What Coverages Are Available Through Contractors Policies?
Most insurance companies let contractors adjust a contractors policy’s coverages to suit their individual needs, which means the exact coverages offered by any one policy can vary. Nonetheless, there are some coverages that lots of contractors choose to have in their policies. Some commonly selected coverages that are in many policies include:
- Contractors Liability Insurance, which may cover legal fees, judgements, and settlements associated with certain liability suits filed against a contractor
- Contractor Equipment Coverage, which might help pay to have equipment repaired if it breaks down
- Equipment Leased or Rented from Others Coverage, which may extend protections to equipment that a contractor uses but doesn’t own
- Commercial Auto Coverage, which is usually required if a contractor has their own commercial vehicle
Are On-the-Job Injuries Covered by Contractors Policies?
Contractors policies usually cover third-party injuries that a contractor is responsible for through their contractors liability insurance protections. Policies normally don’t, however, cover injuries that contractors or their employees sustain on the job. On-the-job injuries typically fall under workers compensation insurance’s domain, and workers compensation insurance is usually purchased separately as a stand-alone policy.
Who in Massachusetts Needs a Contractors Policy?
Most contractors in Massachusetts should consider getting a contractors policy. General contractors can often benefit from having coverage (and often are required by their contracts to carry coverage). They aren’t the only contractors who may want a policy, though. Other contractors that might need a contractors policy include:
- Painters
- Handymen
- Roofers
- Carpenters
- Electricians
- Plumbers
Do Tradespeople Who Work for a General Contractor Need Their Own Contractors Policy?
Roofers, carpenters, electricians, plumbers, and other tradespeople who work for general contractors are often wise to purchase their own insurance policy. While doing so requires paying premiums, it lets tradespeople make sure they’re protected. It’s the only way tradespeople can choose their own coverages and limits, and the protections afforded to employees and subcontractors by general contractors’ insurance policies are often limited.
How Can Contractors Obtain a Certificate of Insurance?
Contractors are sometimes asked by clients for certificates of insurance. These are documents that serve as proof that a contractor is properly insured.
Most insurance companies send contractors a certificate of insurance when they purchase a policy, and contractors can usually make copies of this original certificate to give to clients. If a contractor didn’t receive an original certificate or lost it, most insurers will provide additional certificates free of charge. All contractors have to do is contact their insurer or ask their insurance agent to request a certificate from their insurer.
How Can Massachusetts Contractors Get Quotes for Contractors Insurance?
To get help obtaining quotes for contractors insurance, contractors in Massachusetts should contact an independent insurance agent who’s familiar with this type of insurance. A knowledgeable and experienced agent will be able to help decide what coverages are important to a contractor, and an independent agent can get quotes from several insurers for policies that include these coverages. With an agents' help, finding a suitable policy is both quick and easy.
