Contractors Insurance in Portland, OR

Portland area residents and businesses are in consistent need of contractor services; however, while being a member of this sector may be lucrative, it can also involve significant financial risks. Clients depend on you and your employees to conduct reliable and timely work while avoiding errors and accidents, but even the most meticulous professionals may eventually make a mistake. Fortunately, understanding and securing the right contractors insurance can offset these concerns.

What Is Contractors Insurance? 

Contractors insurance can generally be seen as a specialized form of business insurance tailored toward the needs of members of your sector. As such, a single policy or type of coverage likely cannot address all your insurance needs. Rather, you should work with a qualified professional to review your business’s risks and exposures and assemble a portfolio of insurance policies capable of offering customized financial protection for your unique circumstances.

What Does the Right Insurance Cover?

Consider the following types of insurance for your contractors insurance portfolio:

• Professional liability insurance—Also known as errors and omissions insurance, these policies can render financial aid if a client accuses you of making an error, missing a deadline or otherwise providing insufficient services.

• General liability insurance—This type of insurance can help pay for third-party bodily injuries, property damage, personal injuries and reputational harm for which your business is to blame.

• Business interruption insurance—This coverage can help your business remain afloat by recouping lost revenue and paying for ongoing expenses should its normal operations be disrupted or delayed by a covered incident.

• Workers’ compensation insurance—Legally required in many cases, this type of insurance can offer aid following incidents in which employees are injured on the job or develop work-related illnesses.

• Commercial property insurance—This form of insurance may help pay for damages involving your property, such as your building, equipment, tools and inventory.

• Builders risk insurance—These policies can financially protect construction job sites, including buildings under construction, temporary structures and materials, equipment and important documents stored on-site.

• Inland marine insurance—This type of coverage can protect your company’s property while stored at a job site or in transit.

• Commercial auto insurance—This coverage is typically required by law and can assist with losses and expenses following incidents involving your business vehicles.

• Commercial umbrella insurance—These policies can offer a secondary layer of coverage should the liability limits of other insurance be reached.

Why Is Coverage Needed?

Insurance should be a top priority for all contractors. In addition to certain types of coverage, such as workers’ compensation and commercial auto, being legally required, many clients may mandate insurance before even allowing you to bid on jobs. Aside from these formal obligations, adequate insurance is essential to ensure the financial security of your business.

Get the Right Coverage

Contact AIC Insurance Agency today to learn more about contractors insurance or to get a free and personalized quote.