How to Get Contractors Insurance in Massachusetts
If you’re a contractor in Massachusetts, you’re probably wondering how to obtain contractors insurance. First of all, you need to contact a professional insurance agent. A Massachusetts insurance agent like Haberman Insurance Group can help you with all of the nuances of contractors insurance. These agents will analyze your unique situation and request quotes from various insurance companies. Then, they will compare them to get you the best coverage at the lowest possible price.
Massachusetts law defines an independent contractor as someone who has an independent business, trade, or profession. If the contractor is misclassified as an employee, Massachusetts law will require the employer to provide workers’ compensation benefits. However, there are specific criteria to determine whether a contractor is an employee. To avoid losing benefits, employers should follow these guidelines. In addition, independent contractors should have some control over their own work. In cases of injury, a worker should be able to sue if they have been misclassified.
Some companies are deemed high-risk by mainstream insurance carriers. Such companies may have an unfavorable loss history, or operate in an inherently high-risk industry. In such a case, a contractor can obtain coverage through the state’s assigned risk pool. However, this coverage is significantly higher than voluntary market offerings. The best way to avoid this costly residual market is to choose a workers’ compensation insurance partner with expertise in the field.
While general liability contractor insurance does not protect you from accidents, it does cover the legal costs of bodily injury and property damage claims. This type of insurance will also cover claims for lost wages and compensation for pain and suffering. Moreover, it protects you against lawsuits resulting from slip and fall accidents. If you are in the construction industry, you should purchase this type of insurance. You must note that some industries do not require this type of insurance.
While business owners have their own policies, general liability contractor insurance provides additional protection for commercial buildings and personal belongings. Without coverage, you may be liable to pay all expenses related to a lawsuit, including legal fees. Aside from the financial cost, a business can also face legal issues if a customer files a claim against it. Therefore, you should ensure that your company has general liability insurance. If you don’t have it, you’ll end up paying huge amounts of money.
When you’re considering getting construction insurance in Massachusetts, you’ll need to consider several factors. While most insurance policies cover general liability, you may want to consider obtaining coverage for specific risks as well. These policies protect businesses from legal fees and other costs, as well as loss of revenue. Different types of projects can result in different amounts of property damage and manpower. If your project is large or complex, it’s important to choose the right coverage for your needs.
A construction policy should cover many of the risks that you’ll face, including property damage and liability. These risks can range from vandalism to theft. A construction policy will usually cover the costs associated with theft, vandalism, and falling objects, among other things. A policy may also cover an unlimited amount of property damage or a percentage of the total cost to construct a building. Many policies will not allow for extensions on the timeline of construction, though you can discuss an extension with the insurance company before purchasing any policy.
Cost of contractor’s insurance
In general, contractors insurance policies cost $265 per month, or $3,175 per year. This type of insurance covers medical expenses and lost wages if an employee is injured on the job. Insureon offers cost analysis for contractors insurance. Another common type of insurance for contractors is commercial auto insurance, which costs $165 a month and covers property damage, medical expenses, and vehicle theft or damage. In Massachusetts, contractors insurance is a requirement for employers.
While the cost of contractor’s insurance can be expensive, it is always cheaper than being uninsured. In Massachusetts, contractors can save up to 70% by getting their insurance through Garrity Insurance, an independent agent. An agent will explore different policies from various insurance companies and help contractors select the best coverage. The cost of contractor’s insurance varies depending on the type of contracting the business performs. Some insurance policies cover a wide variety of projects, such as excavation.