What is Contractors Insurance?
Constructing and working on buildings comes with a lot of responsibility, and that responsibility exposes contractors to various risks. Liability lawsuits, injuries and damaged equipment are just some of the perils that plague contractors in Massachusetts. Getting a robust contractors insurance policy is one of the ways contractors can help protect themselves.
Contractors insurance is a commercial insurance that’s been specifically adapted to help manage the risks faced by contractors. Most contractors policies combine several coverages together so that the policy can offer protection against a range of possible risks.
What Contracting Businesses in Massachusetts Are Contractors Policies For?
Most Massachusetts contracting businesses can benefit from having a contractors policy, and many may be required to get one. Without a policy in place, contractors may have a hard time obtaining permits or finding clients who will hire them.
General contractors almost always need policies, for they’re exposed to great amounts of risk. No matter whether they’re in residential, commercial or mixed-use construction, general contractors undertake major projects that can result in costly lawsuits and other issues if something goes wrong.
Artisan contractors, at least in some cases, may not be exposed to as much risk as general contractors. Nevertheless, plumbers, electricians, carpenters, roofers and even painters can be held responsible for accidents and/or have equipment stolen. Therefore, these and other artisan contractors may still want a policy even if their risk exposure isn’t the same.
In a few cases, artisan contractors who aren’t in the construction industry might still benefit from a contractors policy. Exterminators, interior decorators and other skilled tradespeople should review their particular situation with an informed insurance agent to see whether this is the right type of policy for them.
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