Contractors Insurance in Irving, TX

Running any business comes with a certain amount of risk, but contractors in particular face many potential hazards due to the nature of their work. Contractors must obtain proper insurance coverage to protect themselves and their businesses from costly lawsuits.

Do Contractors Need Liability Insurance?

Some states require construction businesses to have a certain amount of liability insurance. However, even if that wasn’t the case, liability insurance is critical to protecting contractors. Contractors insurance policies are highly customizable but typically include the following coverages:

• General liability insurance may help pay for losses and/or medical bills if the business causes property damage or bodily harm to a third party.
• Errors and omissions insurance may help compensate a third party if professional advice or mistakes results in financial losses.
• Property insurance may help compensate a business if the property is lost or damaged due to a covered incident.
• Umbrella insurance provides extra protection to help cover a claim that exceeds the limits of certain liability policies.
• Commercial auto insurance may help provide coverage for vehicles owned by a business.
• Workers’ compensation insurance may help provide replacement income and medical benefits to employees injured or ill due to a work-related incident.

Are Subcontractors Covered Under Contractors Insurance?

Subcontractors aren’t always covered under a basic contractors insurance policy—typically, only you and your full-time employees are covered. However, it is possible to either extend your contractors insurance policy to cover subcontractors or require every subcontractor you hire to have their own insurance.

How Much Is Contractors Insurance?

The following are a few of the factors that affect the cost of contractors insurance:

• Type of services offered
• Business property and equipment used
• Business income and size
• Types of insurance purchased
• Policy limits and deductibles
• Number of employees

Contractors Insurance Quote in Irving, TX

If you want a quote for contractors insurance, contact HRA Tax Services. We can help ensure you have the coverage you need to work with confidence.