From finding clients to hiring employees, entrepreneurs who work as home improvement contractors have many responsibilities. With the expenses involved with running a business, business owners may not want to spend a lot of money on home improvement contractor insurance. However, the right insurance policy can protect contractors and allow them to conduct business safely.
Types of Risks Involved
While the job hazards vary depending on the type of work contractors specialize in, they face exposure to many of the same types of risks, such as:
- Property damage
Typical Coverage Options
The right insurance plan should cover everything from an improperly completed job to employee injuries. This may mean incorporating multiple types of coverage into the insurance plan, including:
- Contractor’s liability insurance
- Professional liability
- Equipment and tool coverage
- Workers’ compensation
The types of coverage needed can depend on the current local, state and federal laws. Contractors should research the applicable laws in every area they plan to work in to ensure their coverage meets the legal requirements. However, even if a policy is not legally required, contractors may determine that it is necessary to ensure safe operations.
Finding the right insurance plan can take time, but the right coverage can allow contractors to work safely and confidently.