Building Equipment Contractors Insurance

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Building equipment contractors are responsible for taking care of virtually everything else that traditional specialists like plumbers and electricians don't handle. The work contractors in this field may perform includes new work, additions, alterations, maintenance, and repairs.

As a result of that, they are exposed to a much wider array of risks that can lead to bodily injuries, property damage, unsatisfactory work, and more.

Having other building equipment contractors' insurance will safeguard your contracting business from financial losses that may be incurred in the event of an accident or injury.

Why Do Building Equipment Contractors Need Insurance?

As with any contracting business, there are all kinds of risks that you will have to face. This is especially prevalent for other building equipment contractors. In a lot of cases, accidents and injuries may hold your company liable, which could cost your business dearly.

For instance, if an employee gets their hand injured when dismantling large-scale machinery and equipment, they can sue the contractor to recoup costs associated with the injury, lost wages, medical expenses, and more.

In other cases, if a client isn't satisfied with the work done, or if there is damage done in the process of work, then the client can sue the contractor and request a financial reimbursement.

Having other building equipment contractors' insurance in place is essential as in case of a lawsuit or a claim related to an injury or an accident at the place of work, the insurance company will cover all of the financial losses that your business would have otherwise had to pay for.

In a lot of cases, other building equipment contractors simply don't have a choice and are required by state law to take out a certain level of coverage in order to operate legally.

What Types of Insurance Do Building Equipment Contractors Need?

Other building equipment contractors can avail of various coverage policies. The insurance you get for your contracting business will depend on the size of your business, how many company cars, and employees you have, the state you operate out of, and more.

Please take a look below for an overview of some of the most recommended insurance policies for other building equipment contractors in the United States.

How Much Does Building Equipment Contractors Insurance Cost?

The insurance premium for other building equipment contractors insurance will vary on the size of your business and the level of cover you opt-in for. But, generally speaking, contractors in the field pay an average of:

  • $960 per year or $80 per month for general liability insurance. This policy will cover your business from claims and lawsuits related to bodily injuries or property damage
  • $250 per month or $3,000 per year for a worker's compensation insurance policy. This insurance will safeguard your business and employees in case they get injured at their place of work. It will cover their medical bills, lost wages, hospital visits, rehabilitation, and more
  • $3,300 per year or $270 per month on commercial auto insurance. This insurance policy will cover your business in case any of your company vehicles get in a road accident
  • $20 per month or $240 per year on contractor's tools and equipment insurance. This policy will provide financial coverage in case any of your tools and equipment needs replacing after being stolen, lost, or broken

Typical Building Equipment Contractor Insurance Claims

Other building equipment contractors make claims all the time. This is because their work is so versatile and injuries and accidents can happen at any moment. Generally speaking, the most popular claims are regarding:

  • Employee injuries and accidents at the place of work
  • Property damage caused in the process of completing the job
  • Unsatisfactory work resulting in legal claims from clients or other contractors
  • Wrongful death lawsuits when an employee dies on the job
  • Road accidents on the way to or from project sites
  • Damaged, stolen, or lost tools and equipment
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