Contractor Property Insurance
What is property insurance for contractors?
For a contractor, property insurance protects your business-related buildings, property, and equipment from physical loss. Depending on the nature of your contract or service agreement, your broker can suggest what basic and additional coverage you need to make sure you’re not left with nothing in the event something goes wrong.
An experienced insurance broker can help you decide what you need.
An experienced insurance broker can help you decide what you need when you are requesting a quote. When it comes to property insurance, you really need to consider all aspects of your business. Do you have a physical office? Then you’ll want to protect the contents of that office including the furniture, computers, and anything else of value that stays on the premises.
Do you use special or large equipment? If you do, and it stays on your premises, you’ll need to take that into consideration.
Do you travel with large equipment? Or tools? You’ll need to account for each case with additional floaters. These will ensure you’re able to replace what’s lost and recover any additional rental costs you incur.
And that’s just the beginning. Because no two contractors are the same, no two contractor’s property insurance needs will be the same. Other coverage you might need to consider are:
- Crime coverage
- Accounts Receivable coverage
- Builders risk
Working with an experienced insurance broker is your best way to ensure you have the right property insurance for your situation. If you have any questions about property insurance for contractors, we’d love to hear from you.
