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Contractors Insurance in Rhode Island

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What is contractors insurance?

Working as a contractor in any capacity comes with risks. Equipment can be stolen, workers can be injured, and any number of other things can go wrong. Having good contractors insurance is one way that contractors in Rhode Island can shield themselves from a range of covered risks.

Contractors insurance provides specialized protections for those in construction and the trades. Policies may protect contractors against both liability and property risks.

What Rhode Island businesses need contractor liability insurance?

Most Rhode Island construction businesses and skilled tradespeople should have contractor liability insurance. Not insuring with liability coverage can be disastrous if something happens.

Of course, property coverages for the assets that a business owns are also strongly recommended.

Some specific examples of the different businesses that often get these policies are:

General contractors
Subcontractors
Developers (residential and commercial)
Remodelers (residential and commercial)
Specialists (demolition, marine construction, etc.)
Plumbers, electricians, and HVAC professionals
Carpenters and roofers

While these policies are able to cover a range of contractor work, not every policy is right for every contractor. An insurance agent who knows these policies well can help contractors make sure their chosen policy is right for the particular work they do.

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What insurance protections do contractors policies come with?

Contractors policies can come with a variety of coverages, which is one of the main reasons why they’re able to cover such diverse work in construction and the trades. Most of the coverages are either liability protections or property protections.

Liability protections primarily insure against situations where a business could be sued for another party’s harm. Some liability protections that these policies may come with are:

General Contractor Liability Insurance: Normally insures against routine accidents that result in third-party injuries or property damage. This typically includes accidents occurring at the contractor’s facility, or on worksites. Third parties could be customers, vendors, inspectors, trespassers, or others.
Commercial Auto Insurance: Normally insures a contractor’s trucks, vans, or other work vehicles, usually protecting against accidents and other causes of damage.
Commercial Umbrella Insurance: Normally insures against legal claims and settlements that exceed the limits of other, underlying contractor liability coverages.

Property coverages are mainly for protecting a business’s assets, typically against damage and/or loss. Some examples of property coverages that contractors and trade protections may want include:

Commercial Property Insurance: Might cover a contractor’s office building, garage, storage facilities, or other buildings. Protection often also includes equipment, tools, and materials stored at these locations.
Builders Risk Insurance: Might cover equipment, tools, and materials when they’re at a worksite. Protection sometimes also includes structures that are being built at a site, or other construction-specific risks.
Inland Marine Insurance: Might cover equipment, tools, and materials during their transport to and from worksites.
Equipment Breakdown Insurance: Might cover unexpected breakdowns of crucial equipment, often paying for necessary emergency repairs.

What work can contractors policies cover?

Contractors policies are able to cover many types of construction and trade work. Policies are readily available for new residential construction, new commercial construction, and renovation and remodeling. They’re also available for plumbing, electrical, HVAC, and other trade work.

Are contractor policies able to cover more than one worksite?

Most insurance companies offering these policies have policy options for multiple worksites. An insurance agent specializing in contractors policies can help find a good option that’ll extend coverage to more than one location.

Are construction bonds included in contractors policies?

Construction bonds are typically purchased apart from contractors policies. However, many insurers that provide these policies also offer construction bonds. An agent who’s familiar with contractor policies can likely also be able to assist with bonds.

How can Rhode Island businesses get contractors insurance?

If you need help finding contractors insurance, contact the independent insurance agents at Podmaska Insurance. Our Rhode Island agents will work closely with you to find a contractors policy that’s perfectly tailored to your business’s particular work and coverage needs.

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