Restoration Contractor Insurance

Whether you need a license or permit depends on the type of restoration work you do and the laws in your state and local jurisdiction. In some areas, you may need to be bonded and insured as well.

Here are a few examples of licenses and permits you might need:

• Business license. When you start out, you'll need to get a business license and register with your local government.
• Contractor's license. In some states, you'll need a contractor's license to do projects involving plumbing, electrical systems, concrete, hazardous removal, or other specialized work. General contractors often do this type of work under their license.
• Building permit. In most areas, you'll need a building permit to make structural changes or to do electrical or plumbing upgrades.
• Demolition permit. Demolition contractors typically need a license and a permit before demolishing a structure or removing part of it, like a garage or pool.
• Additional permits. You might also need permits for work that involves hazardous materials, equipment that releases pollutants, scaffolding, or excavation, all depending on your local regulations.

Even when it's not required, a license or certification can help elevate your business above the competition when trying to get a contract or win a bid.

For instance, you could get certified as a Water Restoration Technician or Mold Remediation Specialist through the Institute of Inspection Cleaning and Restoration Certification (IICRC), or become a Certified Restorer or Fire Loss Specialist through the Restoration Industry Association (RIA).

Building restoration and property preservation companies often rely on these insurance products as part of a comprehensive risk management strategy:

• Commercial property insurance covers your office and its contents, including computers, furniture, and equipment stored at your business address. If you don't have an office, you can buy business personal property (BPP) coverage to protect the items that belong to your business instead.
• Inland marine insurance protects business property that travels to jobsites, such as tools and equipment. It also covers items in transit and stored off-site.
• Products-completed operations coverage covers harm caused by your completed service, such as a newly installed water heater that leaks and damages a floor.
• Contractors pollution liability insurance pays for cleanup costs and legal fees related to pollution, such as harmful particulate or runoff from a construction site.
• Commercial umbrella insurance activates to provide coverage when your underlying general liability insurance, commercial auto insurance, or employer's liability insurance policy reaches the limit on a claim.

Restoration contractors and construction businesses can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated insurance carriers by filling out our easy application.

There are a few other ways to save, such as:

• Bundle your policies. The most popular option is a business owner's policy, which pairs general liability coverage with commercial property insurance at a discount.
• Customize your policy. You can reduce your premium by opting for lower limits or a higher deductible, or by choosing a policy with broader exclusions.
• Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premiums low.