Best Business Insurance for Contractors in 2024 (Top 10 Companies)
The best business insurance for contractors is available through State Farm, USAA, and Progressive with competitive rates and discounts up to 17%. These top providers excel by tailoring policies to contractor needs, ensuring comprehensive coverage, superior customer service, and exceptional value.
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
UPDATED: Jun 6, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Jun 6, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Company Facts
Full Coverage for Contractors
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Full Coverage for Contractors
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Full Coverage for Contractors
A.M. Best Rating
Complaint Level
Pros & Cons
Enter your ZIP code above to get started on comparing business insurance quotes.
Comprehensive Coverage for Contractors: Essential Business Insurance Protection
Laura Walker Former Licensed Agent
Commercial property insurance safeguards tools, equipment, and buildings from risks like fire, theft, and vandalism. Commercial auto insurance is necessary for contractors using vehicles, covering accidents and damages involving their vehicles.
Business Insurance Monthly Rates for Contractors by Coverage Level & Provider
Insurance Company | Minimum Coverage | Full Coverage |
---|---|---|
Allstate | $590 | $970 |
Chubb | $610 | $930 |
Farmers | $590 | $980 |
Liberty Mutual | $600 | $910 |
Nationwide | $600 | $990 |
Progressive | $560 | $920 |
State Farm | $580 | $950 |
The Hartford | $580 | $960 |
Travelers | $570 | $940 |
USAA | $600 | $980 |
This summary outlines monthly insurance rates tailored for contractors, varying by coverage levels, offered by prominent insurance providers. Coverage spans from minimum protection to full coverage, with rates ranging from $560 to $610 for minimum coverage and $910 to $990 for full coverage.
These rates are indicative of the competitive landscape in the contractor insurance market, with each provider offering different pricing structures and levels of protection to cater to contractors’ diverse needs.
Seamless Acquisition: Steps to Obtain Business Insurance for Contractors
Safeguarding Your Assets: Contractor Insurance for Protecting Property
Supporting Your Team: Contractor Insurance for Employee Protection
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Case Studies: Business Insurance for Contractors in Action
Business insurance is crucial for contractors as it provides a safety net against unforeseen events that can severely impact operations and finances. Here, we explore four case studies that illustrate the protective power of various types of contractor insurance.
- Case Study 1 – Liability Insurance in Action: Michael, a general contractor working on commercial construction, faced a lawsuit when a subcontractor damaged a neighboring business property. Michael’s general liability insurance covered the property damage and business interruption claims, safeguarding his business financially from the lawsuit.
- Case Study 2 – Compensation Insurance at Work: A worker at Sarah’s construction firm fell from scaffolding and sustained severe injuries. Her workers’ compensation insurance covered the worker’s medical expenses and lost wages, preventing financial strain on her business. Explore our article titled “What is Worker’s compensation?” for additional insights.
- Case Study 3 – Property Insurance Recovery: Daniel’s electrical services business was hit by a fire that damaged his office and equipment. His commercial property insurance policy covered the cost of repairs and replacement of the equipment, allowing his business to resume operations with minimal downtime.
- Case Study 4 – Auto Insurance Protection: Olivia’s contracting company relied on a fleet of vehicles, one of which was involved in a rear-end collision. The commercial auto insurance handled the damages to the vehicle and the medical costs of the injured parties, ensuring the company’s operations continued smoothly without out-of-pocket expenses.
These case studies highlight the indispensable role of business insurance in safeguarding contractors from various risks.
Brad Larson Licensed Insurance Agent
By investing in the right insurance policies, contractors can ensure that they are prepared for any challenges that may arise, thereby securing their operations and supporting their teams.
Summary: Ensuring Security and Stability – The Significance of Business Insurance for Contractors
Frequently Asked Questions
Is business insurance mandatory for contractors?
While business insurance requirements can vary based on local regulations and contractual agreements, having insurance is highly recommended for contractors. It serves as a crucial safeguard against potential liabilities, protecting both the contractor’s business and clients.
Check out our comprehensive guide titled “Liability Insurance: A Complete Guide” for further details.
Can I customize my contractor insurance policy with additional coverage options?
Yes, many insurance providers allow contractors to customize their insurance policies by adding additional coverage options tailored to their specific needs. Consulting with an insurance agent or broker can help ensure comprehensive protection based on individual requirements.
Don’t overpay for your commercial insurance – enter your ZIP code below to find the cheapest rates possible.
Are subcontractors covered under my contractor insurance policy?
Coverage for subcontractors depends on the specific policy and its terms. Some contractor insurance policies may include coverage for subcontractors, while others may require subcontractors to carry their own insurance. It’s essential to review policy details or consult with the insurance provider for clarity.
Can self-employed contractors obtain business insurance?
Absolutely. Self-employed contractors should obtain business insurance to protect themselves and their businesses from potential risks and liabilities. Even without employees, insurance can provide coverage for property, equipment, and potential legal claims.
What should I do in case of an accident or claim?
What is contractor insurance?
Contractors insurance provides comprehensive protection for businesses against risks associated with construction and contracting work, such as accidents, injuries, theft, and lawsuits.
Who needs contractor insurance?
All professionals in the construction and contracting industry, including general contractors, specialized trades, and even handypersons, should have contractor insurance to protect against potential liabilities.
How much does contractor insurance cost?
Costs vary based on risk, coverage, and location. Liberty Mutual offers competitive rates with customizable policies, potentially reducing costs significantly.
For further details, refer to our query: titled “How does Liberty Mutual handle claims involving hit-and-run accidents?“
What does contractor insurance cover?
Coverage typically includes general liability, commercial property, vehicle use, and workers’ compensation. For instance, State Farm offers extensive discounts and a range of policies suited for various contractor needs.
Does a handyperson need contractor insurance?
Absolutely. It’s essential for protecting against potential risks and ensuring compliance with local laws. The Hartford, known for deductible reductions, can make it affordable for handypersons to get covered.
Get commercial insurance that doesn’t break your budget by using our free comparison tool below.
Compare The Best Insurance Quotes In The Country
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.