Specialty Contractors: What Insurance Coverage Do They Need? 

Specialty contractors are a crucial pillar of the construction industry, often providing essential services and products to projects. Many professionals and businesses in this sector have particular specialty skills that may make them valuable contributors to many jobs. However, while these well-honed abilities can garner lucrative business opportunities, even the most experienced and diligent specialty contractors must secure appropriate insurance.

Types of Insurance for Specialty Contractors

Specialty contracting businesses come in many forms with varying risks and exposures. Subsequently, your exact coverage needs may be unique. Several types of insurance may be particularly important for those in this subsector. Consider the following:

• Professional liability insurance—As a specialty contractor, your clients and customers likely expect expert-level services delivered on strict timelines. If an error or missed deadline keeps you from fulfilling this expectation, this type of insurance may insulate you from financial fallout, including compensating affected parties and handling legal costs related to possible lawsuits.

• Commercial property insurance—Specialty contractors may rely on unique tools and artisan equipment. Additionally, your company may store valuable inventory for future jobs. If these tangible assets, or other physical property, such as buildings and electronics, are damaged or stolen, your commercial property insurance may help recoup losses.

• Business interruption insurance—Your company may rely on steady jobs or experience seasonal ebbs and flows. Regardless, an unexpected disruption of your ability to provide specialty contracting services could leave you facing significant deficits. Fortunately, business interruption insurance may help manage lost income and other ongoing expenses, helping you get back on your feet with limited financial consequences.

• Equipment breakdown insurance—Given your possible dependence on specialty equipment and machinery, malfunctions and breakdowns can cause extensive delays and impose expensive repercussions. This type of coverage can help manage costs related to repairing or replacing such equipment.

• Inland marine insurance—While commercial property insurance may financially protect your physical assets while they’re at your place of business, its coverage does not extend beyond your property lines. As such, inland marine insurance is typically necessary when storing or transporting property off-site for a job.

Many specialty contractors may also need various general business insurance policies, such as workers’ compensation, commercial auto, general liability and commercial umbrella. A qualified insurance professional can help assess and address your situation and subsequent needs.

We’re Here to Help

Contact Express Insurance Services in Norcross, Georgia, today to learn more or compare personalized quotes for specialty contractors insurance.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.