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Contractors Insurance in Illinois

Get a Quote for Contractors Insurance in Illinois, Indiana, and Missouri

What is Contractors Insurance?

Contractors insurance, also known as construction insurance or contracting business insurance, is a specialized type of coverage designed to protect contractors and construction businesses from various risks they may encounter in their line of work. It typically includes a combination of liability insurance, property insurance, and other coverages tailored to the specific needs of contractors.

What Does Contractors Insurance Cover?

Contractors insurance may provide coverage for a range of risks and liabilities, including:

General Liability: This coverage may protect against third-party claims for bodily injury, property damage, and advertising injury that occur as a result of your business operations.
Property Damage: Contractors often have valuable equipment, tools, and materials. Property insurance may cover damage to these assets caused by covered perils such as fire, theft, or vandalism.
Workers’ Compensation: If an employee suffers a work-related injury or illness, workers’ compensation insurance may cover their medical expenses and lost wages.
Commercial Auto: If your business owns vehicles used for work purposes, commercial auto insurance may provide coverage for accidents, damage to the vehicle, and liability claims.
Contractor’s Tools and Equipment: This coverage may protect your tools and equipment against theft, damage, or loss, whether they are on-site, in transit, or in storage.

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Why Do Contractors Need Insurance?

Contractors face unique risks and liabilities in their day-to-day operations. Without adequate insurance coverage, they may be exposed to financial losses that could jeopardize their business. For example, if a client files a lawsuit alleging property damage caused by your work, having liability insurance in place can help cover legal expenses and any damages awarded.

Is Contractors Insurance Required in Illinois?

While Illinois does not have specific state laws mandating contractors to carry insurance, many clients and project owners may require proof of insurance before hiring a contractor. Additionally, certain types of insurance, such as workers’ compensation, may be required by state law depending on the number of employees you have.

Is Workers' Compensation Coverage Provided in Contractors' Policies?

Typically, Workers’ Compensation coverage, addressing on-the-job injuries, is not typically integrated into contractors’ policies. Instead, contractors seeking this coverage typically procure it through a separate policy. Insurance agents specializing in contractors’ policies frequently extend their expertise to assist in acquiring Workers’ Compensation policies.

How Much Does Contractors Insurance Cost?

The cost of contractors’ policies varies widely, making it challenging to provide a single quote applicable to every contracting business in the state. Several factors influence the premium for coverage, including the nature of the business’s operations, its size, the equipment utilized, and the locations of its projects.

Businesses seeking an accurate estimation of policy costs should engage with an independent insurance agent. These professionals have the capacity to obtain quotes from multiple insurers, tailored to the unique circumstances of each business. By comparing a selection of quotes based on the business’s specific situation, an accurate picture of the cost of a contractors’ policy for that particular business can be obtained.

How Can Businesses Get a Quote for Contractors Insurance in Illinois?

For help finding quality contractors insurance in Illinois, reach out to the independent insurance agents at Blank’s Insurance Agency. We’ve worked with many businesses in the state, and we have the expertise necessary to find you excellent contractors insurance.

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