For many contractors, spring means the start of your busy season. After all, how many
houses are painted or have an air-conditioner installed in the middle of winter?

However, when was the last time you looked over your contractor’s insurance policy? Could your coverage use a little sprucing? If so, take a look at these suggestions from Preferred Mutual about a contractor’s basic insurance needs and see how your current plan compares.


What is a contractor without his or her tools?
And how many projects could you really complete without the use of your equipment? Many
contractors’ policies provide coverage for tools, but make sure that all of your equipment is insured to protect your business in the event of a total loss.


As many contractors know, the building or area that you’re working on is not the only concern
when renovating; you have to be conscious of those structures around your worksite that could be affected by your project as well. Your contractor’s insurance policy should provide coverage in the event that accidental damage is caused to a third party’s property.


Contractors and their employees take many physical risks every day. Climbing ladders, standing on ledges, and crawling under houses all pose threats not only to your well-being, but to the lives of others as well. Make sure your contractor’s insurance policy provides coverage for bodily injury to others. With today’s increasing number of lawsuits, you wouldn’t want to lose the business you worked so hard to build to cover the expenses of a liability case.


While installation floaters are often categorized as an additional option to your basic policy, going without this insurance coverage is a risky choice for a contractor. Just imagine all the accidents that could happen while transporting, carrying, and installing new materials that have yet to be purchased by the customer; who would pay for a broken countertop or heating unit? Installation floaters ensure that your paycheck for a completed project doesn’t turn into a payment for damaged materials that you had to replace.

As the last bit of frozen earth thaws, it can seem that winter just won’t let go. But before the warmer days arrive and your phone begins ringing non-stop with new clients and projects, take the time to review your current policy. Then call your Preferred Mutual agent to learn about all the ways we can protect your contractor’s business.

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