As a business owner in Central Ohio, you understand the importance of protecting your livelihood. Whether you’re a construction contractor, web designer, or running another type of ambitious enterprise, insurance is a crucial piece of that security. But navigating the world of policies can be confusing. One common point of uncertainty?

The difference between contractor insurance and commercial insurance.

At BPIns.com, we often hear from local business owners wondering which type of coverage is right for them. Let’s break down the key distinctions to help you understand your options.

Contractor Insurance: Tailored for the Trades

Contractor insurance is a specific type of commercial insurance designed to address the unique risks faced by those in the construction and trade industries. While contractors also need general liability, commercial auto (for work vehicles), and workers’ compensation (for employees), their specific needs often require additional or specialized coverage. This might include:

• Builders Risk Insurance: This covers a specific construction project during its build phase, protecting against damage to the structure and materials from events like fire, wind, or theft. This is particularly relevant for the numerous construction projects happening across Central Ohio.
• Contractor’s Equipment Insurance (Inland Marine): This covers the tools and equipment contractors use, whether they are stored on a job site in Delaware or being transported between locations in Franklin County.
• Installation Floater Insurance: This covers materials that a contractor is installing until the project is complete and accepted.
• Pollution Liability Insurance: Depending on the type of contracting work, this can protect against liability for pollution or environmental damage.

Commercial Insurance: A Broad Safety Net

Think of commercial insurance as an umbrella term encompassing various types of coverage designed to protect a wide range of businesses. This can include everything from a downtown Lancaster fashion boutique, to a tech startup over in Pickerington.

Common types of commercial insurance include:

• General Liability Insurance: This protects your business from claims of bodily injury or property damage caused by your operations. Imagine a customer slipping and falling in your Powell retail store – general liability could help cover the resulting medical expenses or legal fees.
• Commercial Property Insurance: This covers physical damage to your business premises and its contents, such as equipment, inventory, and furniture. Whether it’s damage from a storm rolling through Columbus heading our way, or a fire at your office in Bremen, this coverage can be vital.
• Commercial Auto Insurance: If your business uses vehicles, this provides coverage for accidents involving those vehicles. Whether you have a fleet of delivery vans or a single company car, this is essential.
• Workers’ Compensation Insurance: This provides benefits to employees who suffer work-related injuries or illnesses. If you have employees in Central Ohio, this coverage is typically required by law.
• Professional Liability Insurance (Errors & Omissions): This protects businesses that provide professional services from claims of negligence or errors in their work. This is crucial for architects, accountants, consultants, and other professionals in the region.

Key Differences at a Glance:

Having the right insurance is paramount. For contractors in our region, the fluctuating weather, busy construction sites, and the need to transport valuable equipment make specialized contractor insurance essential. For other businesses, a tailored commercial insurance package will provide the necessary protection against their unique risks.

Ready to Discuss Your Insurance Needs?

We’ve been at this a long time, and we have worked extensively with the following industry’s tailoring insurance to fit their needs. Contractors, Mercantile, Offices, Restaurants, Wholesalers, Building Owners and Landlords of occupied rental units. And of course our suite of Personal lines of insurance (such as Home, Auto, Farm, and Life) and all other types of Business / Commercial Insurance.

We understand the specific challenges and opportunities of doing business in Central Ohio. Our experienced team can help you navigate the insurance landscape and find the right coverage – whether you’re a contractor needing specialized protection or another type of business seeking comprehensive commercial insurance.

Contact us for a consultation and let us help you build a secure future for your business!

Thank you to Evgeniy Alyoshin for use of her featured image photo.