What is artisan contractor insurance, and when do you need it? Who qualifies for this type of coverage? At KSA Insurance, these are some of the most commonly asked questions we hear. Navigating insurance policies is sometimes tricky, but it doesn’t need to be! Here’s everything you need to know about artisan contractor insurance. Learn more about this policy below, or contact us to request a quote today.
Who Is Artisan Contractor Insurance For?
First of all, who qualifies as an artisan contractor? And, what is the difference between a general contractor and an artisan contractor? Artisan contractors and general contractors work in a variety of trades, including:
- Electrical work
- Tree removal
- Building and construction
- And many more
The main difference between general contractors and artisan contractors is that general contractors typically manage big picture projects, for example, a complete home renovation. These larger projects may require several artisan contractors, or subcontractors, to complete the entire project. For this reason, general contractors should seek general liability insurance. Artisan contractors, however, work in a specialized field and should seek an insurance policy that covers the unique needs of their specific trade.
Why Do You Need It?
Successful subcontractors know that coming prepared for the unexpected always pays off. No matter how confident you are in your trade, accidents happen. By taking proactive measures to protect your business and livelihood, you can approach each new project with a higher level of confidence.
Should an accident happen, your coverage can allow you to take financial worries out of the situation, making it easier for you to move forward without a major setback. Beyond financial protection, purchasing an artisan contractor insurance policy can be a great way to show your customers that you are prepared to follow through and handle the unexpected.
What Does Artisan Contractor Insurance Cover?
For artisan contractors and subcontractors, there isn’t a “one size fits all” policy. Depending on your line of work, you may want quotes for the following types of coverage:
- Liability Insurance offers protection in the event that an accident on your job site causes harm to another individual or party. These policies can cover property damage, personal injury, and more.
- Workers’ Compensation Insurance is essential for business owners, providing wage replacement and medical benefits to individuals who are injured on the job. In addition to protecting yourself and your employees, workers’ compensation makes good business sense, as many general contractors require artisans to have this policy in place.
- Commercial Auto & Car Insurance is a must for artisan contractors who run a business that requires employees to use company vehicles during work. This type of auto coverage differs from personal auto insurance in many ways.
- Builders Risk Insurance is also known as contractor’s all-risk insurance or course of construction insurance. This type of insurance typically includes protection for repair and replacement costs during the building phase of construction projects.
- Contractor’s Equipment Insurance. Typically, this policy covers job-related equipment and tools used at construction job sites. In many cases, this coverage can also extend to include rental equipment that is under your control. A contractor’s equipment policy generally provides for the actual cash value of the equipment. Therefore, you should always list any equipment with a value of over $1,000 on your policy. Additionally, if you have tools and equipment valued at less than $1,000, you can group these items under an unscheduled tool and equipment rider.
- Commercial Property Insurance offers coverage for the physical assets of your business, including buildings and their contents, goods in transit, warehoused inventory, and manufacturing equipment.
Tips for Finding the Right Insurance Agent
When it comes to selecting your policy, you can choose between a direct insurance agent or an independent agent. For small businesses and artisan contractors, choosing an independent agent may be the better option. Direct insurance agents are limited to providing products that only their company sells, while independent agents offer access to a variety of insurance policies from different companies, meaning you will have more options to choose from and can get a better rate.
Get Your Free Quote Today
Now that you’re armed with everything you need to know about artisan contractor insurance, it’s time to find your perfect coverage. In addition to covering your equipment, you should also account for other aspects of your business. Customized policies that meet your unique needs are a must for every artisan contractor. At KSA Insurance, our independent insurance agents can help you design a policy that meets your needs at the best possible rate! Request a quote today to get started.