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Every contractor should have a commercial general liability policy and a surety bond to protect themselves against property damage, third-party injuries, and client dissatisfaction, and it’s not just a good idea. It’s required. This is because in order to get and keep your contractor’s license, you must have a certain amount of liability insurance and a surety bond to operate in the state of Washington.
What Contractors Insurance Covers
Contractor insurance protects your business against damage to someone else’s property, injuries to other people, and claims that your business committed libel or slander against another business or person.
Damage to Someone Else’s Property
While no contractor wants to damage any of their client’s property, accidents happen. One second, you’re climbing onto a roof to make some repairs, and the next second, your hammer is falling off the roof and through the homeowner’s glass outdoor patio table that they just purchased last week. Your general liability contractor’s insurance is designed to pay for these types of property damages.
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Injuries to Other People
If your client or a visitor to the construction site gets injured, the bodily injury part of your policy will help pay for any resulting medical bills and/or lost wages. For example, if someone trips over a cable and breaks their wrist or an object falls on them, this part of the policy would apply.
Claims of Libel or Slander
While it’s important to act professionally at all times and not badmouth your competitors, you, one of your employees, or the agency you use to create your ads could still make a mistake. If you accidentally say or write something about an individual or business that could harm their reputation, you could be taken to court over charges of libel (written defamatory statement) or slander (spoken defamatory statement). When these things happen, your general liability contractors’ insurance would help pay for any legal costs and judgments.
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Contractors Insurance Requirements for Washington
The state of Washington requires all contractors to have a minimum amount of liability insurance. This includes:
- Public Liability – $200,000
- Property Damage – $50,000
- Single-Limit – $250,000
Contractor Surety Bonds
In addition to a commercial liability policy, you’ll need a surety bond. A surety bond is a guarantee that the business will fulfill its obligation to its customers and vendors, according to the contract. They’re designed to ensure three things.
- That the business that agreed to perform the work and signed the contract, along with the customer, will perform the work in accordance with any state and/or federal laws that apply to that work.
- To protect the customer in case the business is negligent in their performance of that work.
- To provide monetary compensation if the obligations of the contract are not fulfilled or met.
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Contact Surety Bond Minimums in Washington
Each contractor must have a surety bond in order to operate in the state of Washington.
- General Contractors Bond – $12,000
- Specialty Contractors Bond – $6,000
- Plumbing Contractors bond – $6000
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We are a medium-sized insurance brokerage that was established in 1996. As Independent Agents, we represent you, the CLIENT. Although we write all types of insurance, we specialize in auto and home insurance in the Northwest.
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Who Needs Contractors Insurance and Surety Bonds in Washington
All contractors should have a commercial liability policy as well as a surety bond for each project. This includes:
- Flooring Companies
- General Contractors
- HVAC Companies
- Landscapers and Hardscapers
Other Types of Business Insurance that You May Want to Consider in Washington
- Business Owners Policy – Includes commercial liability insurance and commercial property insurance
- Commercial Car Insurance – Protects your company vehicles if they are in an accident or incident.
- Commercial Property Insurance – Helps financially protect you if your physical location is damaged by a covered event.
- Crime Insurance – If your tools get stolen, vehicles get broken into or your physical location is burglarized, crime insurance helps pay for the replacement of the stolen items.
- Workers Compensation – Helps pay for injuries and lost wages if your employees are hurt on the job or become sick as a result of the job.
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Contractors Insurance and Surety Bonds with Boyd Insurance Brokerage Inc
At Boyd Insurance Brokerage Inc., we offer commercial contractors insurance and contractor surety bonds so that you can be fully protected every time you accept a job and walk onto the worksite. Our agents have the ability to find insurance policies that match your needs with premiums you can afford.
This is because we can access the policies of more than 150 different carriers, and we understand the unique risks that contractors incur every day. In fact, if you have a unique risk or a complex set of risks, our agents can take those into consideration when locating the right policy for you.
When you need affordable insurance that works for you, don’t hesitate to contact us at 509-340-2693.