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Connecticut Contractor Insurance

Connecticut has 331,386 small businesses, and 39,467 of them are in the construction trade. If your business fits into this category, you should learn how to protect it with Connecticut contractor insurance. You should also know that in 2013, this state's economy grew at a slower rate than the United States, with its real gross state product decreasing by 0.9 percent. Compare this to the 2.2 percent growth rate for the gross domestic product in the United States. (Source: BEA). Despite the slower growth rate, Connecticut can still be considered a great place for construction businesses, as long as small business owners protect themselves with the following types of coverage.

Insurance As Low As
$38 A Month

Connecticut Contractors Need the Following Insurance

Coverage for Third Party (GL): There is always a chance that someone who visits your construction site or even simply your office will trip and fall or become injured in some other way. When this occurs, you will be relieved to have general liability through your Connecticut contractor insurance policy. This will pay for the medical treatment of anyone who is hurt on the premises. It will also pay for repairs in case anyone's property is damaged while visiting your business.

Connecticut Contractor insurance
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Tools & Equipment Coverage (BOP): You likely use everything from hammers and wrenches to ladders and excavators. Such tools and equipment are essential for you to do business in the construction industry, and they are also expensive to replace. That's why you need tools and equipment coverage in case any items you use for work are lost, stolen, or damaged. This is important whether you rent or buy your tools and equipment, since you will need to protect it all either way.

Employee Coverage (WC): About 7,779 of the construction firms in Connecticut have up to 499 employees. If this description fits your business, you need workers compensation. It's important whether you have a few employees or hundreds, because it pays for the medical bills of any employees who are hurt on the job. In the construction industry, injuries are not exactly rare since employees frequently climb ladders, operate heavy equipment, and use a hammer and nails on a regular basis. If you want to avoid having to personally pay for medical treatment, lost wages, and legal fees, you need to make sure workers compensation is part of your Connecticut contractor insurance.

Business Vehicle Insurance: In this industry, driving for work is common, which is why business vehicle insurance is important to have. If you or your employees frequently drive back and forth between construction sites, there is a chance you will cause a collision. If this occurs, your personal car insurance will not pay for the related expenses. Instead, business vehicle insurance will, which is why you and your employees need this coverage.

Bond: When you have a surety bond, you indicate that your services are guaranteed. The result is that if you neglect to fulfill the duties outlined in your contract, you will have to pay a fee. This is why most Connecticut contractor insurance policies include surety bonds for financial protection.

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Insurance Products

General Liability (CGL) Workers Compensation Professional Liability Business Owners Policy Commercial Auto Insurance Employment Practices Liability Directors & Officers (D&O) Excess Liability Surety Bonds

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