Whether you manage a large scale construction company or conduct your operations as an independent contractor, it’s important to have an insurance policy in place.
The reason is simple. Having a proper insurance policy helps you seek financial coverage against unforeseen events. As a result, it can save you from loss of income, assets, and reputation in a variety of scenarios.
This is why many construction contractors make it a point to purchase essential policies such as contractor liability insurance and builders risk insurance. This provides them with a way to cover for any damages without paying out of pocket costs.
But with a plethora of insurance companies in place, it can be difficult to pick a provider that has the perfect policy for you. To help you cut through the clutter, here is an overview of the 5 best contractor insurance providers in the construction industry.
1. Contractors Liability Ensures a Boutique Experience
With a special focus on the construction industry, Contractors Liability offers an exceptional experience to all types of contractors. From course of construction insurance to contractor liability insurance, the company has tailor-made products that fit all the needs that you may come across in the construction industry.
Apart from being a boutique insurance firm, the company is also known for maintaining optimal customer service for all of its clients. At the same time, it also maintains affordable prices throughout its products. This makes it one of the frontrunners in construction industry insurance providers.
2. The Hartford Comes With a Recognized Brand Name
As one of the most reliable insurance companies in the market, The Hartford offers comprehensive policies for the construction industry. This holds true for large scale companies and sole contractors alike.
The company delivers standalone insurance that caters to the highly specific needs of contractors. But it also bundles insurance policies to offer an easier way towards your desired coverage. The firm’s prices can often run high, which is why it’s important that you do proper market research before your purchase.
3. State Farm Shines Through With Custom Policies
In addition to its status as a popular homeowner’s insurance provider, State Farm also holds its own when it comes to contractors’ insurance. It’s mainly because the company is highly adept at designing and offering custom policies, which can fit your operation with the utmost ease.
Due to this approach, State Farm’s policies also come with an air of accessibility. This allows you to get your desired insurance without paying a small fortune for it. Some coverage policies are less effective than others, but choosing carefully saves you from any trouble.
4. Nationwide Boasts Specialized Services Such as Contractor Liability Insurance
Nationwide is yet another popular name in the construction industry that is known for fulfilling the specialized needs of contractors. The company has a selection of policies in place, which allows you to pick and choose between offerings that are the right fit for you.
The extensive availability of options can make it seem difficult to find a perfect policy. But with a little inquiry here and a little prodding there, you can find something suitable accordingly.
5. Hiscox Offers Robust Coverage for Contractors
If you are looking for a company based on tradition, then Hiscox might be a good fit for you. With several construction-based policies such as contractor liability insurance and builders risk insurance, the company allows you to get sufficient coverage for your operations.
The firm does falter in terms of its digital claims department. But the overall delivery of its services makes up for it. When looking for reliable coverage, you wouldn’t feel disappointed in what Hiscox has to offer.
While any one of these providers can fulfill your needs, it’s prudent to do your own research. This helps you pick a company that’s the perfect fit for you in terms of cost, policies, and overall experience.