Did you know that the commercial construction insurance industry in the United States is worth almost $1.5 billion?

Since there are so many contingencies to consider, getting all the necessary types of construction insurance is important. Even missing a single required coverage type could get you into legal trouble. One worth considering is known as contractors’ insurance.

However, it’s worth noting that this type isn’t comprehensive. Are you wondering if you can avoid getting more coverage? Keep reading to learn all about what contractors’ insurance doesn’t cover.

Workers’ Compensation Insurance

While contractors’ all-risk insurance comes with essential coverage, it’s by no means all-encompassing. For instance, many states require you to have some kind of workers’ compensation.

If any of your employees get injured on the job and can’t work for some amount of time, this insurance can protect them. In addition to covering the loss of earnings while they heal from an injury, it can also cover the cost of medical bills. The exact details will depend on the plan you choose.

Tools and Equipment Insurance

Yet another aspect that CAR insurance doesn’t include is protection for your tools and equipment. On a construction site, these things can get damaged or even stolen.

Since equipment can end up being quite expensive, you’ll rest easy knowing that you have this type of coverage. While it’s not always required, it can save you in a pinch.

Commercial General Liability Insurance

Although tools and equipment insurance can protect your own property, you’ll need commercial general liability insurance to protect other people’s property while on a job site. For instance, if you accidentally damage a client’s home, this type of coverage will kick in on your behalf.

Keep in mind that this is another coverage aspect that doesn’t come with your contractors’ insurance.

Commercial Auto Insurance

Aside from tools and equipment, you also have your vehicles to worry about. All it takes is a single accident for an essential vehicle in your fleet to get totaled.

Without proper insurance, you could be forced to deal with thousands of dollars in losses. Aside from a car crash, this insurance also comes in handy in the event of theft, vandalism, or inclement weather.

This type of insurance is often required in many states, so be sure to familiarize yourself with your local laws.

Are You Ready to Get Contractors’ Insurance?

Now that you’ve learned what contractors’ insurance doesn’t cover, you can ensure you get any additional insurance you need. That way, you can protect yourself and your employees across the board.

Whether you’re a plumber, an electrician, a roofer, or another type of tradesman, we can give you all the coverage you need. Aside from contractors’ insurance, we can also provide workers’ compensation, general liability, auto, and more.

Do you have questions, or would you like a free quote? Don’t hesitate to reach out to us. We look forward to being of service.

Top Contractors Insurance Services is a full-service contractor insurance agency handling workers’ compensation, general liability, construction bonds, and auto quotes.