Artisan contractors are essential to the building industry and to making indoor spaces functional and beautiful. According to the Insurance Information Institute: "artisan contractors, also known as casual contractors, includes many occupations that involve skilled work with tools at the customer's premises. Carpenters, plumbers, electricians, roofers and tree surgeons are some of them. Also included are diverse other skilled service providers, such as interior decorators, piano tuners and exterminators." So what type of insurance does an artisan contractor need to protect their business and equipment? Here's what you need to know.
Why you Need Insurance:
If you're not an employee, you may be picking up jobs on your own or working as a subcontractor under a general contractor. Either way, you'll want to be covered if you make a mistake or if your work causes accident or injury. Having your own policy protects you, the general contractor, and the property owner in case something goes wrong.
Types of Insurance Contractors Should Consider:
- Liability: This is the most important type of insurance for a casual contractor, and it may be required by the property owner or general contractor you are working for.
- Property: If you're a casual contractor, your equipment is one of your most important assets. Be sure it's protected and can be replaced if necessary with a commercial property insurance policy.
- Worker's Compensation: If you have employees, you may be required to carry a worker's comp policy.
- Auto: If you drive regularly to complete jobs, it's important to look into a commercial auto policy, even if you use a personal vehicle. If an accident or injury occurs, you may not be covered by your regular auto policy if you were engaged in business activity.
- Inland Marine Insurance: If you regularly transport tools or equipment, this type of policy protects your property while in transit or off site.
- Business Owner's Policy (BOP): If you find that you need multiple coverages, you can save money by purchasing a comprehensive business owner's policy.
The Right Coverage for your Business:
The designation "artisan contractor" applies to a wide variety of skills and services, and each will have different coverage needs. Depending on your situation, you may need additional riders to cover the most important aspects of your business or to protect your livelihood should something go wrong. Work with your insurance agent to put together a package that meets your unique needs.
For all of your business insurance questions, call or contact Executive Insurance & Financial Services today.