Types of Insurance Every Contractor Should Know

Contractors face a variety of financial risks every day. Having the right insurance coverage is essential for covering your business, meeting state requirements and earning client trust. At World of Insurance LLC, our team can help general contractors, specialty contractors and subcontractors understand and secure the coverage they need.

Essential Insurance Coverages for Contractors

Here are the seven different insurance types that are essential for contractors:

General Liability Insurance

This policy may help cover third-party claims of bodily injury, property damage or personal injury that may occur on the job. Many clients and project owners require proof of this coverage before work begins.

Workers’ Compensation Insurance

Oregon law requires most employers, including contractors with even one employee, to carry workers’ compensation insurance. This coverage may help pay for medical expenses and lost wages if an employee is injured on the job. Sole proprietors may choose to carry it for added coverage or to meet contract requirements.

Commercial Auto Insurance

If you use vehicles for business, whether transporting tools, materials or crew, commercial auto insurance is important. It may help cover accidents, property damage and liability involving business vehicles.

Builders Risk Insurance

This policy may help cover structures under construction from risks such as fire, theft, vandalism or weather damage. It’s especially important for new builds and major renovations.

Professional Liability Insurance

Also known as errors and omissions (E&O) insurance, this coverage may help cover claims of negligence, mistakes or failure to deliver services as promised. It’s valuable for contractors who offer design, consulting or other services.

Contractors Equipment Insurance

Tools and equipment are vital to the job. This coverage may help repair or replace items that are stolen, damaged or lost on the job site.

Umbrella Liability Insurance

Umbrella policies offer extra liability coverage above the limits of your other policies, helping cover your business from large claims or lawsuits.

How World of Insurance LLC Can Help

Our team at World of Insurance LLC works closely with contractors across Medford, OR to assess risks, explain options and tailor insurance solutions that fit your business.

Ready to review your coverage or get a quote? Contact us today to discuss your contractor insurance needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.