Insurance Considerations for New Artisan Contractors

If you’re beginning your career as an artisan contractor, you may have a long and lucrative journey ahead. However, regardless of where you may have learned your trade or what expert you could have apprenticed under, you are not immune to making mistakes. Even the most skilled and diligent professionals may need to account for the possibility of a miscalculation or lapse in attention. That’s where the right insurance can play a key role.

What Is Insurance for Artisan Contractors?

Contractors insurance is a common term in the business insurance world, but you should first understand that this phrase does not typically refer to a named product you can purchase in one fell swoop. Rather, the right insurance for contractors may require layering several separate policies, each with its own coverages and financial protections. As an artisan contractor, you may need to be particularly meticulous in assessing and addressing your insurance needs, as your specialized skills may lead to higher client expectations and greater financial stakes.

What Types of Insurance Should Artisan Contractors Have?

Given the variety of contracting services that can be performed at the artisan level, there’s no one-size-fits-all template of insurance policies that are universally suitable. However, several types of insurance may transcend specializations, locations and other unique circumstances in terms of their importance. As you begin constructing your insurance portfolio, ask about the following:

• Professional liability insurance

• Commercial property insurance

• Equipment breakdown insurance

• Inland marine insurance

• Builders risk insurance

• General liability insurance

• Business interruption insurance

• Workers’ compensation insurance

• Commercial auto insurance

• Cyber liability insurance

• Commercial umbrella insurance

How Much Does Coverage Cost?

Insurance carriers must carefully assess the risk levels of your artisan contracting business before quoting a rate for appropriate coverage. This process may entail consideration of the following:

• Location

• Contracting services offered

• Years of experience

• Number of employees

• Estimated annual revenue

• Value of insured assets

• Claims history

• Coverage details (e.g., types of insurance needed, policy limits and deductibles)

We’re Here to Help

If you’re starting a business as an artisan contractor in the Arlington, Texas, area, contact Atlas Auto Insurance today to learn more about coverage options or 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.