Commercial Property Insurance

Contractor Insurance provided by Altima Insurance Agency

Client lawsuits are more common than you think; it’s estimated that 43% of small business owners have reported being threatened with or involved in a civil lawsuit. Contractor insurance can offer significant peace of mind if a customer decides to sue you over your services, even if you did nothing wrong.
What Is Contractors Insurance?

Contractor insurance is actually a term used to describe a bundle of policies that provide comprehensive coverage for general contractors. This coverage is meant to protect you from the biggest risks you face in your job, like property damage and injuries.

In the unfortunate case where you are held responsible for damages that occur to a third party — such as an individual, or a building property — you would be required to cover the entire cost of the injuries and damages. Having a policy will help you cover the cost of damages including potential legal defenses. 

Who needs it?

Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it’s often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:

  • Construction
  • Carpenter
  • Plumber
  • Electrician
  • Landscaper
  • Painter
  • Handyman
  • Heating & Air
  • Mason
  • And more!

It’s always good to have insurance in case of mishaps, even if you don’t contractually need coverage.

Why Should you Get Insurance for your Contractor Business?

We get that, as a business owner, you’re probably trying to budget as much as possible. That’s why it may be tempting to put off getting contractor insurance or avoiding it altogether, especially if you don’t feel like it adds any value to your business.

But here’s the thing: General contractors like you are at risk to the kind of property damage claims that can be absolutely catastrophic to your finances.

For example, if you get sued for accidentally causing significant property damage to a customer’s home, you may have to pay for legal fees and damages out of your own pocket – or your family’s finances – if you are not properly insured.

Speaking of getting sued, contractor insurance can offer significant peace of mind if a customer decides to sue you over your services, even if you did nothing wrong. Client lawsuits are more common than you think; it’s estimated that 43% of small business owners have reported being threatened with or involved in a civil lawsuit.

Additionally, many states require contractors to carry insurance, especially if they have employees or work on certain projects. Plus, if you want to be licensed as a contractor, you will need to show proof of insurance.

Oh, and one more thing: Many customers won’t work with you if you’re not licensed and insured. There’s a lot of advice out there warning people to only work with insured contractors, so it’s a good idea to get this coverage if you want to increase your clientele base.

Contractors insurance depends various factors like the types of projects you work on, where your projects are located, your payroll and the kinds of jobs our employees do and the number and types of vehicles you use at work. It can get confusing sometimes, we can help you package your contractors insurance talk to us today to know more .

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As an independent agency, Altima Insurance Agency
Helps you find the right Contractors Insurance Coverage
Contact Us
Arlington, Texas
814 W. Arkansas Ln. Arlington, TX 76013
We extend coverage to individuals and businesses in Fort Worth, Dallas, Duncanville, Arlington, Garland, Irving, River Oaks and Haltom City
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