General Liability Insurance: Commercial general liability insurance provides coverage if you cause bodily injury or property damage to someone else, like a client (even when the accident was unintentional). It can also cover personal injuries like libel or slander, or advertising injury and copyright infringement. Additionally, the policy will often extend to product liabilities and completed-operations liabilities, which to contractors are two critical benefits. 

Property Insurance: Whatever commercial property assets you might own, you need to insure against unexpected hazards. Property insurance can cover the physical structure of your business, in addition to covering equipment or other furnishings. Usually, your policy will pay for items if they’re damaged in unexpected hazards like fire, weather, theft, vandalism and more. 

Business Interruption Insurance: If you have to suddenly halt operations due to a problem, this coverage make certain you continue to pay your bills despite the sudden drop in income. 

Commercial Auto Insurance: Contractors travel often, visiting clients’ homes and transporting equipment. What most don’t know is that a personal auto insurance policy is unlikely to cover them if an accident occurs while the vehicle is being used for work. A commercial auto insurance policy is required for businesses by most states. A basic policy includes at least liability coverage, and it can be accentuated with benefits like comprehensive, collision and uninsured/underinsured motorist coverage. 

Builders Risk Coverage: As a contractor, you have to safeguard property under construction. It’s your responsibility until the owner takes possession. Builders risk coverage provides compensation if a building under construction is damaged or destroyed due to fire, wind, hail, theft, vandalism, etc. This coverage can also insure machinery and equipment stored on the property.

Inland Marine Insurance: Your equipment and supplies may not be covered when taken off your property. If you’re moving equipment to and from work locations, you should have inland marine insurance. This covers damage or loss of your equipment while it’s in transit. 

Hired/Non-owned Auto Insurance: Some contractors choose to lease vehicles or hire subcontractors with their own vehicles. Hired and non-owned auto insurance provides coverage to vehicles used for work that are not owned by the business. 

Equipment Breakdown Insurance: Contractors use a lot of tools, equipment and machinery in order to get a job done. While property insurance covers it against outside perils such as fire and hail, machinery breakdown insurance helps replace or repair equipment that has been damaged due to sudden mechanical, electrical or other internal issues. 

Income Protection Insurance: Working independently often means that it’s hard to take time off. If you’re injured or ill and unable to work, income protection insurance will help supplement the income that disappeared because you couldn’t work.