Colorado Contractor Insurance

Colorado Contractor Insurance

Running a contracting business often means long hours, tight deadlines and even tighter bottom lines. The margin for error is very slim in this competitive field and one delay can snowball into a large problem.
Whether it is labor issues, supply problems or the weather itself, there is a lot at stake in this industry. Especially when contractors have to contest with the power of Mother Nature.
In Colorado, we have seen recently how flooding, wildfires, and mudslides can flounder a project or wipe away the labour of months in a matter of minutes. Having the right insurance can mean the difference between disaster and

Types of Insurance Coverages for Contractors

In Colorado all businesses are required to have Worker’s Compensation (if they have employees) and commercial auto coverage (for company vehicles). For general contractors, many jurisdictions also require the companies to carry at least $30,000 in general liability insurance (including personal and property liability) in case of lawsuits.
While these coverages may be good foundation, there are other coverages that contractors might invest in:

  • Construction liability and builders-risk insurance: Many clients and general contractors in Colorado require their contractors to show proof of liability insurance in order to bid for projects, and there is good reason. Depending on the scale of the project, one mistake can cost anything from a couple hundred dollars to a couple hundred thousand. Not having this insurance can cost a company job bids and reduce their ability to be competitive. There are many different kinds of contractor’s liability coverage, and our commercial insurance experts can help you find the right one for your business.
  • Lender-required insurance: If a loan has been used to purchase equipment or a building, many lenders require insurance to be taken out to cover their assets.
  • Business interruption insurance: The construction industry has always been more dependent on the weather than other industries, and whether the project has stalled due to supplier issues, flooding, or if someone has stolen a welding rig, this coverage means that the company will be able to return to work faster.
  • Business (and Regular) Property Insurance: Whether the sewer has backed up in the shop or tools and equipment has been damaged or stolen, there are many reasons to look at getting coverage for the businesses property, including houses under construction that have been damaged due to vandalism, weather or fire.
  • Flood insurance: Especially in construction, this coverage can make the difference. When whole new developments can be swept away in the matter of minutes, it can devastate a company beyond repair.

What to bring when meeting with our insurance agents

In order to assess your contracting business’ individual needs there are a few things we ask to be brought with you: business license, company vehicle registration paperwork, documentation on equipment purchased for the business (including any heavy or light machinery), if you rent/own an office or shop, the appropriate building documents, etc.

By knowing more about your company, we can build the right insurance package for your needs. As the leading independent insurance brokerage in Colorado, we know that there is no one size fits all policy for every business owner, and we work with many of the nation’s top insurance companies to get you the coverage you need at the price you deserve.

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