Contractors Insurance in Connecticut
The state of Connecticut is pretty straightforward when it comes to contractors getting licensed to operate in the state. They have established two categories for contractors; major contractor and minor contractor:
- Major Contractor – licensed by the state to work on institutional buildings such as nursing homes, jails, hotels, motels, multi-family residences, and other large sites.
- Minor Contractor – licensed to work on single family and multi-family homes if the job is more than $200 for a single job or if the annual work on one customer exceeds $1,000.
Contractors and their customers can obtain more information about contractor licensing in Connecticut by visiting their website.
Protect Your Business with Contractors Insurance from Fairbanks Insurance
Contractors operating in Connecticut can mitigate their risk exposure by purchasing an affordable contractors insurance package from the professionals at Fairbanks Insurance Brokers. Fairbanks represents many of the highly-rated commercial insurance companies that operate in Connecticut and can provide the coverages you need at prices you can afford.
Here is What We Recommend:
General Liability
General Liability
As a contractor in Connecticut, your general liability coverage will be your base resource for liability claims from a third-party. Your policy provides coverage for the most common exposures:
- Bodily and property damage liability
- Products completed operations
- Contractual liability
- Personal liability
- Defense costs
Many insurance companies will also offer various riders that you can add to your policy in order to broaden your coverage to meet your specific needs for protection.
Workers' Comp
Workers' Comp
All Connecticut contractors with employees, or uninsured subcontractors, are required to purchase workers compensation insurance to protect their employees. Contractors that refuse to carry workers compensation are responsible for costs associated with work-related injuries or illnesses that employees experience. Contractors and business owners who are required by law to have insurance but do not comply will face significant fines and other penalties from the state.
Commercial Auto
Commercial Auto
Commercial auto insurance is needed to cover any cars, trucks, and vans a contractor uses while conducting their business. Large fleets, as well as small businesses, should be properly covered by a commercial auto insurance policy.
Tool Coverage
Tool Coverage
Most contractors use expensive tools and equipment in the course of performing their jobs. The loss or damage of these tools can be considerably expensive so it’s vital that contractors transfer the risk of damages or theft to a highly-rated insurance carrier. In most cases, the cost of dependable tool coverage will be less than security cameras, chains, and expense locks. Your tools and equipment will be protected at the job site, in transit, and in storage.
Surety Bonds
Surety Bonds
A surety bond represents a guarantee to pay that is similar to a line of credit. Many state licensing boards require a surety bond (license bond) before a license is issued and most large customers and governmental organizations require a bond just to bid on a project. Fairbanks Insurance Brokers can meet your surety needs no matter what the requirement with very affordable rates.
Fairbanks Insurance Brokers is a leader in providing contractors insurance and is dedicated to providing Contractors and Builders the finest insurance protection at the lowest rates throughout the construction community.
With savings up to 65% on General Liability, Workers’ Compensation, Commercial Auto and Bonds, you can count on us to do the heavy lifting and provide you the most competitive quote that includes all the discounts for which you qualify.