Contractors are faced with unique risks that other business owners do not have to worry about, which is why contractors need general liability insurance.
Unfortunately, some contractors don’t know how general liability insurance is calculated for contractors.
So, you may be asking – How is general liability insurance calculated for contractors?
The good news is that we’re here to provide some illumination on this subject for you.
But first, let’s look at some background information.
What is Contractors Insurance?
Contractors insurance is a type of insurance that helps protect businesses in the construction industry.
It protects contractors from claims stemming from personal injury, property damage, or professional negligence.
Contractors insurance also provides you with a degree of financial protection in the event of a dispute with a subcontractor or supplier.
In addition, many contractors may also add their employees to their insurance before they start working on a project.
What Affects Contractor Insurance Prices?
There are a number of factors that can impact the cost of contractors insurance, including:
- The type of work that is being done
- The number of employees
- The coverage that is needed
- The vehicles that are being used
- The location of the business
- How many past claims the business has
How Much Does Contractor Insurance Cost in Nevada?
Most contractors can expect to pay between $500 and $1,000 per year for their contractor insurance plan.
If you’re looking to save money with a cost-effective plan that covers the essentials, the best thing you can do is shop around and compare quotes from different insurers.
Ready to get started with All n One Bonding & Insurance? Then call us today at our Las Vegas line: (702) 850-7711 or our Memphis line: (901) 306-8100.
Contractors Insurance Packages
While many insurance companies offer you “pre-packaged insurance coverage,” there are some insurance companies that prefer to provide you with fully customized contractor insurance packages.
We believe the latter is the better of the two options since every business is unique and needs the right coverage to shield them from losses specific to their business.
Yes, customized policies usually cost more, but they also provide you with peace of mind knowing that your business is truly protected.
Here are some insurance packages that are available today:
Basic Coverage
- General Liability Insurance
- Commercial Auto Insurance (add-on)
Additional Coverage
- Business Owners Policy (BOP)
- Workers’ Compensation
Who Needs Contractor Insurance?
The following types of businesses need contractors insurance:
- Construction companies
- Carpenters
- Landscapers
- Electricians
- Plumbers
- Painters
- Handyman companies
- HVAC companies
Is Contractor Insurance Required?
The answer is….It depends on the situation.
Business insurance is not required by law in every case, although it may be required in some jurisdictions.
In Nevada, the best way to find out if contractor insurance is required in your area is to check with the Nevada Division Of Insurance. In Tennessee, you’ll want to contact the Department Of Commerce & Insurance.
Alternatively, you can call us at our Las Vegas line: (702) 850-7711 or our Memphis line: (901) 306-8100, and we’ll check for you!
Side Note About Contractor Insurance Requirements
Do keep in mind that, even if contractor insurance is not required by law in your area, it’s still a very good idea to get it.
Not only does having robust contractor insurance make you more appealing to clients, but clients may also require you to have it before offering you a contract.
It’s no surprise that companies prefer contractors that have coverage over ones that don’t.
Finding the Right Contractors Insurance Coverage
Contractors are often unsure about the best way to protect themselves and their businesses from potential liability.
A single lawsuit can be incredibly costly and can put your business out of operation.
All-n-One Insurance offers general liability insurance to contractors at an affordable price to help you solve this problem.
We will work with you to find the best coverage for your unique business needs, so you can rest easy knowing that you’re protected in the event of a claim.