Cheap contractor insurance

Comparing prices and policies from several insurance companies is one of the first steps to finding affordable contractor’s insurance.

You could contact each company separately to get a quote, but it's much easier to have an insurance agent or broker do the work for you.

With Insureon, you can get free quotes from top-rated insurance companies by filling out our online application, which takes just a short time to complete. We're the nation's #1 digital agency for small business insurance, including policies for contractors.

If you need help comparing policies or selecting coverage options, our licensed insurance agents can help you make the right choices for your business. Remember, the cheapest policy isn't always the best option, as each provider offers different exclusions, claims handling, and support.

Once you choose your policies, most contractors can get coverage and a certificate of insurance (COI) in minutes.

Construction companies and independent contractors can choose customized types of insurance to save money on their premiums. Insureon's licensed agents can help you find the right insurance for your needs without any unnecessary extras.

Here are a few policies you can tailor to your needs and budget:

Workers' compensation insurance is required in most states for companies that have employees and sometimes for contractors in high-risk professions. It covers costs from work-related injuries and illnesses.

If you only need workers' comp for yourself, you might qualify for a minimum premium policy. Options include a pay-as-you-go policy that offers flexible premiums paid in installments, or a ghost policy that provides coverage in name only so you can qualify for contracts.

Commercial umbrella insurance can extend your liability coverage limits if you’re concerned about escalating legal costs or need to comply with a client's requirements for higher limits. An umbrella policy provides an inexpensive way to boost coverage on general liability, commercial auto, and employer's liability insurance.

Commercial auto insurance is required in most states for small businesses that own a vehicle. You can reduce your auto insurance costs by choosing lower policy limits, a higher deductible, or opting out of pricier options such as physical damage coverage.

Almost every policy comes with options that can help you save money. For example, paying your premium on an annual basis, rather than monthly, will likely earn you a discount from your insurance company.

Here are some additional ways to save money:

Choose a higher deductible. Higher deductibles can reduce your premiums, although this should be done carefully. The deductible is the amount of money you pay out-of-pocket on a claim, before your insurance coverage kicks in. Choosing a high deductible can cost you more in the long run if you face several expensive claims.

Select the right policy limits. When purchasing commercial property insurance, your coverage limits should match the value of your business property and equipment. Should that amount change, you’ll need to update your policy as well.

A liability policy will have a per-occurrence limit and an aggregate limit. A per-occurrence limit is the maximum amount an insurance company will pay on claims from a single incident. The aggregate limit is how much it’ll pay for all claims during a policy period, which is usually one year.

Buy a blanket additional insured endorsement. If your business frequently needs additional insured endorsements for third parties, you can save money by opting for a blanket additional insured endorsement, rather than named endorsements. While prices vary depending on your provider and policies, a blanket endorsement often proves to be more cost-effective in the long run.

Avoiding claims protects your bottom line by reducing your out-of-pocket costs and helps keep your premiums low. That requires managing and reducing your risks wherever possible.

Before you start a project, analyze each aspect of the job, including any potential hazards and how you can avoid or mitigate them. This can save you time and money in the long run, while reducing the chance of an expensive accident.

Whether it’s an employee or a subcontractor, everyone who works for you should have the licensing required to perform their tasks, and a commitment to perform each job safely and to the highest standard. This can help you avoid bodily injury claims from employers and subcontractors or claims of unsatisfactory work from your customers.

Everyone on a jobsite should understand and follow your safety commitment. Assign tasks only to those with the right skills, establish safety protocols according to industry standards and local laws, and ensure everyone is aware of the hazards and risks involved.

Regularly review and update those protocols, confirm they’re being followed, and inspect work to make sure it meets local building codes and customer expectations.

Good quality tools and materials not only keep your employees and customers happy, but they can also reduce risks. Make sure your tools are in good working order, and that all deliveries meet your standards for quality. An early focus on quality control can help reduce claims of construction defects.

Fully document the materials you use and how each job was performed, in case a customer has any questions or complaints. This can also be helpful if a local building inspector has questions or concerns about your work.

Open and periodic communications with your customers, employees, and subcontractors can help address minor concerns before they become larger ones or turn into a lawsuit.

Whether you’re an electrician, carpenter, or plumber, you’ll likely need certain contractor liability policies to obtain licenses and permits, comply with state laws, and qualify for construction contracts.

These liability policies can financially insulate your business from legal defense costs, which makes them worth buying even when they're not required.

Professional liability insurance, also called errors and omissions insurance (E&O), protects businesses against the costs of client lawsuits over unsatisfactory work. If a customer accuses you of a flawed building design, this policy can help your architect business cover the costs of a lawsuit or settlement.

Business personal property insurance covers items owned by your business that are kept at a designated location, though your business might not have a building. You can add it as an endorsement to your general liability policy.

Builder's risk insurance, also known as course of construction insurance, covers structures under construction in case of damage from fire, theft, vandalism, and other risks.

Contractor’s pollution liability (CPL) insurance is a type of environmental insurance for the construction industry. It covers pollution liability risks for contractors and their subcontractors, such as an accusation that your excavation and grading business contaminated the air or soil.

Surety bonds act as a contract between a business, a client, and an insurance company. They guarantee the insurer will reimburse the client if the business fails to deliver contracted services.

Complete Insureon’s easy online application today to get free quotes for contractor business insurance policies from top-rated U.S. insurance providers. You can also speak with an agent about the types of small business insurance you need and any discount bundles for general liability and other insurance products.

Once you find the right policy, you can usually begin coverage and get proof of insurance in less than 24 hours.