You are probably already familiar with the numerous types of construction insurance if you work in the construction sector. Be it bonding, workers' compensation, or general liability.
The construction business is undoubtedly one of the riskiest businesses you can enter. Accidents can occur anytime, whether involving a full-scale project or something as small as remodeling restrooms. It is vital to safeguard your business against the dangers and obligations of working as a contractor or subcontractor on building sites.
Contractor insurance is required for all construction companies in most US states. It protects you from monetary losses brought on by misfortunes, legal obligations, or negligence that results in property damage.
Contractor insurance shields your construction business from liabilities, workplace accidents, equipment damage, and other risks. Many contractors require multiple business insurance policies, which can often be obtained from the same insurance provider to ensure protection against these risks. Leveraging the power of a contractor software is the best way to do so.
However, choosing the right insurance provider is the most challenging decision if you need help knowing where to look. But don't worry, we have got you covered.
In this blog, we have the most up-to-date information on finding the best contractor insurance companies so that getting an independent contractor invoice template and reducing contractor insurance costs becomes easier.
Let’s get started!
There are several insurance firms out there that offer a wide range of services to construction enterprises. Here are the 5 best contractor insurance companies:
1. Next Insurance
Next Insurance, created in 2006, provides a broad range of coverages, including general liability, workers' compensation, commercial vehicles, tools and equipment, and commercial property, making them an excellent replacement for construction businesses.
Contractors can quickly get quotes and buy insurance from the company's user-friendly web portal. They also allow claims to be submitted by phone or online via their user interface, which is a plus.
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2. The Hartford
The Hartford is well-known for providing noteworthy insurance experience and comprehensive business coverage. They allow construction companies to tailor coverage to precisely match your business's unique requirements. This ensures that you only invest in the coverage that meets your requirements.
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3. Insureon
Insureon is a prominent insurance service that connects contractors and established insurance providers.
Insureon helps businesses compare quotes, buy policies, and request adequate coverage. It has collaborated with top insurance provider companies to provide tailored insurance plans for your business online. You can easily create personalized business insurance quotes by entering the necessary information online.
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4. State Farm
State Farm is a reputable US insurance company with a diverse client base.
Their customization features make it easier for businesses to buy and manage insurance, enabling contractors to get simple and affordable coverage. They also provide seamless and hassle-free claim settlements online.
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5. biBERK
biBERK is a top contractor insurance company that specializes in small business insurance. Because it is a branch of Berkshire Hathaway, one of the world's largest and most known firms based in Boston, Massachusetts, it has a trustworthy reputation.
It provides tailored coverage based on your business requirements, so you only pay for your requirements. They offer a variety of coverage alternatives that can be adjusted to individual business requirements. This is an excellent contractor insurance cost-cutting alternative for small businesses. With 24/7 help and claim settlement aid, it quickly rises to the top of the list. Furthermore, they offer quick and easy online pricing and purchasing processes.
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Contractors and construction experts are especially sensitive to potential legal ramifications. In an industry like construction, where property damage and personal injuries are common, you need comprehensive business insurance coverage to protect your company. Independent contractors must carefully select the best contractor insurance companies for 2023.
Fortunately, businesses may purchase commercial liability insurance to cover defense costs, monetary losses, and other costs involved with liability claims. It is also critical to obtain insurance from recognized companies. You can select the appropriate protection from our list of the best insurance companies.
Whether you go with a specific provider like Next Insurance or a well-known organization like State Farm, prioritizing insurance coverage is a good investment in the long-term survival of your contracting company.
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