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Types of Contractor Insurance
1. **General Liability Insurance**: Protects against third-party claims of bodily injury or property damage.
2. **Workers' Compensation Insurance**: Covers medical expenses and lost wages for employees injured on the job.
3. **Professional Liability Insurance**: Also known as errors and omissions insurance, it protects against claims of negligence or inadequate work.
4. **Commercial Auto Insurance**: Covers vehicles used for business purposes, protecting against accidents and damages3.
Cost and Pricing
The cost of contractor insurance can vary widely based on several factors, including the size of your business, the number of employees, and the specific types of coverage you need. On average, small contractors might pay between $500 and $1,500 annually for general liability insurance4. However, prices can fluctuate depending on the level of risk associated with your specific projects and the coverage limits you choose.