Contractor’s insurance in Connecticut keeps your biggest asset, your business, safe. Every company needs to contend with the possibility of accidents, vandalism, the weather, and problems with employees, whether it is safety or workmanship issues. These are the types of disasters than can keep a business owner awake at 3 a.m.
You need to give your full attention to your contractor’s insurance. By carrying the right amount and right type of insurance for your business, you can save yourself many sleepless nights.
Here is a short overview of contracting insurance in Connecticut.
Types of Contractors
There is a wide range of companies doing business under the overall category of contracting. Here is just a partial list:
- Construction firms that build or remodel buildings, roads, bridges or other structures
- Computer contractors
- Design contractors
- Writing contractors
- And many more.
Basically a contractor is simply someone who signs a contract that specifies what duties he must perform. When the job is done, the contractor is paid.
Many things can happen between the time a contractor signs a contract and the point at which he should be paid. Insurance cushions problems with liability, workmanship, weather, accidents, criminal events, and injuries.
Types of Contractor’s Insurance in Connecticut
Insurance protects a contractor from common risks and industry specific problems. There are many types being sold. As a contractor, the basic ones you need to be aware of are:
- General liability insurance
- Worker’s compensation insurance
- Disability insurance
- Inland marine insurance
- Surety bonds
- Commercial vehicle insurance
General liability coverage is the foundation of your insurance coverage. It protects your assets if someone accuses your business of causing injury or property damage. Without the coverage, a suit could drive you out of business. It protects you and your employees from the uncertainty of litigation.
Coverage keeps going up in cost. Workers’ compensation insurance offers one area where costs can be controlled and even lowered. This is done with an aggressive claims and exposure management procedure. Professional contractor insurance representatives can help you design and implement a comprehensive program for managing your costs in this area.
Your need for the other types of insurance varies greatly, depending on:
- Type of work you perform.
- Type of clients and jobs you contract.
- Size of your business.
- Number of employees.
Ask an Expert
The only way you can be sure you are fully covered is to get the expert guidance of a professional insurance agent who specializes in small business insurance and contractor’s insurance. He knows the needs of specific industries. He has hands-on knowledge of which policies you need and which are good add-ons, as well as how much coverage you need depending on your clients and their jobs.
An experienced agent has the training and experience to save you money by pinpointing exactly what type your company requires and how much of it. In the short run, your premiums will be lower. In the long run, you have peace of mind so you can use your energy to grow your business.
Avoid the worry and frustration of figuring out your business insurance needs. Trust a professional to guide you through the process.
Call BOLT Insurance Agency at 1-800-216-4171 for your contractor’s insurance in Connecticut needs.