General Contractor Insurance in Vermont

Do general contractors need insurance in Vermont?

The Green Mountain State is home to a large construction industry with over 8,660 sole proprietors in the field. Many of them are general contractors registered with the state.

Construction sites can often be hazardous places to work. Small-sized businesses are susceptible to costly risks if they’re involved in business or residential projects. Insurance for contractors is essential for Vermont companies to safeguard their hard work from accidents delay, accidents and other issues that are common.

Contractor insurance is a variety of types of insurance that a General Contractor might consider.

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

Learn about contractor insurance in Vermont and how BizInsure can help you find coverage for your business requirements.

What are the most popular insurance policies available to contractors in Vermont?

There are several types of contractor insurance that Vermont tradespeople typically consider. These policies will help you reduce the risks that contractors could face.

General Liability Insurance

A construction site is an area where anything can happen. If someone is injured by your innocent actions, such as leaving the toolbox in a dangerous location, it could be an enormous headache 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.

Vermont contractors can safeguard their bank accounts with General Liability coverage. The insurance covers your legal fees should someone alleges your actions injured or damaged them. This can be used to pay for repairs or replacing damaged property, and also to pay medical expenses.

Business Owner’s Policy

Construction industry workers know that things do not always work out as planned. It is possible that you won’t be able to complete your project in time if there are interruptions to your work or if tools break.

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.

BOPs can be customized to meet the requirements of your business. This is a cost-effective and efficient way to shield yourself from many of the risks that are common to general contractors.

Workers’ Compensation Insurance

If your business relies on its employees, you must ensure their health and safety while at work.

Workers’ Compensation insurance provides protection for employers if an employee suffers a work-related illness or injury. The insurance pays for the medical bills of employees that get injured or sick while on the job. Policies may also pay for lost wages in the event that an employee is not able to work as a result of an injury. It could also pay for rehabilitation or physical therapy to help the employee return to the workplace.

To meet state requirements, most business owners having one or more employees in Vermont should obtain Workers’ Compensation insurance.