Why Artisan Contractors Need Specialized Insurance Coverage

As an artisan contractor, you can offer unique and expert-level services to clients and customers. However, having such a high level of knowledge and experience may raise other parties’ expectations, potentially putting more pressure on you and your employees to deliver masterful work. Additionally, artisan contractors may often require advanced tools and equipment that could carry significant value. Given these circumstances, specialized insurance is often necessary.

What Is Artisan Contractors Insurance?

You should first understand that artisan contractors insurance may not be available as a specifically named product from many carriers. Instead, your business may need to work with an insurance broker to assemble a multifaceted coverage portfolio consisting of several types of policies. Each piece of your artisan contractors insurance package could help address specific risks and exposures relevant to your business.

What Types of Insurance Do I Need?

Artisan contractors may find value in many types of insurance policies. Of course, exact coverage needs may vary depending on the services you and your employees provide, but generally, artisans in this sector should usually consider purchasing the following:

• General liability insurance

• Errors and omissions insurance

• Commercial property insurance

• Tools and equipment insurance

• Business interruption insurance

• Inland marine insurance

• Builders risk insurance

• Workers’ compensation insurance

• Commercial auto insurance

• Commercial umbrella insurance

Are Artisans Required to Carry Coverage?

Certain insurance-related requirements may apply to many artisan contractors. Although exact parameters and mandates may vary depending on your location and operations, you should typically expect to need workers’ compensation insurance and commercial auto coverage. Most states require businesses with employees and those that use motor vehicles to carry such policies.

Additionally, clients may impose their own requirements. For example, many customers may refuse to do business with contractors who lack errors and omissions insurance and surety bonds. As an artisan, fulfilling these obligations may be particularly important, as clients expect top-notch services, and the financial fallout from shortcomings could be devastating for your prospects and reputation. When facing lawsuits and other potential consequences, specialized artisan contractors coverage can provide a means to recoup clients’ losses while limiting repercussions.

We’re Here to Help

Contact Farley Insurance Services in North Port, Florida, today to learn more about artisan contractors coverage options or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.