Renovation Contractors Insurance

From remodeling homes to restoring commercial buildings, renovation contractors often go through extensive physical labor, which can put employees, clients, and the contractor at risk.

Getting a renovation contractor’s insurance policy will provide the necessary cover for your business, clients, and staff in the unfortunate event of an accident or an injury at the site of work.

Renovation contractors need insurance because they work in a high-risk environment, which can lead to a number of accidents. These accidents could potentially pose a threat to the contracting business’s financial standing if further action is taken by the victim.

For example, if an employee gets seriously injured from falling debris while working at a client’s property, then they can sue the contractor and expect a financial reimbursement. This can be very costly, especially if the injury is serious.

And when there is renovation contractor’s insurance in place, the insurance company will cover all of the costs associated with the claim rather than the contractor having to pay out of pocket.

Other risks and hazards, such as car accidents while moving between job sites, and losing expensive equipment while on the job, can also be detrimental to your business operations.

In other cases, certain states across the United States require renovation contractors to have a certain level of coverage before they are legally permitted to trade.

Whatever the case may be, having a suitable insurance policy in place will safeguard your renovation business from claims and lawsuits that can leave a financial burden on your company.

When it comes to renovation contractors’ insurance, there are several policies to choose from. The level of coverage you need will depend on several factors, such as the size of your business, location of operation, types of buildings your business works with, the number of employees and vehicles your business has, and more.

Please take a moment to review some of the most highly recommended insurance policies for renovation contractors below.
 

The premium your renovation contracting business will pay depends on a number of factors including the level of coverage you want, the size of your business, and more.

But, generally speaking, the average renovation contractor in the United States pays:

• Between $70 and $80 a month on general liability insurance or approximately $900 per year
• Around $275 per month or $3,295 per year on worker’s compensation insurance
• In the region of $150 per month or $1,800 per year on commercial auto insurance
• Approximately $15 per month or $180 per year on contractor’s tools and equipment insurance
• About $85 per month or $1,000 per year on professional liability insurance.

Generally speaking, the typical renovation contractor insurance claims revolve around accidental property damage and bodily injuries of employees as a result of an accident.

In other, more rare cases, renovation contractors also claim insurance for road accidents, lost, stolen, or damaged tools and equipment, and for professional mistakes.