The construction industry is inherently risky. At Balch Insurance, we understand the unique challenges faced by Wisconsin contractors. We offer a range of insurance solutions tailored to protect your business and your bottom line.
Core Coverages for Most Contractors
Most contractors, regardless of their specialty, require the following core insurance coverages:
- General Liability Insurance: This essential policy protects your business from claims of bodily injury or property damage caused by your operations.
- Workers’ Compensation Insurance: This mandatory coverage protects your employees in case of work-related injuries or illnesses.
- Commercial Auto Insurance: If you use vehicles for business purposes, this coverage is essential to protect against accidents and property damage.
This core coverage applies to contractors including:
- General contractors
- Drywall contractors
- HVAC contractors
- Plumbing contractors
- Electrical contractors
- Landscaping contractors
- Roofing contractors
- Carpenters
- Masons
- Painters
- Tile installers
- Fence contractors
Specialized Coverages for Specific Trades
While the core coverages are essential for most contractors, certain trades may require additional protection.
- Builder’s Risk Insurance: This coverage protects the structure of a building under construction against perils such as fire, theft, and vandalism. Applicable to general contractors and some specialty contractors like framers and roofers.
- Equipment Breakdown Insurance: This policy covers the cost of repairing or replacing equipment that unexpectedly breaks down. Applicable to contractors who rely heavily on machinery, such as HVAC, plumbing, and electrical contractors.
- Inland Marine Insurance: This coverage protects your equipment and tools while they are in transit or stored off-site. Applicable to contractors who transport equipment frequently, such as landscaping, roofing, and carpentry contractors.
- Professional Liability Insurance (Errors and Omissions): This policy protects you from claims alleging errors or omissions in your professional services. Applicable to contractors who provide design or consulting services, such as general contractors, electricians, and HVAC contractors.
Additional Considerations
- Commercial Property Insurance: While not always required, this coverage protects your business property, such as tools, equipment, and office furniture, from losses due to fire, theft, or other covered perils.
- Commercial Umbrella Insurance: This policy provides extra liability protection beyond your primary policies.
- Cyber Liability Insurance: While less common in the construction industry, this coverage can protect your business from data breaches and cyberattacks.
Discounts and Savings
At Balch Insurance, we believe in rewarding our customers. You may qualify for various discounts, including:
- Bundling Discounts: Save by combining multiple policies.
- Safety Discounts: Implement safety programs to reduce premiums.
- Loss Prevention Discounts: Take steps to prevent claims.
- Payment Plan Discounts: Pay your premium upfront to save.
Every contractor’s insurance needs are unique. The best way to determine the right coverage for your business is to contact Balch Insurance for a personalized quote. Our experienced agents will work with you to assess your risks and develop a comprehensive insurance plan.
