What is the Best Contractor Insurance in Las Vegas, Nevada?
If you’re a contractor in Nevada, you’re going to have to carry at least 2 types of insurance. We make sure you have the right coverage in place with the best insurance company for your contracting company.
- General Liability – this is going to protect you against lawsuits for property damage or bodily injury during the course of your work and for your completed work.
- Workers Compensation – this is going to protect the workers that perform the labor on your jobs, or if you’re a general contractor, the sub contractors on your job.
This post isn’t going to explore the ins & outs of these insurance policies but rather share some of the best companies that we write contractors with in our agency. You may also find these Tips for Contractors helpful from the Nevada State Contrators Board.
What kinds of contractors do we write?
We’ve been in Las Vegas, Nevada for nearly 30 years and write all types of contractors. We write artisan trade contractors, general contractors, and property developers. No matter the type of contractors license you hold, we can get the right insurance program in place for you.
Here are some of the most common types of contractors that we write.
- General Contractors
- Custom Home Builders
- Electrical Contractors
- Plumbing Contractors
- Mechanical Contractors or HVAC contractors
- Concrete Contractors
- Landscape Contractors
- Flooring Contractors
- Masonry Contractors
How are premiums calculated for contractors?
With most types of contractors, your premium will be based on your payroll. Now, when the insurance company uses the term payroll, they’re talking about any money that you pay out for work, whether to an employee or cash to a 1099 laborer.
Some companies, however, calculate their premiums based on number of owners, ft & pt employees. And in some situations, usually with general contractors, they will calculate the premium solely based on the gross annual revenues.
It’s important to estimate the rating figures accurately because the policies are subject to audit and it’s better to spread the payments out over the year instead of paying a lump sum after an audit.
What makes one company better or worse than another?
Most contractors will make their buying decision solely based on the premium they are charged, only to find out later that their insurance company is not able to provide certain types of policy forms that they are asked to provide in a contract. Here are some common types of contract requirements that your policy may need to provide.
- Additional Insured
- Additional Insured for Completed Operations
- Primary & Non-Contributory wording
- Waiver of Subrogation wording
- Contractor’s Pollution Liability
- Contractor’s Professional Liability
- Contractor’s Errors & Omissions or Professional Liability
- Technology Errors & Omissions
Not all General Liability policies are alike so it’s important to talk with us about the types of contracts you enter in to, and with which GCs, so that we can advise you on the best insurance company. We know what companies offer what types of additional insureds and waiver forms so we can make sure you are good to go.
So what companies are we writing contractor insurance with in Nevada?
Here is a short list of the companies that we write contractor liability insurance with most regularly.
- Liberty Mutual
- The Hartford
- Acceptance Indemnity
- MetLife Property & Casualty
- Crum & Forster Specialty
So, what is the best contractor insurance in Las Vegas for your contracting company? Give us a call or submit a quote request below and let us run the numbers for you!