Smarter Contractor Insurance

Contractors have liabilities in their work that can carry a significant expense. Even if an injury is completely accidental, or a mistake on a job site was made despite taking precautionary measures, the consequences can carry a high price tag. Even if a contractor is not legally required to carry insurance for the job, the risk of covering expenses of property damage or medical bills for serious injury out of pocket could put any contractor out of business.

Contractor insurance rates can vary, so it’s important to make sure that you’re getting the right coverage for you. There’s no point in paying excess premiums on coverage you don’t need, nor do you want to have inadequate coverage that won’t meet your needs. A quote from Foxquilt can price out the right coverage for you, and provide coverage at a rate that’s probably cheaper than you might think. The other benefit to working with Foxquilt are our monthly payment plans. We understand that a year’s worth of insurance all at once can be an unexpected hit to the bottom line, especially when you’ve carefully budgeted your expenses for an upcoming project.

Insurance for contractors is rarely a one-size-fits-all. Contractors often perform a wide range of services, and each of them might have their own unique insurance needs. While most business insurance for contractors includes CGL and property insurance, others may require builder’s risk, installation floater insurance, or contractors professional liability insurance (errors and omissions.) Foxquilt works with you to look at your unique needs, and give you the exact coverage that you require so that you can be fully protected, without overpaying for a costly package.

Yes, subcontractors are often required to carry their own insurance. A general contractor insurance plan may not cover other contractors, which means that subcontractors may not be protected in their work. Subcontractors should carry all necessary insurance to protect their business and complete their work safely.

A certificate of insurance (or “COI”) is the proof of insurance you receive after purchasing your policy, just like you have for your car insurance. These can be paper copies or digital, but are crucially important. Some job sites will require you to show a current COI before starting work.