General Contractors Insurance in Ohio

Do Ohio general contractors need insurance?

The Buckeye State is home to a thriving construction industry. It is estimated that more than 94 800 sole-proprietors are employed in this field.

Construction sites can be dangerous to be. 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. Contractor insurance safeguards Ohio businesses from costly delays, accidents and other issues that are common to small businesses.

Contractor insurance refers to different types of coverage that a general contractor may take into consideration.

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

Find out more about Ohio contractor’s insurance and how you can find top-rated policies for your company through BizInsure.

What are the common insurance policies for contractors in Ohio?

There are a variety of contractor insurance that Ohio tradespeople often consider. These insurance policies can help you mitigate the common risks that general contractors have to face.

General Liability Insurance

On a construction site, anything can happen. If someone is injured through your negligence like leaving a toolbox in an unsuitable location, it could be an enormous problem for you and your business.

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.

Ohio General Liability Insurance safeguards your finances by covering your legal expenses if someone claims that they were injured by you or property damage. The policy will cover medical expenses, repair costs or replacement costs.

Business Owner’s Policy

Construction industry workers know that sometimes things don’t work out as planned. Broken equipment, incomplete projects, and other issues could make it difficult to meet your deadlines.

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

Your BOP can be tailored to include coverage options that fit the needs of your business. It is a simple and affordable way of protecting your business from the most common dangers that contractors are exposed to.

Workers’ Compensation Insurance

If your company is dependent on your employees, you need to make sure they are safe and healthy while at work.

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 Ohio, businesses are required to obtain Workers’ Compensation insurance for their employees.