As a construction contractor, there are many types of business insurance available to protect you. Some policies are required by the state or are needed to secure a job, while others can be purchased to provide extra protection. Here are five types that will provide you with a wide range of coverage.

What Types of Insurance Does a Construction Business Need?

1. General Liability

General liability is one of the most important business policies to carry. It covers you in the event of bodily harm or property damage caused to others during your regular business operations. General liability can also protect you if you’re sued for a mistake you made on the job.

2. Builder’s Risk

Builder’s risk covers damages that occur to materials during a construction job. It may cover building materials, temporary structures, new construction, remodeling, and outdoor fixtures that are damaged or destroyed by a covered peril. Covered perils normally include fire, vandalism, and storms.

3. Workers’ Compensation

Workers’ compensation is business insurance that pays for medical bills and temporary lost wages if one of your employees gets injured on the job. If you have three or more employees, you are required by law to carry this coverage.

4. Tools & Equipment Coverage

This policy will cover tools that are stolen or damaged by a natural event on a job site. It can extend to tools you use on a regular basis, leased or rented equipment, and electronics that are used for business purposes.

5. Commercial Auto

Commercial auto insurance covers vehicles owned and operated by your business. You’re legally required to carry the state minimum liability limits for all of your commercial vehicles. In addition to liability, though, you can also add comprehensive and collision coverage to your policy in case you or one of your crew members is at fault during an accident.

If you’re a contractor looking for the best in business insurance, contact Tammy Ross Insurance in Monroe, NC. Serving the area for over 22 years, these agents can help you secure the coverage you need to stay compliant and protect your assets, building a package of policies that suit your exact needs. Visit their website for more information or call them at (704) 233-4981 for a free quote.