Contractors Insurance in North Dakota

Why do general contractors need insurance in North Dakota?

The Roughrider State has a flourishing construction industry. It is estimated that more than 5 595 sole entrepreneurs work in this industry. Contractor insurance for North Dakota tradespeople helps protect many of these small-scale businesses.

Construction sites are often dangerous locations to work in. An incident of a minor nature can result in a huge risk for your small company regardless of whether you’re involved in commercial or residential construction projects. Insurance for contractors safeguards North Dakota companies from expensive delays, accidents and other common issues.

Contractor insurance is the shorthand name for different types of coverage that a contractor might consider.

• General Liability
• Business Owner’s Policy
• Workers’ Compensation

Learn more about the contractor insurance in North Dakota and how BizInsure can help you find the right coverage for your business needs.

What insurance do general contractors need in North Dakota?

North Dakota contractors typically look at several different types of insurance. These policies may assist you in coping with common risks general contractors encounter while working.

General Liability Insurance

Accidents can happen at a construction site. If someone is injured through your negligence, such as leaving a toolbox in an unsuitable location, it could be an enormous headache for you and your business.

Your General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

North Dakota contractors may also see General Liability coverage referred to as Commercial General Liability (CGL) or the less formal “slip and fall” coverage.

Business Owner’s Policy

The construction industry isn’t without difficulties. The construction industry is prone to interruptions of projects, broken tools and other accidents.

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.

Your BOP can be customized to provide coverage options that fit your business needs. This can be a convenient and affordable way to shield yourself from the many risks that general contractors face.

Workers’ Compensation Insurance

If you depend on employees to run your business, it is your responsibility to look after their health and wellbeing when they’re at 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.