What is contractors insurance?
Contractors are exposed to a myriad of risks, ranging from stolen equipment to injuries at worksites. To help Massachusetts construction and trade businesses shield themselves against many such risks, there’s contractors insurance.
Contractors insurance offers specialized coverages that are tailored for construction and trade businesses. Policies normally have both property and liability protections, which can be customized.
Who needs contractor liability insurance in Massachusetts?
Most construction companies and tradespeople in Massachusetts should have contractor liability insurance. The legal costs from just one accident could be financially ruinous if there’s not insurance.
Policies that include both contractor liability insurance and property insurance are often purchased by:
- General contractors and subcontractors
- Residential developers and commercial developers
- Residential and commercial remodeling companies
- Demolition, marine construction, and other specialized crews
- Roofers, plumbers, electricians, carpenters, and HVAC techs
- Landscapers that work on larger projects
While these contractors can generally benefit from having a contractors policy, it’s important to tailor a policy for a particular type of work. This is something that an insurance agent who specializes in contractor liability insurance can help with.