Contractor Insurance in Maine
Allen/Freeman/McDonnell Agency
Contractor insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Contractor insurance is specialized commercial insurance for those in the construction or related industries. Policies can usually be adjusted to suit a specific contractor’s needs.
These include home builders, remodelers, electricians, carpenters, plumbers and HVAC techs. In some situations, exterminators, interior decorators and other businesses might also want this insurance.
General Liability Insurance
Contractor Liability Insurance
Contractor Equipment Insurance
What is contractor insurance?
Maine businesses that are in construction or the trades face multiple property and liability risks, ranging from equipment damage to devastating injuries. Contractor insurance can help these businesses protect themselves from many of the risks they face.
Contractor insurance is specialized commercial insurance for those in the construction or related industries. Policies can usually be adjusted to suit a specific contractor’s needs.
What businesses in Maine should purchase a contractor policy?
Most Maine businesses that are in construction or the trades should have a contractor policy. These include home builders, remodelers, electricians, carpenters, plumbers and HVAC techs. In some situations, exterminators, interior decorators and other businesses generally also want this insurance.
Sometimes businesses generally find that they can’t land certain jobs without a contractor policy in place. Some commercial and government customers will only hire crews that are properly insured.
What coverages are available to businesses through contractor policies?
Contractor policies are most often adjusted by choosing the coverages that they provide, and there are several coverages that policies typically offer. Policies frequently make the following available:
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- General Liability Insurance: Generally cover common accidents resulting in injuries or damage to third parties
- Contractor Liability Insurance: Generally cover contractors’ errors that negatively affect a customer
- Contractor Equipment Insurance: Generally cover large and/or specialized equipment against damage and loss
- Equipment Leased/Rented From Others Insurance: Generally cover leased, rented or borrowed equipment against damage and loss
- Inland Marine Insurance: Generally cover equipment against damage and loss as it’s moved between locations
- Commercial Auto Insurance: Generally cover company-owned vehicles, possibly including trucks, vans and other autos
There are still more coverages that policies can offer. An insurance agent who specializes in contractor liability insurance and other coverages can review all of the protections that are available.
Do construction and contracting businesses need workers compensation insurance?
Contractors that have traditional employees normally are required by state law to carry workers compensation insurance, and the insurance generally also be needed when subcontractors are used. Workers compensation primarily protects against covered workplace injuries, which are common in these fields.
Workers compensation is more often purchased on its own than within a contractor policy, however. An insurance agent who assists with contractor liability insurance and other coverages can likely also help with workers compensation.
How much are premiums for contractor policies?
Premiums for contractor policies are based on many factors, often including a business’s scope of work, location and region served, size of projects, past claims history and other items. Because so much can affect premiums, the cost of policies can vary.
The easiest way to find out how much insurance will cost in a specific situation is to compare quotes with a knowledgeable independent insurance agent. Independent agents don’t have to be loyal to any one insurance company, so they’re able to show the best available quotes regardless of what insurer offers them. Comparing a few customized quotes allows businesses to quickly determine how much their insurance will cost.
How can Maine businesses get contractor insurance?
For help insuring a construction or trade business that’s located in Maine, contact the independent insurance agents at Allen/Freeman/McDonnell Agency. Our agents have helped many contractors in the state, and we’ll work closely with you to find contractor insurance that offers robust protection for your business.
