Hello, I’m Ron Philleo with Philleo Agency Insurance, and welcome to Philleo.com. Insurance for contractors can be a specialized type of insurance. It’s business insurance, but contractors represent a broad variety of types of risk, and there are some specialized coverages, for every type of contractor, that you want to be aware of. I would recommend that you certainly talk with an independent agent to find out what kind of coverages you need if you’re a contractor. I’m going to touch on some of the broader concepts today of contractor insurance.
One of the first things you need to be aware of is liability coverage. Liability is what is going to protect you in case you injure somebody or damage something during the course of your business activities. You want to make sure you have liability coverage for your contracting business.
The other type of coverage you want to have is property coverage. Property coverage can be–a broad definition of it–it can be your tools and your equipment. It could be equipment that you rent; rented tools and equipment. It could be a building that you own. Talk with your agent. Let him know what type of equipment, what type property you have to insure.
There are also coverages that you may or may not need. You may need business vehicle insurance. That’s going to cover you in case you have vehicles on the road and they injure somebody or they damage other people’s property. You may need coverage if your employees are using their own vehicles. You may want to add a coverage called hired and non-owned auto coverage, and that’s an extension of liability protection to protect you while your employees are using their own vehicles.
You also may need work comp insurance. You may be required to carry it under the state that you’re in. Work comp insurance protects your employees if they’re injured on the job. There’s a variety of other coverages; a lot of specialized coverages for contractors. We recommend that you talk with an independent agent. They can assess your situation and make recommendations and shop around for you. We at the Philleo agency can do all those for you as well.
If you’re a contractor, give us a call. We’d love to talk to you about your business. Thanks for watching this video and make sure to check out our other videos at Philleo.com.