Working as a contractor means taking on new challenges every day. You work in a field that requires you to adapt and flow with unique situations and circumstances, and often this requires a certain degree of risk. At Great Lakes Insurance, we know the hazards of your trade and the types of coverage it takes to stand up to potential loss. We offer a wide range of contractors insurance coverage options to help reduce your financial vulnerability and protect the future of your business for years to come.
Coverage for Many Trades
We work with contractors from many different trade backgrounds to better understand the damages and losses that threaten their income and assets the most. We customize coverage to match the needs of our clients both at the industry and the individual level. Some of our clients include:
Electricians
Whether you work with general electrical and lighting services or provide work on high voltage job sites, a lot can go wrong when you work as an electrician. Working closely with your agent to build your electrician insurance portfolio can assure that you are covered when thieves steal thousands of dollars worth of copper wiring you needed for work on a job.
Plumbers
As a plumber, you do careful work. You know the ins and outs of water lines and pipework, but that doesn’t mean mistakes cannot happen. If a client sues you for extensive home water damage due to a poorly sealed pipe, make sure you are covered for the legal fees and damages.
HVAC
If you own an HVAC business, you know the importance of safety. HVAC units are heavy, and if one of them fell onto your employee while being hoisted into a client’s attic, a workers compensation insurance policy could help pay for the employee’s medical bills and lost wages – potentially sparing your business of a lawsuit.
Carpenters
You use a lot of tools as a carpenter – many of which could be very dangerous if left in reach of a child. If you accidentally left a sharp tool on-site, you could be sued for your negligence if someone is hurt as a result of your actions. Talk with your agent to make sure you are fully protected against the cost of third-party injuries and lawsuits.
Landscapers and Snow Removal Service Providers
You rely on your equipment to get the job done multiple times per day. Unfortunately, expensive landscaping equipment can be a target for opportunist thieves who would not think twice about stealing your $15,000 mower and reselling it for cash. At Great Lakes Insurance, we will work with you to assure your landscaping equipment is protected against a wide range of damages and loss.
Types of Specialty Contractor Insurance
Most contractors carry multiple types of insurance coverage, each of which plays a different role in protecting a business occupational risks. Depending on your field, the size of your business, and the extent of your assets, you may need:
General Liability
Also known as GL, this coverage helps protect a contractor against the general liabilities of business ownership. It can help cover third-party property damages and injuries, as well as the cost of your legal fees if you are sued for a general risk loss. For example, if a guest were to slip and fall in your showroom, you would rely on your general liability insurance to help cover the damages.
Workers Compensation
If you employ one or more workers at your business, you need workers compensation insurance to protect against damages caused by workplace injuries. This no-fault coverage helps pay for the employee’s medical bills and compensates him or her for time off work while recovering. It also reduces the risk of an employee lawsuit against your business.
Commercial Property
Whether you work from an office or a shop, you need insurance that covers any physical property your business owns, including the structure of your building and the contents inside it. This coverage typically protects your commercial property against damages caused by a wide range of events, such as fire, smoke, wind, theft, and vandalism.
Commercial Vehicles
Most contractors use one or more vehicles for commercial purposes. Minnesota law requires that all drivers have insurance – including commercial drivers. We can help you get coverage for your work trucks, whether you have one or an entire fleet. Policies can help protect your investment in your trucks and also help shield your business against at-fault accidents that occur on the job.
Employee Theft
The process of vetting new hires is a complex one, and there is no way to know for sure if you have made the right decision. Employee theft can be very costly for a business, and it can be difficult to recover the losses. With employee theft coverage, you can protect your business against a wide range of fraudulent activity.
Professional Liability
As a contractor, you stand behind the services you provide. If you make a professional error, the mistake could prove very costly to your client – something they may pursue compensation for damages for. Professional liability insurance can help protect you against job site mistakes and their financial consequences.
Tools and Equipment
Your tools and equipment are the means by which you generate cash flow for your business. If you do not have them, you cannot work. Talk to your agent about the coverages needed to protect your tools and expensive equipment at the job site, at work, and in transit in between.
Excess Liability (Commercial Umbrella Coverage)
When your primary liability insurance is not enough, a supplemental insurance policy can help. Commercial umbrella insurance is like a safety net when a major lawsuit exhausts the limits on your general liability insurance. It can extend your liability protection by millions of dollars, potentially sparing your business of bankruptcy and closure.
Request a Quote
If you own a contractor business, we can help you find the coverage you need. Whether you have an extensive operation or work as a one-person-show, we can help you protect your business income and assets. Contact our office today for more information or to request your quotes. We look forward to serving you soon.
