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Contractors enjoy the freedom and rewards of working for themselves, but they’re also exposed to unique risks, from job site accidents to liability for costly mistakes. To protect the value of their investments, every contractor should have commercial insurance tailored to the unique threats facing their industry. If you’re purchasing a policy, be sure your package includes the following coverage.

What Kinds of Coverage Should Every Contractor Have?

1. Worker’s Compensation

Colorado and most other states require every business to provide worker’s compensation coverage, which provides medical benefits and wage replacement to injured employees. Workers in the construction industry are especially vulnerable to injuries and accidents, for which you could be held responsible without sufficient coverage. Even if no one is hurt, contractors who don’t meet their state’s worker’s compensation requirements may face expensive fines and other sanctions until they comply.

2. Errors & Omission Coverage

commercial insuranceEvery construction, accounting, and consulting contractor strives to provide the most effective service possible, but sometimes mistakes are made. If an error causes a client financial loss, having commercial insurance with error and omission coverage will pay for the damages and shield you from lawsuits.

3. Liability Coverage

As a business owner, you are legally responsible for any damage you or your employees cause to a client’s property. The resulting lawsuits can force you to close your doors, even if you succeed in court. However, liability coverage can pay for valid claims, as well as the cost of mounting a legal defense.
 

With a specialization in contractor’s insurance and access to insurance companies most brokers don’t, Jesse Wicks of ISU Insurance Services of Colorado helps clients throughout the state find policies to suit their needs. No matter what industry you’re in, this commercial insurance professional will ensure your business is protected from the unexpected. Visit him online for a sample of the products he offers. Then call (303) 916-5231 to discuss your needs.

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