- Mon-Fri: 8:30 am to 5:00 pm
- Mon-Fri: 8:30 am to 5:00 pm
- (440) 888-7854
- 7055 Engle Road Suite 4-403
- (440) 888-7854
- 7055 Engle Road Suite 4-403
At Toth-Felty Insurance Agency, Inc., located in Middleburg, Ohio, we recognize the dedication and skill that professionals such as electricians, plumbers, HVAC contractors, interior decorators, janitorial services, and lawn care providers bring to their trades. Our goal is to offer comprehensive insurance solutions that safeguard your business against unforeseen events, allowing you to focus on delivering exceptional service to your clients.
We provide a variety of coverage options tailored to meet the unique needs of contractors:
Business Personal Property: Protects your business’s contents and equipment from accidental direct physical loss. State Farm
Building Property: Covers your building, storage structures, garages, fixtures, and specific features like installed floor coverings and building glass.
Business Liability: Offers protection against financial losses stemming from claims and lawsuits related to bodily injury or property damage caused by your services, products, or operations. State Farm
Completed Operations: Provides coverage for bodily injury and property damage claims that occur after a construction or service project is completed. State Farm
Mobile Equipment: Offers broad coverage for mobile equipment, tools, and machinery used in contracting operations.
Installation Floater: Provides coverage for materials and equipment while in transit, awaiting installation, or being installed at the job site.
Property of Others: Covers property damage to others’ property while it is in your care, custody, or control.
Understanding that each business has unique requirements, we offer customizable coverage options:
Loss of Income: Provides protection if your operations are suspended due to a covered loss, helping to replace lost income during the interruption.
Data Compromise and Identity Restoration: Assists in recovering from data breaches or identity theft incidents, offering support for both your business and personal identity restoration.
Hired Auto: Protects against liabilities arising from the use of hired or non-owned vehicles by you or your employees for business purposes.
Ordinance or Law: Covers the increased costs associated with complying with municipal laws or ordinances during the repair or reconstruction of damaged buildings.
Operating without adequate insurance exposes your business to significant risks, including financial losses from accidents, legal claims, and property damage. Contractor insurance acts as a safety net, ensuring that unforeseen events don’t jeopardize the stability and growth of your business.
Key Considerations for Contractors
When selecting insurance coverage, consider the following:
Risk Assessment: Evaluate the specific risks associated with your trade to determine the necessary coverage types and limits.
Policy Customization: Work with an experienced insurance agent to tailor a policy that aligns with your business operations and risk exposure.
Regulatory Compliance: Ensure your insurance meets any state or industry-specific requirements, protecting your business from potential legal issues.
Regular Policy Reviews: Periodically review and update your insurance coverage to reflect changes in your business, such as expansion of services or acquisition of new equipment.
BIG or SMALL, we have the right policy for you!
Contractors insurance is a suite of policies designed to protect construction professionals from financial losses due to accidents, damages, or lawsuits that may occur during their operations. It typically includes general liability insurance, workers’ compensation, and property insurance. This coverage is crucial because it helps ensure that unforeseen events don’t jeopardize your business’s financial stability.
A comprehensive contractors insurance policy may encompass several types of coverage:
General Liability Insurance: Protects against claims of bodily injury or property damage caused to third parties.
Workers’ Compensation Insurance: Covers medical expenses and lost wages for employees injured on the job.
Commercial Auto Insurance: Provides coverage for vehicles used in your business operations.
Inland Marine Insurance: Covers tools and equipment while in transit or at a job site.
Builders Risk Insurance: Protects structures and materials during construction.
The specific policies you need depend on your business activities and risk exposure.
The cost of contractors insurance varies based on factors such as the size of your business, the types of projects you undertake, your claims history, and the specific coverage options you select. For example, general contractors might pay an average of $121 per month for a business owner’s policy, which combines general liability and property insurance. It’s advisable to obtain quotes from multiple insurers to find a policy that fits your budget and coverage needs.
Generally, subcontractors are not automatically covered under your contractors insurance policy. It’s essential to verify that subcontractors carry their own insurance and to obtain proof of coverage. Failing to do so could leave you liable for any damages or injuries they cause while working on your projects.
To acquire contractors insurance, follow these steps:
Assess Your Risks: Identify the specific risks associated with your contracting business to determine the types of coverage you need.
Research Insurance Providers: Look for insurers experienced in covering contractors and compare their offerings.
Obtain Multiple Quotes: Request quotes from several providers to compare coverage options and premiums.
Consult an Insurance Agent: An agent specializing in contractors insurance can help tailor a policy to your needs and ensure you understand the terms.
Review and Purchase: Carefully review the policy details before purchasing to ensure it meets your coverage requirements.
The following charts represent statistical insurance information for businesses in the State of Ohio for the year 2017.
Business insurance statistics provided by DataLinks for 2017.
The average insurance plan utilized for business owners in Ohio.
At Toth-Felty Insurance we provide all of our prospective insurance clients with free over the phone quotes.
If you’re interested in obtaining home, auto, life, business, health, farm insurance or interested in any bonding information, please fill out our short form and a Toth-Felty representative will contact you shortly.