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General contractor insurance in Indiana
Learn about business insurance requirements and the most common policies for general contractors in Indiana.
Find the right coverage
Insureon helps general contractors find construction insurance that matches your unique risks.
Get free expert advice and peace of mind knowing you have the right property and liability coverage for your small business.
What are the most common policies for general contractors in Indiana?
General contractors may need different types of insurance coverage depending on the work they do and their client contracts. These policies are the most popular for general contractors in Indiana, and often provide the best coverage for their insurance needs.
General liability insurance
This policy covers basic risks, such as a client who trips over your toolbox and suffers an injury. Bundle it with commercial property insurance for savings in a business owner's policy.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Product liability insurance
Business owner's policy
A BOP bundles general liability coverage and commercial property coverage at a discount. It's often the most cost-effective type of insurance for general contractors.
BEST FOR
- Accidents that injure clients
- Client property damage
- Stolen or damaged business property
Workers’ compensation insurance
Most states require workers’ comp for contracting businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Employee injury lawsuits
Commercial auto insurance
A business auto policy covers the cost of injuries and property damage in accidents involving a general contractor’s van. It can also pay for repairs to vehicles damaged by weather or vandalism.
BEST FOR
- Legal costs from an auto accident
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Contractor's tools and equipment insurance
This policy helps pay for repair or replacement of a contractor’s saws, nail guns, hammers, and other tools if they're lost, stolen, or damaged. It's a type of inland marine insurance.
BEST FOR
- Equipment less than five years old
- Mobile equipment and tools
- Small tools
Professional liability insurance
This policy is also called errors and omissions insurance (E&O). It covers legal fees when a general contractor is sued over a mistake, such as using the wrong materials.
BEST FOR
- Accusations of negligence
- Failure to complete a project
- Work mistakes and oversights
Contractor surety bonds
A bond guarantees reimbursement for the client if a general contractor fails to fulfill the terms of a contract. Common bonds include bid bonds, performance bonds, and payment bonds.
BEST FOR
- Compliance with laws
- Incomplete jobs
- Breach of contract
Builder's risk insurance
This policy covers structures in progress and materials, often paying for damage caused by fire, vandalization, and non-severe weather events.
BEST FOR
- New construction
- Building renovation
- Worksite theft and vandalism
Contractors pollution liability insurance
This policy covers costs related to pollution, such as a lawsuit alleging harm caused from exposure to silica dust on a construction job site. It's also called environmental insurance.
BEST FOR
- Pollution events
- Spills during transport
- Lawsuits over contaminants
Looking for different coverage? See more policies.
What insurance is required for general contractors in Indiana?
General contractors in Indiana may need to carry the following insurance policies to comply with county or state laws:
General liability insurance
General liability insurance is the foundation of a general contractor’s protection. It covers accidents that damage a client's property or cause a bodily injury, along with libel and other advertising injuries.
A general liability policy may be required in local municipalities in order to obtain a contractor's license. The type of work you do may also determine how much coverage you're required to carry.
Contractors in Indiana may also need this policy to sign a commercial lease or meet the terms of a client's contract. Adding commercial umbrella insurance can boost the coverage limits on general liability insurance and other policies.
Workers' compensation insurance
If you own a construction or home improvement business in Indiana with one or more employees, your business is required to carry workers' compensation insurance.
Workers' comp insurance covers medical costs and disability benefits when an employee is injured on the job or develops an occupational illness. It's a key policy for the construction industry and related professions, such as carpenters, electricians, and plumbers.
Sole proprietors may not need workers' compensation coverage for their general contractor license, but it's still a good idea to carry this insurance. Personal health insurance doesn't cover work-related personal injuries, so it can save you from out-of-pocket medical expenses.
Commercial auto insurance
Business vehicles in Indiana must be covered by a commercial auto policy.
Commercial auto insurance protects vehicles owned by your general contracting company. It covers property damage and medical bills in an accident, along with vehicle theft, weather damage, and vandalism.
Surety bonds
Licensure requirements in Indiana sometimes include a surety bond, depending on what city or county you work in.
A surety bond guarantees reimbursement for the client if a general contractor fails to fulfill the terms of a contract or adhere to building codes. Common types of surety bonds include bid bonds, performance bonds, and payment bonds.
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How much does insurance cost for general contractors in Indiana?
General contractors in Indiana who buy policies from Insureon pay an average premium of:
General liability: $100 per month
Workers' compensation: $168 per month
Commercial auto: $180 per month
Insurance agencies look at several factors when calculating the cost of general contractor insurance, including:
- Type of building construction, such as townhouses, multifamily homes, or offices
- Business property and equipment
- Business income and size
- Years of work experience
- Policy limits and deductibles
When do you need a general contractor business license in Indiana?
In the state of Indiana, general contractors are not required to carry a state-issued license. However, while the state doesn't require licensure, the city or county in which you work may mandate a local-issued license.
Each municipality has its own requirements for obtaining a contractor's license, as well as different classes based on the type of work you do. It's best to check local government laws for your area to find the correct classification information and requirements.
One example is Indianapolis / Marion County. There are five classifications of contractors' licenses:
- General contractor
- Electrical
- Heating and cooling (HVACR)
- Wrecking
- Plumbing
The requirements for general contractors include:
- Complete the company license application
- Provide proof of business registration
- Submit proof of insurance for general liability, workers' compensation, and a surety bond
- Pay the license fee
To learn more about Indiana licensing requirements, visit the IN.gov website.
How do I get Indiana contractors' insurance?
Insureon’s industry-leading technology helps general contractors in Indiana save time and money shopping for business liability insurance and property insurance. Start an online application to get free quotes from top-rated U.S. insurance companies.
To get through the application quicker, have this information ready:
- Workforce details, such as the number and types of employees (part-time, full-time, or subcontractors)
- Current and projected revenue
- Business partnerships
- Insurance history and prior claims
- Commercial lease insurance requirements
A licensed insurance agent can answer your questions and help you find the right coverage for your Indiana business. Small business owners can access their certificate of insurance shortly after they apply for quotes and pay for a policy.