Contractor insurance is crucial in protecting professionals in Idaho from various risks and liabilities associated with their work. Understanding the insurance requirements and coverage options available is essential for contractors to safeguard their businesses and mitigate financial risks in the construction industry. In this article, we will explore the different types of contractor insurance in Idaho, coverage limits, specific situations where each insurance can provide protection, available add-ons, estimated costs, and reviews of the best insurance companies in the state for general contractors and other related businesses.
Idaho contractors must comply with state-mandated insurance requirements. The purpose of these regulations is to ensure that contractors have adequate insurance coverage to safeguard their businesses, employees, and clients. To comply with state laws and mitigate any risks, contractors must comprehend and meet these requirements. Contractors can protect themselves from liability and keep their operations running smoothly by acquiring the appropriate insurance coverage. Let's examine the primary Idaho contractor insurance requirements:
General liability insurance: Contractors in Idaho must carry general liability insurance. This insurance covers employment injuries and property damage. $300,000 in contractor liability insurance is required. There is protection for independent contractors against third-party claims for damages, medical expenses, and lost income.
Workers’ compensation insurance: Contractors in Idaho are required to hold worker's compensation insurance to compensate for employee injuries and illnesses. Contractors are required to carry worker's compensation insurance to cover medical costs and lost wages. Contractors in Idaho must carry worker's compensation and employer liability insurance. Employer liability coverage must meet the requirements of $100,000/$100,000/$500,000. This insurance handles claims for worker injuries.
Professional liability insurance: Additionally, contractors in Idaho must carry professional liability insurance. Contractors are shielded from liability for carelessness or negligence. Contractors in Idaho are required to carry $1 million in professional liability insurance. This coverage protects contractors against financial losses resulting from errors or omissions on the job.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $300,000/$1,000,000 | $300,000 | $100,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | No | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
General liability insurance is the primary coverage for contractors in Idaho. It protects against claims for bodily injury, property damage, and personal injury resulting from the contractor's operations.
Coverage limits for general liability insurance typically range from $500,000 to $2 million, depending on the nature and scale of the contractor's work.
Third-party injuries: Such as a visitor or a passerby is injured on the contractor's job site; general liability insurance can cover medical expenses, legal fees, and potential settlements.
Property damage: If an employee causes damage to a client's property during their work, general liability insurance can cover the costs of repairing or replacing the damaged property.
Advertising mistakes: If a contractor unintentionally makes false claims or inadvertently plagiarizes copyrighted material in their advertising, general liability insurance can cover legal expenses and potential damages.
Additional insured coverage: This allows contractors to extend their general liability coverage to other parties, such as clients or subcontractors, protecting them against claims arising from the contractor's work.
Completed operations coverage: Extends the general liability coverage beyond the project completion date, ensuring that contractors are protected from claims that may arise after the project is finished.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
Professional indemnity insurance, also known as errors and omissions insurance, provides coverage for contractors against claims arising from professional negligence, errors, or omissions in their services. It is particularly crucial for contractors who provide advice, design work, or professional services.
Depending on the specific policy and the nature of the contractor's work, the coverage limits for Professional Indemnity Insurance can vary. Limits of coverage can range from $500,000 to $2,000,000.
Professional negligence lawsuits: If a contractor's advice, design work, or professional services result in financial losses or damages to a client, professional indemnity insurance can cover legal expenses, settlements, or judgments related to professional negligence claims.
Breach of contract claims: When a contractor fails to meet the agreed-upon contractual obligations, professional indemnity insurance can offer protection against breach of contract claims filed by clients.
Intellectual property infringement: Professional indemnity insurance can cover legal defense costs and potential damages if a contractor unknowingly uses copyrighted material or infringes on intellectual property rights.
Professional indemnity insurance can cover the contractor's legal expenses, settlements, or judgments related to professional negligence claims arising from design errors or omissions.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
Commercial property insurance covers the physical assets and properties owned by contractors in Idaho. It protects against risks such as fire, theft, vandalism, and natural disasters that may cause damage or loss to the contractor's property.
The coverage limits for Commercial Property Insurance vary based on the contractor's particular requirements and the property's value. Policy limits can range between $500,000 and $5,000,000.
Fire damage: In the event of a fire at the contractor's business premises, commercial property insurance can cover the costs of repairing or rebuilding the damaged property, including equipment, tools, and inventory.
Theft or vandalism: Commercial property insurance can provide coverage for replacing or repairing stolen or damaged items if the contractor's property is stolen or vandalized.
Natural disasters: Commercial property insurance protects contractors against losses from natural disasters like earthquakes, floods, or storms that may damage their property or equipment.
