What is contractors insurance?
Contractors are all too familiar with the risks that working in construction or the trades brings. From property theft to auto accidents, a myriad of things can happen that result in direct losses. Contractors insurance won’t prevent anything from happening, but it can help contractors in Massachusetts mitigate their losses in the event of a covered incident.
Contractors insurance gives construction businesses tailor-made coverages designed for their needs. Policies typically come with a mixture of property and liability coverages.
What types of Massachusetts businesses get contractors policies?
Contractors policies can help protect most businesses in the construction or trades. Almost all of these businesses should have a policy, as not insuring can be costly if something happens.
These policies are frequently used by many different people and businesses in the construction or trades. Some examples of who uses these policies include:
- General contractors and subcontractors (independent contractors)
- Residential developers and builders
- Commercial developers and builders
- Renovators and remodelers
- Demolition crews
- Marine construction specialists
- Trade professionals (e.g. roofers, HVAC, plumbers, electricians)
- Landscapers taking on large projects
While there are generally contractors policies available for all of these professions, not all contractors policies are suitable for all types of construction or trade work. An insurance agent specializing in contractors liability insurance and contractors property insurance can help find a policy that’s well-suited for a particular type of work.