Why Ohio Contractors Need Specialized Insurance Coverage

While most businesses carry basic liability and property insurance, the unique exposures contractors face necessitate tailored coverage. 

Ohio's construction professionals regularly work on high-risk job sites, operating heavy machinery and specialized equipment that significantly increase their likelihood of accidents, injuries, and third-party claims. 

Moreover, contractors must navigate a complex web of legal and regulatory requirements, from workers' compensation laws and OSHA safety standards to bonding mandates and local licensing rules.

Without tailored contractor insurance, one catastrophic incident could devastate your business financially. That's why it's critical to work with an agency like The Allen Thomas Group - one that understands the construction industry's intricacies and can protect your interests with precision.

Core Insurance Policies for Ohio Contractors

While specific coverage needs vary, several insurance policies form the backbone of any comprehensive contractor insurance program:

Commercial General Liability Insurance is likely the most crucial policy for Ohio contractors. It provides protection against third-party bodily injury, property damage, advertising injury, and other costly claims that could arise from your operations. Most contractors require at least $10 million in coverage limits to safeguard against devastating lawsuits.

Workers' Compensation Insurance is mandatory for all Ohio contractors with employees. This coverage pays for medical expenses and lost wages if a worker suffers a job-related injury or illness. It also includes employer's liability protection against related lawsuits.

Commercial Auto Insurance safeguards the vehicles your business uses, whether owned, leased, rented, or borrowed. Policies typically include liability coverage for accidents causing injury/damage to others, as well as collision, comprehensive, and other coverages to repair/replace your vehicles after an incident.

Specialized Coverages for Construction Risks

In addition to these foundational policies, Ohio contractors should strongly consider specialized coverages like:

Professional Liability Insurance - Also called errors and omissions (E&O) insurance, this protects your business against claims of negligence, mistakes, or failure to perform professional services as expected. It covers legal defense costs and settlements/judgments.

Builders Risk Insurance - This coverage is vital for safeguarding construction projects and job sites from risks like property damage, theft, vandalism, and severe weather events. It protects your labor, materials, and equipment costs if an incident delays or derails the project.

Contractor's Tools and Equipment Coverage - As an inland marine insurance product, this specialized coverage safeguards your firm's costly tools, machinery, and mobile equipment from risks like theft, damage, equipment breakdown, and loss.

Compliance and Risk Management Solutions

Beyond customized insurance products, smart contractors utilize compliance and risk management solutions to further insulate their businesses, such as:

Surety Bonds (bid bonds, performance bonds, payment bonds, etc.) required for many public/private construction projects

Site-specific safety programs, including job site audits, OSHA compliance training, hazard assessments, and loss control services

Why Choose The Allen Thomas Group?

With over 20 years of experience, The Allen Thomas Group is an independent insurance agency dedicated to providing personalized guidance and tailored solutions for Ohio's contractors. Key reasons to partner with our team include:

✓ In-depth industry focus on contractor insurance needs

✓ Specialized expertise across construction trades

✓ Competitive pricing through robust carrier partnerships

✓ Personalized risk analysis and coverage recommendations

✓ Dependable client service and 24/7 claims support

Get a Free Contractor Insurance Quote Today

Don't leave your construction business inadequately covered and vulnerable to costly risks. Request a free, no-obligation quote from The Allen Thomas Group today! 

Our knowledgeable agents will take the time to understand your operations and provide tailored contractor insurance recommendations.

Getting started is easy:

Complete our online quote form to provide some basic business details

Speak directly with one of our licensed insurance advisors

Receive a customized proposal with competitive rates on comprehensive coverage

Or, give us a call at (440) 826-3676 to discuss your specific insurance needs. 

We're here to protect what matters most to Ohio contractors like you!

Frequently Asked Contractor Insurance Questions

Still have questions about insuring your construction business? Here are answers to some common contractor insurance FAQs:

What is the average cost of contractor insurance in Ohio?

The cost varies based on factors like your trade, operations, payroll, and coverage needs. However, most Ohio contractors can expect to pay between $500 to $2,000 per month for a comprehensive policy.

Is workers' compensation insurance required for Ohio contractors?

Yes, workers' compensation insurance is mandatory for all Ohio contractors with employees. It covers medical expenses and lost wages for job-related injuries or illnesses.

Do contractors in Ohio need commercial auto insurance?

Any vehicles owned or used for business purposes require commercial auto insurance. This policy provides liability coverage as well as options like collision and comprehensive.

What coverages should be included in a contractor's general liability policy?

A robust general liability policy for Ohio contractors should include third-party bodily injury, property damage, products/completed operations, personal/advertising injury, and contractual liability coverages.

Is professional liability insurance necessary for contractors?

Professional liability (or errors & omissions) insurance is highly recommended to protect contractors against claims of negligence, mistakes, or failure to perform services as expected.

When is builders risk insurance required for Ohio contractors?

Builders risk insurance should be purchased for any sizeable construction project to safeguard the property, materials, and equipment on the job site against damage or loss.

How can contractors manage their insurance costs in Ohio?

Strategies like bundling policies, increasing deductibles, implementing robust safety programs, and securing multi-year policies can help Ohio contractors reduce their insurance expenses.