General Contractor Insurance in Delaware
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Why do Delaware general contractors need insurance?
Construction sites can be dangerous places to work. A simple incident could result in a large risk for your small company regardless of whether you are working on residential or commercial construction projects. Insurance for contractors in Delaware safeguards your business from accidents, delays or other issues.
Contractor insurance is shorthand for the different types of coverage that a general contractor may consider, such as:
- General Liability
- Business Owners Policy
- Workers’ Compensation
Learn more about Delaware contractor insurance and learn how BizInsure will help you to find the right coverage to meet your needs.
Who needs contractor insurance in Delaware?
A lot of contractors purchase insurance policies to protect their business and personal finances. General Liability insurance and other kinds of insurance can offer financial security that is essential for your business.
Certain types of insurance may be required for certain clients (and this requirement is often stipulated in contracts for business). Workers’ Compensation coverage is mandatory in Delaware.
For more information about insurance quotes and options, select your occupation.
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What types of insurance do contractors need in Delaware?
Delaware contractors are advised to think about a variety of types. These insurance policies can help you mitigate the common risks that general contractors face.
General Liability Insurance
A construction site is a place where anything could occur. A simple mistake, such as leaving your toolbox in the wrong place, could result in a huge headache for your business if someone is hurt because of what you’ve done.
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties. Delaware General Liability Insurance safeguards your financial security by covering legal expenses when someone claims they were injured by you or property damage. It can also pay to fix the situation (up to the policy limits) by covering medical expenses, repairs, costs for repair or replacement costs.
Business Owner’s Policy
Construction industry workers know that sometimes things don’t go according to plan. Project interruptions, broken tools, and other hiccups can make it difficult to complete your work as promised.
A Business Owner’s Policy (BOP) is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.A BOP can be customized to include coverage options that fit your business needs. It can be a practical and cost-effective way to protect yourself from the many dangers that general contractors are exposed to.
Workers’ Compensation Insurance
You are responsible for ensuring the well-being and health of your employees as they work.
Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.
General contractors with employees must meet Workers’ Compensation insurance requirements in Delaware regardless of part-time, full-time. Employers may not charge an employee any portion of the premium for carrying the coverage.
What does contractor insurance in Delaware cover?
Contractor insurance can protect you and your business from a variety of risks. Based on the type of insurance you choose, you may be protected for situations like:
- Third-party and property damage injury claims (General Liability)
- Unexpected interruptions of business (Business Owner’s Policy)
- Equipment breakdown (BOP)
- Workplace illnesses and injuries (Workers’ Compensation)
How much does Delaware contractor insurance cost?
If you’re only beginning your own business of contracting in Delaware, you might not know about the expenses that are associated with insurance for contractors.
The cost of insurance for businesses varies because insurers consider many aspects when determining the cost for each company. The cost for your company may depend on such things as:
- The type of insurance you want
- The size of your business (annual revenues).
- What is the maximum number of people that the policy able to be able to cover?
- Your claim history
- The coverage amount you choose
How do I get insurance for contractors in Delaware?
The protection of the contracting company you work for is simple with BizInsure.
In as little as 10 minutes, you’ll be able to look over a variety of quotes and select the one that best suits your budget and needs. The policy document is sent directly to your mailbox.
Need some assistance? Our licensed agents are available to assist you at any time along the way.
Compare the quotes for Delaware general contractors now to find the most affordable coverage.
Learn more about insurance for general contractors in the states where you work.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
