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Contractors Insurance in Rolling Meadows, IL

Whether your contracting business is small or large, having the appropriate business insurance is crucial in effectively managing the specific risks your company may face. To discover more about contractors insurance coverage and receive a tailored insurance quote for your business, reach out to V Financial Insurance Group in Rolling Meadows, IL.

What Is Contractors Insurance?

Contractors insurance can help cover financial losses from property damage, liability lawsuits and more. There isn’t one stand-alone contractors insurance policy that you can purchase. Instead, contractors insurance is a term used to refer to the various types of commercial insurance policies a contractor or construction business may need.

What Insurance Do Contractors Need?

Your contractors insurance portfolio could include several types of business insurance. Depending on the size and sector of your business, you might benefit from the following insurance coverages:

Commercial auto insurance coverage can help cover expenses related to accidents involving business-owned vehicles. State requirements may mandate you purchase minimum amounts of coverage (e.g., liability insurance to help pay for third party bodily injuries or property damage) for your business-owned vehicles and other coverages are typically available (e.g., collision insurance and comprehensive insurance). Hired and non-owned auto (HNOA) insurance may also be secured to provide liability coverage for personal, leased or rented vehicles your business uses.

  • Commercial property insurance coverage can help pay for damage to your company’s property (e.g., furniture, building and other structures) if a covered peril damages them.
  • Liability insurance coverage can help pay for costs associated with allegations that your business caused third-party injuries or property damage. Several types of liability insurance policies may be available, including the following:
  • Commercial general liability insurance
    • Contractors liability insurance
    • Cyber liability insurance
    • Completed operations liability insurance
    • Professional liability insurance
    • Products liability insurance
    • Pollution liability insurance
  • Inland marine insurance coverage can help reimburse you for property damage that occurs while your business property is in transport or at a job site.
  • Workers’ compensation insurance coverage can help cover costs (e.g., medical bills and wage replacement) if your employees experience work-related injuries or illnesses.
  • Builder’s risk insurance coverage can help reimburse you for damage caused by a covered peril during construction or renovation. It may cover the building under construction and building materials at the job site, in transit or stored off-site.

Additional contractor’s insurance coverages may be available. You may also be able to tailor these policies to fit your business needs. Contact V Financial Insurance Group to learn how contractors insurance can cover your business.

How to Get Contractors Insurance

Whether you’re an independent contractor or a construction company, V Financial Insurance Group is here to help you get the necessary insurance solutions. We can help ensure you’re adequately bonded and insured for your jobs. Contact us today to learn more about our contractors insurance policies.