Contractors perform some of the most important work for homeowners and businesses, handling repairs, installations, upgrades, and maintenance that require the skill, certification, and expertise of a professional. Even with years of experience and hundreds of satisfied customers, a contractor can still face risks on the job, which is why having quality commercial insurance tailored for the contractor industry is crucial. In today's blog post, we look at the three biggest risks for any type of contractor, and how Aegis Insurance & Financial Services can help mitigate those risks.

Worksite Injuries

The biggest risk to any contractor company, whether Electrical, Plumbing, HVAC, or General Contractors, is from worksite injuries. Contractor companies face much higher risks of personal injury due to falls, trips, equipment malfunctions, electrocution, heat stroke, and dehydration on the job. When injuries or accidents occur, it is important to have quality Workers Compensation coverage to ensure that the contractor business is protected if an employee is injured on the job, especially if the injured employee sustains serious injuries requiring extensive medical care. Without Workers Compensation coverage, the contractor company could face covering medical bills and lost wages out of their own pocket.

Vehicle and Equipment Theft

Another common risk for contractor companies is the theft of commercial vehicles and company tools and equipment. Often contractor service vehicles are left unlocked since they frequently go back and forth retrieving tools, paperwork, equipment, and materials. This can make contractors a target for thieves looking for a vehicle or tools to steal. Because of this increased threat, it is important for contractors of all industries to ensure they have both Commercial Auto coverage as well as Commercial Property coverage in the event of losses related to theft.

Damage To Customer Property

Whether performing services on a residential lot or commercial site, there is always a risk of damaging a customer's property during the process of performing repairs, installation, or even routine maintenance. For example, a HVAC contractor working in an attic could accidentally slip and damage their client's ceiling, or an electrician making a routine repair could damage an entire electrical system, causing a lengthy power outage and forcing their commercial client to close their business temporarily. In any case, it is important to have both General Liability coverage and Errors & Omission coverage as contractors may face damages and lawsuits due to property damage caused by accident or by negligence.

Aegis Insurance & Financial Services is pleased to help contractors of all industries get the commercial insurance coverage needed to protect both the immediate and long-term future of their business. Aegis offers a full range of top quality commercial insurance policies, specifically tailored to the Contractor industry. Contractor Coverage may include Business Owners Policy, General Liability, Errors & Omission coverage, Commercial Auto, Commercial Property, Workers Compensation, and Excess Liability coverage. Contact Aegis today at 713-850-7622 for more information, or go online to request a free, no-obligation policy quote!