Contractors Insurance in Massachusetts

What protections can contractors policies come with?

Contractors policies are broadly useful in construction and the trades, largely because these policies can come with a wealth of protections. Available protections usually include both property coverages and liability coverages.

Property coverages are primarily for protecting the assets that a contractor or their business owns. Some examples of property protections contractors might want are:

• Commercial Building Insurance: Could protect a commercial property that the business owns, such as an office building, garage, or storage facility.
• Commercial Contents Insurance: Could protect assets located at a contractor’s facility, such as construction materials, equipment, and tools.
• Builders Risk Insurance: Could protect construction materials, equipment, and tools when they’re located at a job site. May also cover structures being worked on.
• Inland Marine Insurance: Could protect construction materials, equipment, and tools when they’re being taken to/from job sites.
• Equipment Breakdown Insurance: Could protect against the sudden breakdown of crucial machinery or equipment.

Contractor liability insurance coverages typically protect in situations where someone else might sue. Some examples of liability protections that contractors might need are:

• General Contractor Liability Insurance: May protect against common accidents that lead to injuries or property damage, often covering accidents at a contractor’s location or a job site.
• Commercial Auto Insurance: May protect against auto accidents involving a contractor’s work vehicles, and also insure against other causes of vehicle damage.
• Commercial Umbrella Insurance: May protect against lawsuits that exceed the coverage limits of another, underlying liability insurance protection.

What sorts of work are contractors policies able to cover?

Contractors policies are available for a wide variety of construction and trade work. Policies are readily available for residential construction, commercial construction, renovation and remodeling, and trade services such as electrical, plumbing, gas, roofing, and HVAC work.

An insurance agent who specializes in these policies can help contractors find a policy that’s uniquely tailored to their particular work. 

Can one contractor policy provide coverage for multiple job sites?

Many contractors policies can be set up to cover multiple job sites simultaneously. It’s important to check specific coverage terms, however, as some policies may vary. Contractors who need coverage for multiple job sites can work with a knowledgeable insurance agent to find a policy that’s able to do this.

Are construction bonds included in contractors policies?

Construction bonds and contractors policies are typically obtained separately, even though insurers often underwrite both. An insurance agent who’s familiar with contractors policies should be able to also assist with construction bonds.

How much are the premiums for contractors policies?

The insurance premiums paid by contractors vary, as they’re influenced by many different factors. A contractor’s type of work, scope of projects, number of projects, kinds of vehicles, and equipment are just some of the many details that impact cost.

Working with an independent insurance agent is an easy way to see how much a policy will cost in a specific situation. Independent agents aren’t linked with any one insurance company, so they can obtain customized quotes from several.