What Insurance Policy Options Do I Consider For My Florida General Contractor Business?

Depending on the type of work you do and the contracts you have with your clients, as a general contractor, you may need insurance. In Florida, you will need to consider these policies:

General liability insurance
General liability insurance is a type of insurance that provides protection against various types of injuries and damages to a contractor’s property. It can also cover advertising injuries and client property damage.
This type of insurance can be bundled with other products such as commercial property insurance to save money. Also, by adding commercial umbrella insurance, you can boost your coverage for other insurance policies.

Florida workers’ compensation
In Florida, if you own a home improvement or construction business, you must carry workers’ compensation insurance. This type of insurance can help pay for the medical expenses of your employees who get injured on the job.

Commercial auto insurance
Commercial auto insurance can cover the damages and medical expenses caused by an accident involving your contractor’s vehicles. It can also cover theft, vandalism, and weather damage.

Contractor’s tools and equipment insurance
General contractor’s tools and equipment insurance can protect the valuable equipment of a general contractor, such as saws, drills, and nails. This type of insurance can also be used to protect the moving pieces of construction equipment.

Professional liability insurance
This type of liability insurance can provide financial protection against a lawsuit brought against a general contractor due to a professional mistake. This type of insurance is also referred to as errors and omissions insurance.

Surety bonds
A surety bond can provide a financial protection against a lawsuit brought against a general contractor due to a failure to deliver a contract. Some types of bonds include payment bonds, bid bonds, and performance bonds.

Builder’s risk insurance
This type of insurance can cover the costs associated with the damages caused by fires, vandalism, and theft of a building under construction.

Starting your own busines does require a lot of thought and planning.  If you are thinking of getting into this industry, we can help you get your Florida contractor license. We are a contractor licensing company, who has helped thousands of contractors get their contractor license.

We will complete the license application for you, and will mail it off to the Construction Licensing Board on your behalf to get you approved.

To get your contractor license, click our contractor license in FL page to get started with us or call 239-777-1028.