General Contractor Insurance in Tennessee

Do Tennessee general contractors need insurance?

One of the largest sectors in The Volunteer State is construction. There are over 68,720 sole proprietors working in the state’s industry. Contractor insurance for Tennessee tradespeople helps protect many of these small businesses.

Construction sites are often hazardous places to work. Small businesses could be facing a liability issue if you have a simple accident, whether it is in a commercial or residential project. Insurance for contractors for Tennessee businesses helps prevent mishaps, unexpected delays, or other issues that can ruin the hard work you’ve put into it.

Insurance for contractors is a shorthand term used to describe different kinds of insurance that a general contractor could consider.

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

BizInsure can arrange insurance for contractors in Tennessee.

What is the typical insurance policy for contractors in Tennessee?

Tennessee contractors often look at several different types of insurance. These insurance policies can aid in reducing the risk that contractors may face.

General Liability Insurance

Anything could happen on a construction site. If someone is injured by your innocent actions, such as leaving a toolbox in an unsuitable location, it could be an enormous problem for you and your business.

A 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. Tennessee General Liability insurance may also be called Commercial General Liability (CGL) insurance or “slip and fall” coverage.

Business Owner’s Policy

Things don’t always go as planned when working in the construction industry. It can be difficult to deliver on your promises when you are facing interruptions to projects, broken equipment, and other issues.

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. The BOP can be tailored to provide the coverage options that meet your business needs. It can be a practical, affordable way to cover yourself against the many dangers that contractors are exposed to.

Workers’ Compensation Insurance

It is your duty to ensure that your employees are healthy and happy working on them to run your business.

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. Workers’ Compensation is mandatory in Tennessee construction businesses and service providers that have one or more employees. However, all employers in the construction business or trades must obtain workers comp insurance even if they have one or more employees (unless exempted).