Whether you are giving estimates, hauling heavy equipment, cleaning up a job site, or overseeing a construction site, each day is unique in the life of a contractor. Of course, there are plenty of risks involved in the work you do, many of which are exclusive to your industry. Whether you are a commercial builder, an HVAC installer, an electrician, or some other type of contractor, be sure to counter your risks with quality, comprehensive contractors insurance coverage.
At Krog Insurance, we know you have plenty to worry about each day. The last thing you should be concerned with is whether you are adequately protected against loss. As an independent insurance agency, our goal is to customize contractors insurance coverage to meet your needs and show you ways you can better protect yourself while also reducing your insurance costs. We shop and compare insurance from multiple Minnesota carriers to provide competitive pricing for the coverage you need.
We provide coverage for most types of contractors, including but not limited to:
- General contractors
- Plumbers
- Electricians
- Painters
- Landscapers
- Carpenters
- Cleaning services
- Pool maintenance services
- HVAC contractors
- And more
Contractor Risks
Today it could be an injured worker, and tomorrow it could be a stolen work truck. When you work as a contractor, one thing is certain: there will be occasional setbacks. That is why you need coverage that keeps up with your daily exposures and will grow with you into the future. Have you considered how you would pay for all new heavy equipment if yours is stolen from a job site? What would you do if you were sued for a client’s injuries? With the help of Krog Insurance, you can rest assured your business is well protected against these types of risks and loss.
Types of Contractors Insurance
Commercial insurance is usually comprised of several types of coverage, each of which covers different types of loss and risk. The same is true for contractors, who typically need more diverse coverage than a typical retailer or other small business. Although your exact coverage needs will be unique to your specific industry, your contractors insurance could include coverage for:
General Liability
In today’s litigious society, you could be sued for nearly anything. Even if you win your defense, there are still legal fees and court costs to pay. General liability insurance helps protect your business against expensive litigation by covering your defense costs and any judgments for third-party injuries and losses up to the limits of your policy.
Workers Compensation
Minnesota requires employers to purchase workers compensation insurance. This coverage not only provides wage and medical benefits to employees who are injured on the job, but it can also help safeguard your business against lawsuits due to workplace injuries. Considering the hazards surrounding many job sites, it is important to purchase workers compensation for each of your employees before letting them start work.
Commercial Property
Some things, such as fires, theft, and high winds, are simply outside of your control. Commercial property insurance helps protect your business against losses due to these types of events. It can cover the structure of your workshop or office, as well as your signage, supplies, equipment, and more. Ultimately, you will probably pay a deductible for any claims you make, but it could pale in comparison to how much it would cost you to rebuild out-of-pocket after a loss event.
Commercial Vehicle
From pickups to dump trucks and everything in between, your commercial vehicles are at risk both on and off the road. Commercial vehicle insurance can protect the value of your trucks and take care of accident liability protection, too.
Employee Dishonesty
You may trust your crew to do their job honestly, but you never know when one of your workers could have ill-intentions. Employee theft is a real threat – especially when your clients entrust you to work in and around their homes or businesses. Employee dishonesty insurance covers your financial responsibility as the owner of your business when employees engage in fraudulent or corrupt behavior.
Professional Liability
Even the most seasoned and experienced contractors make mistakes from time to time. If you make a professional error or cause a client’s loss due to a faulty repair or installation, professional liability insurance can help pay for the damages.
Tools and Equipment
Your tools and heavy equipment undergo plenty of wear and tear in their everyday use. You likely could not do business without them, but replacing them after an unexpected loss could cost thousands of dollars. Be sure to protect your tools and heavy equipment with insurance that safeguards your assets at the job site, in storage, and while they are in transit.
Builders Risk
Some contractors, such as builders, take on long-term projects. During the project phase, you risk losing all of your hard work to things like high winds and vandalism, forcing you to start again. Builders risk insurance helps you prepare for these setbacks, covering the cost of your loss and reducing your out-of-pocket expenses.
Excess Liability (Umbrella)
While primary liability insurance is designed to cover you against lawsuits, sometimes judgments and legal costs exceed those limits. Instead of being responsible for paying for those excess damages yourself, consider purchasing umbrella insurance to take care of the additional damages. A typical commercial umbrella policy extends coverage by millions of dollars, significantly reducing your risk of a devastating loss.
Contractors Insurance in St. Paul and Virginia, Minnesota
At Krog Insurance, we help provide complete coverage solutions for contractors in Virginia, Minnesota and the greater St. Paul area. Whether you work alone or oversee an entire team, we can customize your coverage to meet your unique needs. For more information about how an independent agent can help you save money on contractors insurance, contact our office to schedule a consultation and request your free quotes. We look forward to serving you soon.
