As a contractor, you have a lot to think about when it comes to insurance. You need to make sure that you are covered in case of an accident and that you have the right coverage for your business. There are a few things that you should keep in mind when you are looking for insurance for your contracting business.
Which Insurance Policies Must A General Contractor Have? | Pro2Pro | This Old House
As a contractor, you are responsible for making sure that you and your employees have the proper insurance coverage. There are a few different types of insurance that you should consider:
General Liability Insurance: This type of insurance will protect you in the event that someone is injured on your job site or if you damage someone else’s property.
You should make sure that your policy covers both bodily injury and property damage.
Workers’ Compensation Insurance: If one of your employees is injured on the job, this type of insurance will cover their medical expenses and lost wages. In most states, workers’ compensation insurance is mandatory for all businesses with employees.
Commercial Auto Insurance: If you or any of your employees use a vehicle for business purposes, you will need to have commercial auto insurance. This type of insurance provides coverage for damages caused by an accident, as well as liability protection in the event that someone is injured in an accident.
Make sure to talk to your insurance agent about what types and levels of coverage are right for your contracting business.
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How Much is Contractor Insurance in Pa?
In Pennsylvania, contractor insurance rates vary depending on the type and size of the business. For example, a small contracting business with less than $5,000 in annual revenue may pay as little as $500 per year for insurance. A large contracting business with more than $5 million in annual revenue may pay as much as $50,000 per year for insurance.
How Much is Contractor Insurance in Washington State?
There is no one-size-fits-all answer to this question, as the cost of contractor insurance in Washington state will vary depending on a number of factors, including the size and scope of your business, the type of work you do, and the amount of coverage you need. However, we can give you some general guidelines to help you get an idea of what you might expect to pay for contractor insurance in Washington state.
For businesses with 1-5 employees working in low-risk occupations (such as office work or retail), the average cost of contractor insurance in Washington state is $500-$1000 per year.
For businesses with more employees or higher-risk occupations (such as construction or manufacturing), the average cost is $2000-$5000 per year. Of course, these are just averages – your actual costs may be higher or lower depending on your specific situation.
When shopping for contractor insurance in Washington state, it’s important to compare rates from multiple insurers to make sure you’re getting the best deal.
It’s also a good idea to work with an experienced independent insurance agent who can help you tailor a policy to meet your unique needs.
Conclusion
As a contractor, you’re always on the go and your time is valuable. The last thing you want to worry about is whether or not you have the right insurance coverage. Here are a few things to keep in mind when shopping for insurance for your contracting business:
1. Make sure you’re covered for the type of work you do. If you work in construction, be sure to get a policy that covers construction-related risks.
2. Consider getting liability insurance to protect yourself from lawsuits stemming from your work.
3. Make sure your equipment is covered in case of damage or theft.
4. Shop around and compare rates before buying any policy so that you get the best coverage at the best price.