As a contractor, you keep things working the way they are supposed to. At Luxor Insurance, we spend our time helping you continue working the way you are supposed to by protecting your business against the risks and hazards that are unique to your industry. We know that the jobs you are hired for come with big responsibility. Our goal is to reduce the impact of setbacks and mishaps so that you can focus on your projects even when things don’t go as planned.
As an independent insurance agency, we provide diverse commercial insurance solutions under one roof. That means you can shop and compare different contractors insurance types to build a coverage plan that is right for you and your budget. We also work closely with you to assess your actual coverage needs based on the type of work you do, the size of your business, and your plans for growth in the future.
We offer insurance for several different types of contractors, some of which include:
- Electricians
- Plumbers
- Carpenters
- Landscapers
- Janitorial workers
- Painters
- Construction workers
- Pool servicers
- General contractors
- HVAC installation, repair, and maintenance workers
- And more
Contractor Risks
You take on new and different risks every day you are in business. You never know when your expensive equipment could be stolen, you could wreck your work truck, or you could be served with a lawsuit for damages or injuries you caused a customer. For example, imagine bidding on and winning a project installing a playground at a local elementary school. Your team accidentally leaves the construction site unlocked, and a child injures himself while exploring the site. You are sued for the child’s medical bills, which total $15,000. Could you afford to pay the damages in addition to your legal defense costs?
While it may seem unlikely, there is a very real possibility that you could encounter a similar scenario while working as a contractor. Make sure you are prepared for the worst with comprehensive commercial contractors insurance from Luxor Insurance.
Types of Contractors Insurance
There is no such thing as ‘business as usual’ when it comes to contract work. Perhaps that’s why typical business insurance just doesn’t hold a candle to the needs of a typical contractor. Not to mention, if you work in a specialty field, such as electrical or HVAC servicing, you may need different coverage than someone working as a handyman or general contractor. Our job is to determine what those coverages are so you are well protected against the unexpected. Although your specific coverage needs will be unique to your business, your coverage may include:
General Liability Insurance
General liability insurance safeguards you against financial responsibility if you are sued for a third-party’s injuries or property loss. This could include accidents that happen at your office or damages you cause to a customer’s property on the job site. With general liability protection, you’ll be covered for things like legal expenses and judgments up to the limits of your policy.
Workers Compensation Insurance
Workers compensation insurance is necessary if you have one or more people working for you as employees (not sub-contractors). This coverage helps pay for workplace injuries by compensating the employee for lost wages and medical expenses. It works on a no-fault system, meaning the coverage pays benefits regardless of who is responsible for the incident.
Commercial Property Insurance
If your office or garage is destroyed in an overnight fire, everything inside it will be lost, too. Commercial property insurance can help reimburse you for the loss or damage to your place of business, your signage, and the equipment and supplies inside.
Commercial Vehicle Insurance
Contractors drive all kinds of vehicles, from pick-ups and tow trucks to dump trucks and more. If you own or operate a vehicle for business purposes, you may need commercial vehicle insurance to protect your vehicle against damages and also shield your business against accident-related liability.
Employee Dishonesty Coverage
You do your best to hire honest, hard-working employees, but what happens if one of your HVAC workers steals jewelry from a client’s home or one of your overnight janitors takes cash from the register at a commercial office? Make sure you are protected against the financial liability with employee dishonesty coverage.
Professional Liability
When you are hired to perform a job or carry out a task, your customers expect it to be completed correctly. A faulty pipe installation, for example, could lead to water damage in a client’s home – damages for which you could be held responsible. Professional liability coverage helps protect you against financial liability when you cause an injury or loss due to a professional error.
Tools and Equipment
You probably own or transport a lot of expensive equipment in the course of your business. Protect your forklifts, loaders, dozers, and more against accidents, theft, and loss with coverage that protects your equipment on the job site and in transit.
Builders Risk Coverage
If you work on long-term projects, such as building new homes, you have greater risk exposures than someone who provides one-time services. If a storm blows through and destroys a month’s worth of work you’ve put in on a project, builders risk coverage can help compensate you for the loss.
Excess Liability (Umbrella) Insurance
If you are sued, your primary liability insurance will pay for damages first. If you exhaust all of the coverage in that policy, you may need to rely on your commercial umbrella insurance to cover any excess damages or else pay for the losses out-of-pocket. Umbrella insurance can provide millions of dollars in extended liability protection – all at a reasonable and affordable price.
Contractors Insurance in Indianapolis
If you provide contract work in Indiana, be sure to protect yourself with customized contractors insurance from Luxor Insurance. To find out more about how an independent agent can help you better protect your income and assets against potential loss, contact our office to request your free quotes today. We look forward to serving you soon.
