Insurance for General Contractors
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What insurance do contractors require in Arizona?
Construction is one of the top five industries for small businesses in Arizona. With almost 47,000 people working as sole traders, it’s safe to say that The Grand Canyon State is a popular place for general contractors.
Arizona contractors are required by law to purchase a bond to receive a general contractor’s license,* but these bonds protect your customers and clients—not your business. That’s why you may want to consider business insurance coverage, like General Liability insurance for Arizona contractors.
General Liability, along with other types of contractor insurance in Arizona, helps protect you against the financial fallout of common risks and threats to your small business.
If you’re starting a contracting business, keep reading for more info on contractors’ liability and other essential coverage for Arizona contractors
Who needs Conractor insurance in Arizona?
Business insurance can provide an essential safety net for all types of contractors. Whether you’re a sole trader or run a small construction company, you might consider General Liability and other forms of coverage for your business.
In fact, you may be required to have certain types of coverage to work with clients and to protect your employees on the job.
Choose your trade for more information or get a customized business insurance quote.
Basic insurance types for contractors in Arizona
Small business owners can choose from many kinds of contractor insurance in Arizona. The various policies available can help shield your bank accounts from the types of risks that could tear down everything you are building.
Basic contractor insurance coverage options include:
A General Liability policy can protect you against claims made by an outside party regarding injury or damage to their property. In these instances, the policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.
Construction sites are unpredictable places, and contractors need to be ready for anything. A simple accident, like damaging another contractor’s tools, could lead to an expensive bill that you’re responsible for paying. But General Liability insurance for Arizona contractors helps protect your hard-earned money, so it can be reinvested into your business (and not someone else’s).
Business Owner’s Policy
Looking for General Liability insurance for Arizona contractors, but also want to protect other areas of your business? A Business Owner’s Policy may be a simple way to cover yourself for many risks with a single policy.
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.
Workers’ Compensation insurance protects your business 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.
Arizona law requires you to have Workers’ Compensation insurance if you employ others to conduct your regular business. This law applies to full-time and part-time workers, as well as minors and family members who work for you. If you are an independent contractor, you do not need a policy.
What does contractors’ insurance cover in Arizona?
Contractors face many on-the-job risks that could potentially lead to unplanned bills and expensive lawsuits. Contractor insurance in Arizona can help you work with greater peace of mind knowing that you’re covered for events such as:
- Third-party bodily injury and property damage claims – Covered by General Liability insurance for Arizona contractors.
- Unexpected business interruptions and equipment breakdowns – Covered by a Business Owner’s Policy.
- Employee injuries and serious illnesses sustained in the workplace – Covered by Workers’ Compensation coverage.
The policy documents provided with each type of coverage you choose will provide a full breakdown of when you are and are not covered.
How much does Arizona contractors’ insurance cost?
BizInsure makes it easy to compare multiple quotes for contractors’ liability insurance, so you can better understand the amount you may expect to pay for your policies.
Insurers rely on several factors to calculate contractors’ insurance in Arizona. This means that the price you pay for different policies will likely differ from other contractors in your area. Factors that are commonly considered by insurance companies include:
- The size of your business
- Where you are located and work
- The number of employees covered by the policy
- The amount of coverage you want
- Your history of past claims
Ready to protect your Arizona contracting business? Let BizInsure help you find the best coverage to suit your business needs. Compare multiple quotes from A-rated insurers and get covered instantly.
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.
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