General Liability Insurance This is the most common and most required coverage needed for contractors. Since the risk is high that someone will file a lawsuit against you claiming to have been harmed by your work, you will almost certainly need liability insurance.
Included in your General Liability you may want include Owners and Contractors Protective Liability Coverage (OCP). This coverage protects either a property/business owner or a general contractor from possible liability arising from the negligent acts of an independent contractor or subcontractor hired to perform work on behalf of the insured. The actual purchaser of the policy is the independent contractor or subcontractor, but the protection is for the benefit of the property/business owner or general contractor for whom the work is being done.
Property
You may need property insurance to cover the real property your company owns and the personal property used in the business, such as office furnishings and computers. Your biggest personal property loss exposures, however, may involve valuable machinery and equipment that moves around from job to job and is not covered by standard property insurance. Such movable property is insured by contracts insurers call "floaters." An installer’s floater covers all kinds of machinery and equipment during transit, installation and testing at the purchaser’s premises..
A contractor’s equipment floater insures any type of movable equipment not meant to move on public highways. This includes such things as cranes, cement mixers, engines or power drills. A tools and equipment floater covers the insured property, wherever it is used, and may include such items as hand tools, power drills, hoisting machines and power pumps.
Ask about other construction/contractor related coverage:
Builders Risk, Workers Comp, Bonds and Commercial Auto
