Contractors Insurance in Massachusetts
A contractor’s insurance package is an insurance solution that’s designed to meet the needs of a contractor. Because contractors in Massachusetts take on a wide array of work and have different insurance needs, these packages are flexible.
Carpenters
Plumbers
Roofers
Electricians
Commercial Auto Coverage
Workers Compensation Coverage
Contractor Equipment Coverage
Equipment Leased or Rented from Others Coverage
What is Contractors Insurance?
Contractors in Massachusetts face a unique combination of potential risks. On-the-job accidents are common in the industry, and clients may sue if something goes awry with a project. Contractors insurance helps protect contractors from these possible perils, as well as many others.
A contractors insurance package is an insurance solution that’s designed to meet the needs of a contractor. Because contractors in Massachusetts take on a wide array of work and have different insurance needs, these packages are flexible. Some may include just basic contractors liability insurance, while others might have a more robust mixture of policies.
Who is Contractor Insurance For?
Contractor insurance is for all types of contractors. It’s well suited for general contractors, of course, but other contractors may also want the protections that these packages afford.
Some other examples of contractors who might benefit from this type of insurance include:
- Carpenters
- Plumbers
- Roofers
- Electricians
- Handymen
- Painters
In short, this insurance may be good for almost anyone who has a trade.
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What Types of Coverages Are Included in Contractor Insurance?
Because contractor insurance is adjusted to meet a particular contractor’s needs, there isn’t one set of coverages that’s in every package. There are, however, some common coverages that many contractors get:
- Commercial Auto Coverage, which is meant to insure a contractor’s commercial vehicles
- Workers Compensation Coverage, which may cover on-the-job injuries that a contractor or their employee suffers
- Contractor Equipment Coverage, which generally covers the equipment a contractor owns
- Equipment Leased or Rented from Others Coverage, which might cover equipment that’s leased or rented for a project
- Contractors Liability Insurance, which can help provide protection if a contractor is found responsible for a covered incident or error
Which combination of coverages is right for a particular contractor will depend on their trade, the kind of work they do (e.g. residential or commercial projects), and their location. A painter in Springfield, MA, for instance, will have different coverage needs than a general contractor in Boston, MA.
A Premiums for a Contractors Policy Tax Deductible?
As long as the premiums paid for a contractor policy are used to cover a contractor’s business, they’re generally tax deductible. Because tax laws change each year and are sometimes dependent upon the specific circumstances surrounding a contractor’s situation, though, contractors should talk with a tax professional before claiming a deduction for their premiums. If contractors need proof that they’ve paid premiums to claim their premiums on their taxes, their insurance agent should be able to provide the necessary documentation.
How Can Massachusetts Contractors Get Contractor Insurance?
Contractors who need contractors insurance should talk with an independent insurance agent in Massachusetts. An agent will be able to review a contractor’s situation and recommend a combination of policies, which might include contractors liability insurance, commercial auto insurance, workers compensation insurance, or other types of insurance that can provide solid protection from many potential risks.
