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BEYOND THE BASICS: A CONTRACTOR'S GUIDE TO COMPREHENSIVE PROTECTION

Updated: Apr 13


cartoon construction worker like a superhero

Seeing projects through from beginning to end is hard work, but delegation is a fact of any contractor’s life. When it comes to insurance and bonding, those are definitely services you’ll need to get from the outside.


Even when your back’s against the wall, a secure insurance policy can make a way out. With that kind of stability your company can handle what comes. Whether you’re facing the weight of a liability lawsuit, damaged reputation, or reimbursement for pain, suffering, and lost wages, these needn’t be a crushing burden.


Closing the Gaps


When looking to protect your contracting business, there’s a policy trifecta that’s always recommended: liability, workers’ compensation, and business owner’s. These are the building blocks of a comprehensive approach, but since they trend toward general, the possibility of coverage gaps remains. That’s where nuanced layers of protection step up to guard against individualized risk. Here’s a smattering of policy potentials:

  • Commercial Auto

  • Commercial Property

  • Computer and Funds Transfer Fraud

  • Cyber

  • Electronic Data Liability

  • Employee Dishonesty

  • Employment Practices Liability

  • Equipment Breakdown

  • Business Interruption

  • Professional Liability

  • Property on the Move (Inland Marine)

  • Umbrella Coverage

  • Subcontractor Trades

Given that list of liabilities you’ll likely need time to process data and make decisions. So while hours are at a premium, get with someone who knows the ins and outs—they’ll make the best use of the time you have to give. Investigate policy options, iron out worries, and delegate some heavy stuff. Make an executive decision to put risk in its place.


The Ring of Three


While you’re busy investigating coverage options, you’re also juggling every kind of code, ordinance, licensing requirement, statute, court order, contract, and beyond. That’s an impressive range of exposure. But performance (surety) bonds' reach is even broader.


An insurance of sorts, but a thing all their own, bonds guarantee that if a situation falls apart and client expectations aren’t met, the ax they’re grinding won’t do you in. Should they come down on your business, you’ll have stable financial backing in place.


Licensed, bonded, insured: the ring of those three inspires confidence and all-around peace of mind. Providing a framework to keep you in the game, bonds keep your business alive, come what may. The fundamental and sometimes urgent need for this specialized protection makes deadlines and turnarounds all-important—be sure your insurance company can meet that challenge.


Not sure if your business would benefit from (or requires) bonding? There’s an easy way to find out—get in touch and ask away. Already know what you need? Do the same. The value of candid communication cannot be overstated.


U Got 2 B Comprehensive


Before you get lost in deadlines and details, take a moment to reflect on how much you’ve accomplished already this year. There’s a lot to be proud of, and there’s always room to grow. But along with growth comes new and unanticipated exposure to risk. With so much at stake, tailored protection is more critical than ever.



Ask yourself: Have I done all I can to protect my hard work? For a contractor, work and well-being are deeply interwoven. You can’t risk one without the other, and the same holds true for protection. So make time to have an honest chat about safeguarding your life’s work. With an ally in place, you'll be ready for a strong, safe next season—and beyond.

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This blog post does not provide insurance advice and is intended for information purposes only. It is not a substitute for professional insurance advice from a licensed representative. Never ignore professional insurance advice because of something you have read in this blog post. Contact your licensed representative if you have any questions about your insurance policy.

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