Do artisan contractors need insurance?
Yes, commercial insurance can help protect you whether you’re a business owner or a self-employed artisan contractor. Your needs may change from project to project, but insurance is always a must.
Artisan contractors typically work under the supervision of a general contractor on commercial or residential construction projects. The nature of an artisan’s work is highly specialized, which can make it interesting to find the right coverage.
What type of insurance do artisans need?
The laws and requirements can be different depending on which state you live in, which is why you need to make sure you have the right amount of insurance. Below are some of the insurance policies artisan contractors should consider. But, the best way to be sure is to fill out a simple application and have the insurance experts do the work for you.
Liability insurance for artisan contractors
General liability insurance is one of the most important coverages for artisans to consider, because you’re always interacting with clients and client property. If someone gets hurt, or something gets damaged as a result of your operations, this policy will help.
General liability coverage highlights:
- Bodily injury. Example: A client trips over some of your equipment and breaks a wrist. Or you’re doing some work up high and a paint bucket falls on someone below.
- Property damage. Example: You, or someone who works for you, scrapes a client’s hardwood floors with some tools and ruins them.
- Legal defenses and settlements (including lawyer’s fees, punitive damages, and court expenses) in the event of a lawsuit.
- Personal / advertising injury. Example: You complain about a client in one of your Facebook posts, and they end up suing you.
Artisan contractor’s workers’ compensation
Many general contractors won’t even consider an artisan contractor for the job unless they have their own workers’ comp coverage. Workers’ compensation will help if you (or someone who works for you) gets hurt or sick on the job.
Learn more about subcontractor insurance requirements.
Workers’ comp benefits include:
- Medical costs incurred due to illness or injury
- Return to work and recovery services
- Reimbursement for lost wages
- Employer’s liability coverage (which covers lawsuits in the event of employer’s gross negligence)
Business owner’s policy
You might qualify for a business owner’s policy, or contractor package policy. It combines liability insurance, property insurance, and business interruption together. The benefit is that the cost is usually less than the price of each coverage if you bought them separately.
Fill out a form to see if you qualify.
What other types of insurance might artisans need?
- Business property insurance: If your equipment is expensive, you can protect it with commercial property insurance. It’ll also cover your business premises. Note: If you stow your work gear at home, keep in mind that your homeowners policy typically only covers up to $500 in damages.
- Inland marine insurance: Also known as tools and equipment insurance, or a floater, this insurance covers things like equipment and machinery that you own while in transit. It’ll cover property like power tools and hand tools, or parts that you transport, install, and test at client property (such as conditioning units or wallpaper).
- Business auto insurance: You’ll need to get a business auto policy to cover any vans, cars, trucks, or service vehicles owned by your business.
- Umbrella Insurance: Each liability policy you carry (General Liability, Commercial Auto, and Employers Liability) has coverage limits. Umbrella liability insurance is a policy that’s used to increase the liability limits of those risks under one policy to protect your business for claims that exceed your primary policy limits. You may not be able to prevent many of the unforeseen events that can impact your business, but you can definitely protect yourself from them with a policy like this.
How much is artisan contractor insurance?
That will all depend on your specialty and what types of things you want to cover.
A small artisan contractor might pay as little $40 a month for a general liability insurance policy. The best way to know for sure is to fill out a simple form for the coverages you’re interested in, and we’ll find you the best quote.
We can save you money.
Finding affordable artisan contractor insurance can definitely be tough these days. That’s why we’ve partnered with top insurance providers to find you the most affordable rates for your specialty. Just get a quote and we’ll find you the best coverage at the right price.