As a subcontractor, you may have several general contractors that send work your way. This means you could spend one day on a kitchen remodel and another day putting the finishing touches on condos for an interior designer. It’s exciting to face new challenges every day, but unpredictable cash flow can make subcontractor’s insurance in Mississippi seem like an unnecessary expense. After all, doesn’t contractor’s insurance cover subcontractors? Not necessarily.
Here are just a few reasons you should consider independent subcontractor’s insurance in Mississippi:
- Many contractors prefer subcontractors to carry their own insurance.
- Customers may feel more comfortable with subcontractors who have their own coverage policies.
- Depending on the type of work you do, state licensing requirements may require that you carry proof of business insurance.
- Having the appropriate subcontractor’s insurance can give you peace of mind that you’re covered for legal expenses if you get sued.
Sit down with a Hawsey Insurance agent to find out what types of subcontractor’s insurance you need to support your growing business.
Types of Subcontractor’s Insurance You May Need
In general, you’ll need the same coverage as a contractor. The specific policy needed will depend on what kind of subcontracting services you provide.
Typically, subcontractor’s insurance in Mississippi includes the following:
- General Liability Insurance. General liability insurance covers damages on legal fees due to third-party property damage, bodily injury, or personal injury claims. This coverage is crucial even if you work with a general contractor with good insurance. Some contractor’s insurance policies may exclude general liability for subcontractors.
- Workers’ Compensation Insurance. Mississippi State law requires workers’ compensation insurance for most employers with five or more employees. This insurance helps protect your company, employees, and clients in case an employee gets injured, becomes ill, or dies while performing job duties.
- Umbrella Insurance. If you work on large projects, you may have to show proof of insurance for a specific amount, often millions of dollars. Umbrella insurance extends your general liability policy to help you provide adequate coverage and meet the needs of your business.
- Construction Wrap-up Insurance. For very large projects, commercial wrap-up insurance covers all parties involved for general liability, and other coverage.
Knowing that your business is insured lets you concentrate on growing your project profile and building a solid reputation as a responsible subcontractor.
Hawsey Insurance provides subcontractor’s insurance in Mississippi and the surrounding states. We have offices in Madison, Jackson, and Southaven, MS. Get a free online quote for personal and commercial insurance.