When individuals work as contractors, rather than as company employees, their insurance needs can quickly become very different. After all, they don’t have any business insurance protecting them other than what they purchase on their own. Trade contractors, in particular, may need to be careful about ensuring that they are covered by a full range of appropriate insurances. They may not, however, be sure what insurance policies are the most important for their specific business. At Dominick Falcone Agency, we have the years of experience necessary to offer the best package of trade contractor insurance to contractors in Syracuse.
A few types of insurance policies that may be beneficial for trade contractors:
General Liability Insurance: Sometimes, clients sue. Even when the contractor is in the right, they often still need to fight the suit, either in court or in mediation. This means paying legal fees and potentially damages. General liability insurance can help to pay for those costs, which can mount up quickly.
Business Property Insurance: If you have an office or other property that you use for your business, you may need a specific insurance policy to cover the physical building. Even if you run your business out of your home, you should check your homeowner’s policy to make sure damages to any business areas – a workshop, for example – would be covered.
Commercial Vehicle Insurance: If you have a separate vehicle for your business, or if you are frequently driving for work, make sure that your regular auto insurance policy will cover any damages that could happen at work.
Surety Bonds: Depending on the size of your business, you may be bidding on government or municipal contracts. In many cases, these contracts will require you to take out a surety bond.
Worker’s Compensation: While contractors are not eligible for worker’s compensation from an employer, they can often purchase their own worker’s comp policies. If they are injured on the job, this can help them cover medical bills or possibly lost income.
Every trade contractor business in Syracuse is different, and each business has individual needs. Contact Dominick Falcone Agency at 315-422-6128 to learn more about what insurance policies might be right for your business and to get a quote on coverage.