Artisan contractors are skilled workers who hail from a variety of industries. These trades include carpentry, plumbing, electrical, HVAC, masonry, roofing, and more. If you have clients who work independently, the last issue they want to face is an injury or property damage related to their work. Regardless of how much caution they exercise, things happen, and it’s important to prepare for worst-case scenarios. Operating a business isn’t without its risks.
Should anything go wrong, proper insurance coverage will allow their customers to recover losses and damages. To safeguard themselves and their businesses, they need the right coverage in place.
How Insurance Protects Independent Artisan Contractors
Those who work for themselves are open to taking full responsibility for any injuries, damages, or mishaps that occur due to your work. They have the same legal obligations as larger companies; however, they’re the only ones who can be held responsible legally and financially. A lack of insurance coverage leaves them exposed to crippling liabilities.
If a third party sues them for property damage, bodily injury, or more, insurance coverage acts as a safety net to help cover any legal fees and damages resulting from the incident. Additionally, should they experience any personal injuries, the right coverage will protect them there as well.
Insurance coverage is more than just a safety net; artisan contractors are required to carry general liability coverage, including completed operations. Certain levels of coverage may als be required depending on the state where the business is located and their customers, such as governmental organizations, for example.
Types of Insurance Coverage Needed
General liability insurance (GL) covers costs related to bodily injuries. This includes the cost of care, restitution for death resulting from injury, and the loss of services. In addition to bodily injury, general liability coverage applies to damages or the loss of property resulting from their products or services.
It’s also a good idea for artisans to carry Owners and Contractors Protective Liability (OCP) coverage. Certain clients or business partners may also require their artisan contractors to have this type of insurance. These policies protect either the artisan contractor or the property/business owner from liabilities resulting from the contractor’s negligence. While the protection is designed to benefit the owner or general contractor, the artisan contractor is the one who purchases the actual policy.
Policies to Suit the Needs of Artisans
Quaker Special Risk has a deep understanding of the artisan contractor segment, offering several coverage options, including project-specific, OCP, general liability, and more. Contact us today to see what coverage options we can provide for your clients.