Protect a Business with Contractor's Insurance
Contractor’s insurance combines separate policies (worker’s compensation, general/umbrella liability, bonds and commercial auto insurance) into a business owner’s policy, customized for contractors.
Hettler Insurance Agency is licensed to sell contractor’s insurance for contractor’s of all sizes. We can build standard policies with optional coverage available, including:
|Vehicles rented from others or owned by employees causing property and bodily injury|
|Tools rented or leased and damaged|
|Coverage for building materials and equipment that travel|
|Replacement coverage for tools and equipment|
General Liability Insurance
Counties and cities where your business performs work are likely to require general liability insurance or surety bonds as an alternative. To be a general contractor/builder in Lubbock requires registration and a minimum of $100,000 in liability insurance coverage.
Texas prides itself on having a free market, and many contractor trades aren’t licensed by the state including: remodelers, roofers, general contractors and builders. Some trades that are licensed require a minimum in general liability coverage. An Electrical Contractor, Electrical Sign Contractor, Residential Appliance Installation Contractor and Air Conditioning and Refrigeration Contractors (Class A) are required to maintain in general liability insurance:
|1. Minimum $300,000 per occurrence (combined for property damage and bodily injury);|
|2. Minimum $600,000 aggregate (total amount the policy will pay for property damage and bodily injury coverage); and|
|3. Minimum $300,000 aggregate for products and completed operations.|
Commercial Auto Insurance
Auto insurance is required in Texas, although whether a vehicle needs a commercial or personal policy can be difficult to determine. If the vehicle is registered/owned by the business, driven by employees or used for business frequently, a commercial auto policy is required by law. Learn more about commercial auto insurance.
Worker’s Compensation is not required in Texas, but optional. However, the risk of an employee or even owner getting injured on the job is too high to forgo insurance. If your firm works as a subcontractor, you may be required to offer worker’s compensation, as the general contractor can’t cover injuries of your employees. Working on government contracts, will also require worker’s compensation.
Lenders will often require adequate insurance coverage before approving building financing and other projects.