General contractors are exposed to many risks that other businesses simply do not have to contend with. The very scope of being a general contractor means that you must consider insurance policies and coverages that would normally be spread across multiple industries.

As lawsuits against businesses become more common, so does the need for liability insurance. A general liability policy will provide you with protection against lawsuits related to injury or property damage. Liability amounts may be restricted by state or municipality, so be sure to check with your insurance professional.

Property coverage is a major one for general contractors. This will provide you with coverage for buildings, construction sites, tools, equipment and vehicles in the event of vandalism, theft, fire, or natural disaster.

Though not intuitively named, Inland Marine coverage can be critical for contractors. Simply put, inland marine coverage will cover equipment that you need to have transported or stored off-site. This would include equipment stored within a moveable vehicle, like a service truck or mobile HQ building.

The final coverage to consider would be Business Owner Policy coverage. Commonly known as “BOP” coverage, this tends to be bundled coverage including liability coverage, property coverage, and can also include items like business interruption insurance. Highly customizable, BOP policies can represent major insurance discounts via bundling over maintaining several independent policies.

Whatever coverages your contracting business needs, you need a specialized insurance company to help you make smart or financially solid choices. Koch Insurance Group is the right team to make sure you have all the coverage you need for your contracting business.