Being a licensed contractor has many benefits, but the job also poses many risks, making insurance a necessity. When you want to know how to find the best construction insurance in New Jersey, you need to consider why you need a policy and which types of coverage an insurance company offers. Assessing these two aspects can help you decide on the right company and policy.

Reasons for Coverage

A general contractor may need a broader scope of coverage than a worker who specializes in one aspect of construction. Large construction companies may need a different policy than small ones. Every contractor should insure company vehicles and tools to cover theft or damage, and many construction businesses need a policy that covers employees. To choose the best policy, first identify which needs your company has.

Types of Coverage

A good insurance company will offer a variety of packages to help contractors find the right coverage. Some of the standard coverage types are listed below.

  • Errors and omissions insurance
  • Theft insurance
  • Damage liability
  • Builders’ risk insurance
  • Pollution liability
  • Employee practices liability

The best insurance will combine the right types of coverage in order to create the best policy for your company. You will know how to choose the best construction insurance in New Jersey once you understand the needs of your company.