need. Some of these include
What property coverages contractors need depends on what assets they have and use. Some protections to consider are
What types of construction and trade work do contractors policies cover?
Contractors policies are available for most types of construction and trade work. Policies are readily available for new builds, renovations, remodels, additions, installations, and repair work.
Many contractors policies are able to provide coverage across multiple job sites. An insurance agent who knows contractors policies well can see whether a particular policy will cover more than one site.
Whether subcontractors have any coverage under a general contractor’s policy varies.
Some general contractor policies extend coverage. Subs might be covered as a standard feature, or covered if listed as an “additional insured.” An additional insured is someone who can file a claim against a policy, despite not being the actual policyholder.
Other general contractors do not offer coverage. General contractors could also be unwilling to list subs as additional insureds, even when that is an option.
To better understand whether they have any coverage from a general contractors policy, subcontractors can work with a knowledgeable agent. An insurance agent who’s well-versed in contractor liability and property insurance will be able to check coverages.
If you’re a Texas contractor and need insurance, contact the independent insurance agents at WISE Insurance Group. Our agents will work with you to find a contractors insurance policy that offers solid protection.