Missouri Contractors Need The Following Insurance
Coverage for Third Party (GL): Whether you’re new to the construction industry or have spent years in this field, you know that there is always a possibility for injuries at any construction site. This is especially the case for visitors, who might not be wearing the right safety gear. If anyone gets hurt while visiting your site, general liability will pay for the medical bills that might result. This segment of your Missouri contractor insurance will also pay to make repairs to any personal property that gets damaged on your site.
Tools & Equipment Coverage (BOP): No matter what kinds of tools you rent or own, you need to make sure you can easily replace them if they are lost, damaged, or stolen from you. That’s why tools and equipment coverage is so helpful. This part of your Missouri contractor insurance policy will pay to replace your toolbox or any equipment you use for your construction projects. Without it, you might end up having to pay for replacements out of pocket, which can be costly.
Employee Coverage (WC): There are 110,838 small businesses with employees in Missouri. More specifically, 12,876 construction companies in this state employ anywhere from 1 to approximately 500 workers. About 11,935 of those companies actually only employ up to 19 people, but they all need workers compensation for their employees. This part of Missouri contractor insurance is meant to take financial responsibility for the medical bills and missed wages of any employees who get injured at work. If you cannot afford to pay for the medical care of anyone who is hurt on the job, you need to include workers compensation on your Missouri contractor insurance policy.
Business Vehicle Insurance: As you drive your car to the various construction worksites you need to get to, make sure you have business vehicle coverage as part of your Missouri contractor insurance policy. You might think your car is covered due to your personal auto policy, but the reality is that personal policies do not cover car accidents you might cause when you are driving for business.
Bond: Your Missouri contractor insurance should include a surety bond. This guarantees your construction services, which means that it will pay for any fees that you get if you happen to break a contract by not providing the services you agreed to.