Speciality Trade Contractor Insurance

Navigating the intricate world of construction as a specialty trade contractor requires more than exceptional skills and craftsmanship. It demands a keen understanding of the risks and liabilities inherent to your specific line of work, making specialty trade contractors insurance essential.  

What Is Specialty Contractor Insurance? 

Specialty contractor insurance is a type of insurance coverage designed to protect contractors who provide specialized services in the construction industry. Because these contractors have unique risks and liabilities associated with their work, specialty contractor insurance is tailored to address their specific needs. 

What Does Trade Contractor Insurance Cover? 

The following are some common types of coverage that trade contractors may wish to consider: 

• General liability insurance may help protect contractors against third-party claims of bodily injury, property damage or personal injury caused during the contractor’s work or operations. It may help cover legal fees, third-party medical expenses, settlements or judgments resulting from such claims.
• Workers’ compensation insurance may help provide benefits to employees who suffer work-related injuries or illnesses. It may cover medical expenses, lost wages, disability benefits and rehabilitation costs. Workers’ compensation insurance may also protect employers from lawsuits filed by injured employees.
• Contractor’s equipment insurance protects contractor-owned equipment and machinery from damage, theft or loss, both on and off the construction site. It may cover tools, heavy machinery, vehicles and other equipment.
• Builders risk insurance may help provide protection for construction projects in progress. It may cover damage to the structure, materials and equipment caused by risks such as fire, vandalism, theft or severe weather.
• Professional liability insurance may help protect contractors who provide professional services or advice. It may cover claims of negligence, errors or omissions in the design, project management or consulting services provided. 

Who Needs Specialty Contractor Insurance? 

 

The following are some examples of professions that typically need specialty contractor insurance: 

• Plumbers
• Electricians
• Roofers
• Heating, ventilation and air conditioning contractors
• Painters
• Carpenters
• Masons
• Landscapers
• Concrete contractors
• Drywall installers
• Framing contractors
• Insulation contractors
• Tile and flooring contractors 

 

It’s important to note that the need for specialty contractor insurance isn’t limited to the above examples. Any contractor who provides specialized services in the construction industry and carries potential risks should consider obtaining appropriate insurance coverage to protect their business, assets and reputation from unforeseen incidents and liabilities. Contact Diamond Insurance Group to discuss coverage options.