What is an Artisan Contractor? What type of insurance should an Artisan Contractor consider?

What is an Artisan Contractor

What is an artisan contractor? this is a doubt many contractors have in their mind when they dig a deep for a contractors insurance cover. Although the artisan contractors have a thorough understanding of general contracting, artisans have a more focused perspective on their field. General contractors will require the support and knowledge of these experts for larger construction projects.

Contractors hired to perform specialty undertakings needing a highly developed and specialized skill set are known as artisans or special trade contractors. Some examples of artisan contractors include plumbers, masons, electricians, framers, roofers, and roofers. They are frequently employed as subcontractors to handle particular phases of a bigger project so that general contractors can complete the project as a whole.

what is an artisan contractor
What is an Artisan Contractor

The duties and obligations of an artisan contractor might become complex. They must do their duties on-site, on schedule, and in coordination with numerous other specialized jobs that are simultaneously taking place. Despite your best efforts, accidents that cause injury and property damage will inevitably happen. The easiest way to mitigate these risks as an artisan contractor is to cover yourself with insurance.

However, in addition to working on projects and businesses for general contractors, artisan contractors also run their own enterprises. They will therefore need to make an investment in their own unique artisan contractors insurance. In addition to medical expenses, artisan contractors’ insurance also covers bodily injuries, property damage to the customer or a third party, personal injury, advertising injury, and any kind of legal action against a rival business.

What Type of Insurance should an Artisan Contractor consider?

Apart from the question of what is an artisan contractor, many gets confused on what type of insurance should an artisan contractor should consider. One of the best purchases an artisan contractor can make, aside from tools of the trade, is an insurance coverage. Accidents happen on construction sites all the time because there are so many moving elements. There are numerous intricacies and possibilities available with these policies. Here are some of the insurance you ought to buy, in our opinion:

Commercial General Liability Insurance

Common general liability insurance can cover things like:

Property Damage – General Liability can cover the cost of the damage and the loss of use of the property if you or an employee damage the property of a third party.

Damage to Rented or Leased Premises – Covers any damage to property that an artisan contractor rents or leases.

Medical Payments: Regardless of who is at blame, this coverage pays all medical costs. By refunding medical expenditures, lawsuits can be avoided.

Bodily Injury – If you or a member of your staff injures a third party, all medical bills, lost wages, and other costs associated with the loss of services are covered.

Business Auto Insurance

Statistics show that auto accidents occur more frequently than other types of insurance claims. According to a study, accidents involving heavy vehicles, such as trucks, cost an average of $60,000 in damages and result in 4,102 fatalities per year (2019).

If you have business auto insurance, you are protected from third-party claims for things like injuries, car damage, and property loss. Similar to business general liability insurance, the costs of going to court will also be covered.

Be aware that any car owned by the contracting firm is not covered by a personal auto policy. A corporate auto policy must be in place for these vehicles.

Inland Marine Insurance

This kind of insurance covers the transportation of equipment as well as some forms of transportable property and items that are in transit over land. Despite being referred to as “floater” coverage, inland maritime insurance is crucial, particularly when the supplies, tools, and materials are being carried to and from the building site. Inland marine coverage guarantees safe arrival and will cover any mishaps, regardless of who is operating the vehicle from point A to point B.

Workers Compensation

It is also the duty of artisan contractors to ensure the security of their workers.

If a contractor’s employee gets hurt, gets sick, or even perishes while working on the project, workers compensation will compensate it. Medical care, rehabilitation expenses, disability income, and compensation for a worker’s loved ones are typically covered under insurance policies. Even more, this insurance coverage shields companies from lawsuits brought by the heirs of workers who have passed away or been seriously injured.

Contractor’s Pollution Insurance

In the event of pollution resulting from an artisan contractor’s work on a project, this insurance policy offers contractors coverage for personal injury, defense, property damage, and cleanup costs.

Due to the large range of environmental dangers, different contractor types, and different project types that a contractor works on, this insurance policy is frequently specialized to the particular type of contractor. Policies might be issued on a general program or just for specific projects, and they can be based on occurrences or claims.

Business Owner’s Policy (BOP)

Business owner’s policy (BOP) may be an excellent option if you’re seeking for a more cost-effective and comprehensive insurance plan for your company. This insurance offers comprehensive coverage for all significant property and liability risks. It generally costs less than the total cost of the individual insurance policies while still including the significant coverages needed in the firm.

Conclusion on What is an artisan contractor and what insurance they should consider

Contractors are not an exception to the rule; risks are always prevalent in business. There is an insurance coverage that can protect you, your employees, and your property from every conceivable risk.

You must have a policy in place prior to the occurrence of these work-related hazards since you cannot get coverage after the fact. The earlier you prepare and safeguard your contracting firm, the better.

I hope this article helped you to know what is an artisan contractor and what types of cover should be considered.

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