General Contractor Insurance in Iowa
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Do general contractors need insurance in Iowa?
Construction is the largest industry in The Hawkeye State with 26,659 solo contractors working in the field. Many are licensed as general contractors.
Construction sites can be dangerous locations to work in. Small businesses can be exposed to costly liabilities if they are involved in residential or business projects. Contractor insurance is considered a must for many Iowa companies to safeguard their hard-earned work from injuries, delays and other issues that are common.
Contractor insurance is a simple term used to describe different kinds of insurance that a general contractor could consider.
- General Liability
- Business Owner’s Policy
- Workers’ Compensation
Learn more about Iowa contractor’s insurance and how you can find policies for your business with BizInsure.
Who needs contractor’s insurance in Iowa?
Many contractors have insurance policies that safeguard their personal and business financial assets. The coverage provided by General Liability and other types of insurance can create a critical security cover for your business and you.
You may need to have certain types of coverage to be able to work with certain clients. This requirement is usually included in contracts.
Click on your job to find out more about the insurance options available to you. You can also get started on with a customized quote.
What are the most common insurance policies available to contractors in Iowa?
Iowa contractors often look at several different kinds of insurance. These policies might aid in reducing the typical risks that general contractors have to face.
General Liability insurance
Accidents can happen at a construction site. Even an innocent error, such as placing your toolbox in the wrong place, can cause your business to suffer when someone is injured.
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties. Iowa contractors can safeguard their bank accounts with General Liability insurance. The insurance covers your legal costs in the event that somebody claims that your actions caused injury to or damaged them. Up to the limit of the policy, it could also be utilized to fix the damage by settling expenses for medical or repair.
Business Owner’s Policy
In the construction industry, things are not always exactly as they are expected. Project interruptions, broken tools, and other hiccups could make it hard to complete your work as promised.
A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability. BOPs are customizable to include options to cover the specific needs of your business. It is a simple and cost-effective way to protect yourself from the most frequent risks contractors face.
Workers’ Compensation Insurance
It is your responsibility to take care of employees’ health and well-being while they are working.
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace. In Iowa, most employers are required by law to purchase Workers’ Compensation insurance. A contractor with one or more employees must submit proof of Workers’ Compensation insurance in Iowa.
What does Iowa contractor insurance cover?
Contractor insurance can help protect your business from kinds of risks. Based on the type of insurance you select your business could be covered for:
- Claims for third-party injuries and property damage (General Liability insurance for Iowa contractors).
- Unexpected Business Interruptions (Business Owner’s Policy)
- Equipment breakdown (BOP)
- Employee workplace injuries and illnesses (Workers’ Compensation)
How much does contractor’s liability insurance cost in Iowa?
If you’re considering starting a contracting business and are just beginning, you might not have an clue about how much insurance for contractors in Iowa costs.
The cost of business insurance varies because insurers take many aspects into account when they determine a business’ cost. The cost of your business may depend on such things as:
- What type of insurance do you want?
- The amount of money you earn from your business (annual revenue)
- The total number of people covered under the insurance policy
- Your claims are based on your past
- What coverage do you select?
How can I get insurance for general contractors in Iowa?
BizInsure can help you protect your contracting business.
You can easily compare different quotes in less than 10 minutes. Choose the one that is most suitable for your needs and budget. You will receive your policy documents immediately via email.
Need some help? Our licensed agents are available to assist you at any time along the way.
Compare quotes today to find suitable coverage for your Iowa general contractor business.
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.
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