Specialty Trade Contractors Insurance in Grand Prairie & Arlington TX

An adequate insurance portfolio should be a top priority for all businesses, but those in high-risk industries should be especially aware of these needs. As a specialty trade contractor, your company’s common tasks and everyday work environments may include significant risks and perils, including heavy machinery, sharp objects and hazardous substances. Given the potentially catastrophic consequences of even a slight error or momentary lapse in attention, robust loss control measures are necessary.

What Is Specialty Trade Contractor Insurance?

You should be aware that most insurance agents and brokers may not sell a product specifically named specialty trade contractor insurance. Rather, this term typically refers to a collection of policies capable of covering your company’s risks and exposures. Some insurers may offer prearranged packages for these purposes, but you should still assess your own unique circumstances to identify all insurance needs.

What Types of Coverage Do Specialty Trade Contractors Need?

Given the many skills and responsibilities among specialty trade contractors, exact insurance needs may vary significantly. Still, there are several core types of coverage to prioritize when compiling your business’s insurance portfolio, including the following:

• Commercial property insurance may provide financial assistance if your company’s property (e.g., buildings, equipment, tools and inventory) is damaged, lost or stolen.
• Errors and omissions insurance may insulate you from financial consequences if a client or customer sues your company for allegedly providing inadequate goods or services.
• Workers’ compensation insurance can provide funds and resources to assist your organization and its employees in response to workplace injuries and illnesses.
• General liability insurance may provide financial protection if your business is found responsible for incidents that affect third parties, such as bodily injuries, property damage and personal or advertising injury.
• Builders risk insurance may render financial aid for damage sustained by buildings under construction, including those being built from scratch and existing structures being renovated.
• Commercial umbrella insurance acts as a secondary form of coverage capable of providing additional financial assistance if the liability limits of your company’s other policies are reached.

Depending on the details of your company, such as the services you provide, you may require further coverage. For example, if you use motor vehicles for business purposes or maintain sensitive data, you may need commercial auto and cyber liability insurance, respectively.

Who Needs Specialty Contractor Insurance?

Some types of insurance may be legally required, including workers’ compensation and commercial auto coverage. Furthermore, many clients and project owners may have their own coverage requirements that your company must fulfill before being eligible for a job.

As a specialty trade contractor, it’s possible that you may be able to be added as an insured to another party’s policy, such as a general contractor, but you should never assume that this will be the case. Given the many risks and perils present on different job sites, it’s critical to ensure that your company and employees are adequately covered.

Get the Right Coverage

With nearly 75 years of experience serving businesses and families in Grand Prairie and throughout northeast Texas, the staff at Blackburn Insurance has the knowledge and dedication needed to ensure that your company is able to build and maintain its ideal coverage portfolio. Our agents will work with you throughout every step of the process to secure your company’s finances and future. Contact us today to get started.