If you just got your contractor’s license, congratulations! However, before you run out to pick up a hammer to do your first job, take the time to consult with your insurance agent at Advantage Insurance Network serving Cincinnati, OH and the surrounding area. The contracting business has significant insurance needs.

Here are the types of insurance needed for a contractor:

• Worker’s Compensation: This is required by law to provide protection for your workers for on-the-job injuries and accidental deaths.
• General Liability: This is the basic foundational coverage needed by all businesses for protection against third-party injuries and damages.
• Professional Indemnity Insurance: This is also called errors and omissions (E&O) insurance and provides protection if you make a mistake.
• Commercial Vehicle Insurance: If you use any vehicles for business purposes, even if only occasionally, you need to have commercial vehicle insurance for them and all the drivers that use them.
• Public Liability Insurance: This insurance provides protection if someone is injured or property is damaged at your business premises, on the job site, or in public spaces.
• Bonding: Most contractors need to be bonded to be licensed properly. Being bonded means that the contractor purchased a surety bond. A bond is a financial instrument that may be called upon, if a contractor fails to complete a job, does not pay suppliers, doe not pay for permits, or fails to pail for other job obligations.
• Property/Casualty (PC) Insurance: This insurance provides protection for real estate, equipment, and other property owned or leased by the contractor.
• Business Interruption: This protection helps pays the bills if the business cannot operate normally, through no fault of its owner, such as during a natural disaster.
• Key Person: This provides protection for the person that is critically important for the ongoing business operations.

Summary

Talk with your agent at Advantage Insurance Network in Cincinnati, OH to get a comprehensive commercial insurance review, which includes recommendations for adequate coverage for all your contractor’s insurance needs.