Contractors Insurance in South Dakota

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Why do general contractors need insurance in South Dakota?

The Mount Rushmore State largest industry is construction. It employs over 7,650 sole traders, with many who are licensed as contractors.

Construction sites can be dangerous locations to work in. An accident can lead to costly liability issues for small-scale businesses, regardless of whether you are working on commercial or residential projects. Insurance for contractors protects South Dakota businesses from costly delays, accidents and other issues that are common to many businesses.

The term contractor insurance is a term used to describe the various types of coverages that general contractors may choose, including:

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

Find out more about the contractor insurance in South Dakota and how BizInsure can help you find A-rated insurance for your needs.

Who may need contractor insurance in SD?

Many contractors opt to buy insurance in order to protect themselves and their businesses. General Liability coverage and other types of policies can act as a security net for your company and you.

It is possible that you will require certain types of coverage to be able to work with certain clients. This is typically included in contracts.

Select your profession from the following list for more details about your options for insurance, and also to get with a personalized insurance quote.

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What insurance do contractors need in South Dakota?

South Dakota contractors often take a look at various kinds of insurance. These insurance policies will help you deal with the common risks faced by general contractors on the job.

General Liability insurance

Construction sites can be unstable. An act that seems innocent, such as placing your toolbox in the wrong place, can result in a huge problem for your business if you injure someone.

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.

General Liability insurance for South Dakota contractors helps shield your accounts from financial loss by covering your legal costs when someone claims that your conduct caused them injury or caused damage to their property. This can be used to pay for repairs or replacing property damaged by damage and also to pay medical costs.

Business Owner’s Policy

Construction workers are aware that things do not always work out as planned. Broken equipment, incomplete projects and other problems could cause problems in meeting your deadlines.

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.

BOPs are customizable to include options to cover your specific business needs. This can be an affordable and convenient way for general contractors to safeguard themselves from typical dangers.

Workers’ Compensation Insurance

You have a obligation to look after employees’ health and welfare when 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.

Unlike other states, South Dakota does not require Workers’ Compensation insurance by law. However, it is highly recommended.

What does contractor’s insurance cover in South Dakota?

Contractor’s insurance will cover you for a variety of risks. Based on the type of coverage you choose, you could be protected against such incidents as:

  • Claim for property damage and injury to third party (General Liability)
  • Unexpected Business Interruptions (Business Owner’s Policy)
  • Equipment breakdown (Business Owner’s Policy)
  • Accidents at work and illnesses (Workers’ Compensation)

How much does contractor insurance in South Dakota?

If you’re considering starting a contracting business, you may have no idea how much contractor insurance for contractors in South Dakota costs.

Business insurance prices vary due to the fact that insurers take a variety of aspects into account when they determine each business’ cost. The cost of your business will depend on factors such as:

  • Choose the right type of insurance
  • The size of your company (annual revenue)
  • How many individuals will be covered under the policy?
  • Your claim history
  • You can choose the coverage amount

How BizInsure helps general contractor grow

Protecting the contracting company you work for is easy with BizInsure.

In just 10 minutes, you’ll be able to look over a variety of quotes and select the coverage that fits your needs and budget. When policy documents are delivered straight to your email, you’re covered immediately.

Need help? We’re here to help!

Compare quotes now to find policies to protect your South Dakota general contractor business.

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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