There are many decisions you must make as you start your own contracting business. The services you plan to offer and the way you want to market your company are very important considerations. One essential decision you can’t ignore is what kind of insurance coverage you will choose and the company with whom you will work. An insurance company that offers advice on the most comprehensive yet affordable Contractor Insurance Baltimore MD can be an invaluable asset to your business.
As a contractor you will need insurance coverage for a number of different aspects of your business. The types of insurance contractors generally carry range from liability insurance that covers you and your company for damages to a client’s property to commercial vehicle coverage for your trucks and other equipment and workmen’s compensation to provide for employees injured on the job. In addition, you will likely need to carry coverage that protects the client in the event that you don’t complete the job as specified in the contract signed by you and the client before you started work. Most clients will ask to see proof that you have the insurance coverage required by your state as well as coverage that minimizes liability to the client.
Finding contractor insurance isn’t difficult, but you need to feel confident that the insurance company you’ve chosen can provide the coverage you need at a cost you can afford. One way to begin your search for contractor insurance is to contact companies you already are using for your other insurance needs. Many companies that provide individual insurance policies also offer commercial policies. However, you may need specialized insurance that is best handled by a company dedicated to providing Contractor Insurance Baltimore MD for situations specific to contractors. Atlantic Smith Cropper & Deeley will work you to determine the types and necessary levels of coverage you’ll need for liability, performance bonds and disability insurance. A contractor insurance policy bundle can conveniently meet your company’s needs.
Most contractor insurance policies require that you carry at least two million dollars worth of coverage for your business. If you are concerned that you can’t pay for that level of coverage at once, be assured that you will only need to make a down payment on the coverage and then pay monthly installments. As a contractor, you can’t afford not to have insurance.