Best Small Business Insurance
Best Small Business Insurance
As a general contractor you know that there are risks inherent to your job. Even a well-managed and tidy construction site is full of hazards. From unfinished and uneven surfaces to simple human errors, things can and do go awry. And while you protect yourself with the right gear (hardhats, harnesses, etc), insurance helps protect you and your business.
General liability insurance is designed to respond to incidents involving third-party bodily injury and property damage. In the event that a third party, such as a client, falls victim to circumstances resulting in property damage or bodily injury, general liability insurance provides investigation, defense, and settlement for these claims.
As a business owner, the last thing you should be worrying about is unforeseen costs. You need insurance that’s built to protect so you can focus on growing your business.
General Liability Insurance for contractors by Thimble protects your business when on-the-job incidents end up causing third-party bodily injury or property damage.
3rd Party Bodily Injury
You are working at a client’s property restoring their hardwood floors. When coming to check on your progress, the client steps on a loose floorboard, falls, and sustains an injury.
3rd Party Property Damage
You are installing new cabinets in a client’s home, and while moving materials through the foyer you accidentally knock over and break an expensive antique vase.
Chances are you bring equipment with you on the job, and without specific coverage for it, you’ll be on the hook for replacing your gear if it’s damaged or stolen. Meet Thimble’s Business Equipment Protection: a simple coverage addition that applies to your own belongings, now packaged with monthly general liability coverage arranged by Thimble. With different coverage limit options, you can tailor your insurance to cover exactly the type of equipment you use! And another bonus: this is a blanket coverage for your lower-valued items, which means you do not have to specifically list these items on a schedule. In the insurance world, this coverage is commonly known as “inland marine insurance” (insurance loves to keep it complicated).
Did you know that if your job specifically requires you to handle a client’s property, you’ll need additional coverage?
If that property is determined to be in your care, custody, or control and it suffers damage, you could be held liable. We know what you’re thinking, “doesn’t general liability for contractors cover third-party property damage?” It does, but not of property in your care, custody, or control or property on which you are working. (We know, insurance makes things confusing).
Say you’re mounting a client’s television on the wall, but you accidentally drop it. The big dent you just put in the floor may be covered by general liability on its own, but the broken television may not be!
That’s why we made Customer Property Protection available with all of our general liability products. It’s designed to further protect you on the job, so you can do what you do best. (In technical terms, we’ve removed the exclusion for property damage to property in your care, custody, and control exclusion from our general liability offering—but don’t overthink it).
The cost of your Contractor Insurance coverage depends on a few factors. Things like your zip code, your coverage limit, the size of your team, and the length of your coverage all play a factor in determining the risk that comes with insuring your contracting or construction business.
With Thimble, you don’t have to commit to long, expensive policies, though. You can access flexible Contractor Insurance through the Thimble app and customize your coverage down to the month, day, or hour. Plus, if you need to add Additional Insureds, you can tack them on to your coverage with Thimble at no extra cost.
To get an accurate idea of how much Contractor Insurance would cost you and your business, just click to get a quote in under 60 seconds.
Contractor Insurance from Thimble is customized to meet the needs of contractors like you. We cover the following professions and activities:
As detailed above, contractors should have general liability insurance. In fact, showing proof of insurance is usually required to meet licensing requirements which you’ll need to bid on certain jobs. Although contractor licensing requirements often vary by state, for a general contractor, some common licensing requirements include:
In addition to general liability insurance, contractors can and should look into a few other types of business insurance:
Professional liability insurance – not required for general contractors but highly recommended. While general liability protects against third-party damages, professional liability protects you in the event that a client claims you didn’t do your job correctly and this causes financial damages due to the failure of providing appropriate professional advice.
Workers’ compensation insurance – if you have a team of any size you need workers’ comp coverage. (Texas is the only state in which workers’ comp is not required).
Auto liability insurance – is required for every profession if a vehicle is used. Make sure to talk to your auto policy provider to confirm if you need commercial auto insurance or if your personal auto insurance is sufficient. Even if you do not own the vehicle you use, you may need to purchase hired auto liability or non-owned liability insurance to protect yourself when using vehicles.
Instantly. We’ve digitized the entire experience so that you’ll receive your policy and Certificate of Insurance (COI) in your inbox immediately after purchasing a policy with Thimble. You can also add and modify your Additional Insureds as many times as you’d like.
No, injuries to your crew members are not covered under general liability coverage. This type of coverage only applies to injuries to non-employed third parties. To protect your crew against accidental injury, take out a worker’s compensation policy.
Not yet. Builder’s risk is a type of property insurance that protects against the loss or damage of material or equipment being used for construction. For example, if a building catches fire or sustains wind damage during construction, coverage for this type of loss would fall under the category of builder’s risk insurance.
Builder’s risk insurance is not included in the General Liability insurance for contractors arranged by Thimble.
You can select liability coverage limits of $1 million or $2 million, depending on your needs and the level of risk that you would like to be insured against.
Your Contractor insurance does not cover subcontractors or independent contractors you hire. They will need to have their own general liability coverage. Further, the work of a general contractor who hires you is not covered under your policy. However, either or both of these can be covered for liability arising out of your actions if they are added to your insurance as an Additional Insured.
Handymen + Contractor insurance protects your business from lawsuits, if you or your property accidentally hurts a third party or damages their property.