Contractors Insurance in West Virginia
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Why do general contractors need insurance in West Virginia?
The Mountain State is a major construction state. In the construction sector, there over 9,197 sole traders, with many working as general contractors.
Construction sites can be dangerous locations to work in. An accident can lead to an expensive liability issue for small-scale businesses, regardless of whether you are working on residential or commercial projects. Insurance for contractors is essential for West Virginia businesses to protect their hard-earned work from injuries, delay, accidents and other issues that are common.
Contractor insurance refers to different kinds of insurance that a General Contractor may take into consideration.
- General Liability
- Business Owner’s Policy
- Workers’ Compensation
BizInsure can arrange suitable insurance for contractors in West Virginia.
Who may need contractors insurance in West Virginia?
Contractors typically purchase insurance policies to protect their personal and business finances. General Liability coverage and other kinds of policies can serve as a security net for your company and you.
It is possible that specific types coverage are required in order to do business with a specific client (a requirement which is often included in business contracts).
Select your profession to find out more about the options for insurance that are available, and then request a quote for a custom insurance quote.
What are the common insurance for contractors in West Virginia?
West Virginia tradespeople are aware of several kinds of contractor’s insurance. These insurance policies will help you deal with the common risks faced by general contractors on the job.
General Liability Coverage
Anything can occur at a construction site. Even a simple error, such as placing your toolbox on the wrong side of the road, could cause your business to suffer when someone is injured.
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. Policies typically pay to remedy the issue (up to the policy limits) through the payment of medical bills, repairs, or replacement expenses.
You may also find General Liability insurance called Commercial General Liability (CGL) or the less formal “slip and fall” coverage.
Business Owner’s Policy
If you’re in the construction business, things don’t always run smoothly. Incomplete projects, damaged tools, and other hiccups can make it difficult to finish your job as stated.
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.
Your BOP can be tailored to include coverage options that fit the needs of your business. This is a cost-effective and efficient way to shield yourself from the common risks faced by general contractors.
Workers’ Compensation Insurance
If you rely on employees to run your business, it is your responsibility to ensure their health and well-being when they’re at work.
Workers’ Compensation insurance provides protection for employers if an employee suffers a work-related illness or injury. The insurance typically pays for the medical expenses of your employees and lost earnings, in the event that they are unable to resume work due to injuries.
In West Virginia, most employers are required to obtain Workers’ Comp insurance with limited exceptions.
What does contractors insurance cover in West Virginia?
Insurance for contractors can shield your business and you from a variety of risks. Based on the type of coverage you select, you may be protected for situations such as:
- Third-party property damage and injury claims (General Liability insurance for West Virginia contractors)
- Unexpected interruptions to business (Business Owner’s Policy).
- Equipment breakdown (Business Owner’s Policy)
- Employee workplace accidents and illnesses (Workers’ Compensation)
How much does contractor insurance cost in West Virginia?
The cost of business insurance varies because insurers consider many aspects when determining the cost for each company. The cost of insurance for your business will depend on:
- The kind of insurance you want
- Your annual income (size of business)
- How many people is the policy going to be able to cover?
- You claim history
- The coverage amount you select
How do I get contractor insurance in West Virginia?
BizInsure offers a simple method to insure business that contracts.
You can compare multiple quotes in 10 minutes to determine the right coverage for you. With policy documents sent straight to your email, you’re covered immediately.
Need assistance? Our licensed agents are here to help!
Compare multiple quotes on West Virginia general contractors now to find the most affordable coverage.
Learn more about insurance for general contractors in the states where you work.
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