Business interruption coverage: This add-on covers lost income and additional expenses incurred if a covered event, such as a fire or natural disaster, forces the contractor to suspend operations temporarily.
Equipment breakdown coverage: This add-on protects against the costs of repairing or replacing damaged equipment or machinery due to mechanical or electrical breakdowns.
Commercial property insurance typically covers the contractor's business premises, but it can also include coverage for equipment and tools used at job sites, depending on the policy terms.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
A business owner’s policy (BOP) is a comprehensive package combining general liability and commercial property insurance into a single policy specifically designed for small to medium-sized businesses, including contractors in Idaho. It offers convenience and potential cost savings compared to purchasing these coverages separately. Contractors can tailor their BOP with add-ons to address specific risks and protect their businesses from unexpected events.
The coverage limits of a BOP differ based on the specific policy and the contractor's requirements. Nevertheless, a typical BOP for Idaho contractors may include coverage limits ranging from $1 million to $3 million for general liability insurance and property insurance coverage limits based on the value of the contractor's assets, typically between $100,000 and $1 million.
Third-party injury claims: If a contractor's business operations cause bodily injury or property damage to a third party, general liability insurance within the BOP can cover the associated medical expenses, legal fees, and potential settlements.
Property damage coverage: The commercial property insurance component of a BOP provides coverage for damage or loss to the contractor's owned or leased property, including buildings, equipment, and inventory.
Business interruption coverage: This add-on offers protection against lost income and additional expenses when a covered event, such as a fire or natural disaster, forces the contractor to suspend business operations temporarily.
Data breach coverage: As data breaches become increasingly common, this add-on helps contractors cover the costs of managing a data breach, including legal fees, customer notifications, and credit monitoring services.
A BOP suits small to medium-sized contractors in various industries. However, the specific coverage and limits may vary, and contractors with unique risks or specialized services may require additional or specialized insurance coverage.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance covers the contractor's tools, machinery, and equipment against loss, theft, or damage. This insurance is essential for Idaho contractors who rely heavily on specialized tools and equipment to carry out their work. By securing this insurance, contractors can continue their work smoothly, knowing they have the necessary coverage.
Depending on the specific policy and the value of the contractor's tools and equipment, the coverage limits for Tools and Equipment Insurance can vary. In general, the coverage limit ranges from $10,000 to $250,000.
Theft: Tools and equipment insurance protects contractors against theft, whether it occurs on the job site, during transportation, or at the contractor's premises. It covers the cost of replacing stolen tools and equipment.
Damage: If the contractor's tools or equipment are damaged due to accidents, such as drops, falls, or collisions, this insurance can cover the repair or replacement costs.
Loss: In case of loss, such as misplacement or disappearance of tools or equipment, tools, and equipment insurance can provide coverage for the value of the lost items.
Inland marine coverage: This add-on extends the coverage beyond the contractor's premises and includes tools and equipment in transit or used at different job sites.
Rented or leased equipment coverage: Contractors who frequently rent or lease equipment can opt for this add-on to ensure that the rented or leased tools and equipment are covered in case of loss, theft, or damage.
Tools and equipment insurance can cover specialized tools or equipment specific to a contractor's trade. It is important to assess the value of such items when obtaining coverage accurately.
Commercial auto insurance provides coverage for vehicles contractors use during their business operations. It protects against property damage, bodily injury, and other liabilities arising from accidents involving company-owned vehicles or vehicles used for business purposes.
The coverage limits for liability coverage might vary depending on the insurance and the needs of the contractor, but they commonly range from $100,000 to $1 million. Collision and comprehensive coverage limits are based on the insured vehicle's value and may include deductibles that must be fulfilled before coverage applies.
Accidents: Commercial auto insurance covers repairing or replacing vehicles damaged in accidents. It also covers bodily injury and property damage to third parties involved in the accident.
Theft or vandalism: Commercial auto insurance can cover replacement or repair costs if a contractor's vehicle is stolen or vandalized.
Medical expenses: In an accident that causes injuries to the contractor or their employees, commercial auto insurance can cover medical expenses, including hospital bills and rehabilitation costs.
Hired and non-owned auto coverage: This add-on extends coverage to vehicles rented, borrowed, or used for business purposes but not owned by the contractor. It provides liability coverage for accidents involving these vehicles.
Uninsured/underinsured motorist coverage: This add-on protects the contractor and their employees if they are involved in an accident with a driver without insurance or inadequate coverage.
Commercial auto insurance generally covers vehicles owned or used primarily for business purposes. However, personal vehicles used occasionally for business may need to be fully covered. It's important to discuss the specific usage with the insurance provider.
Excess liability insurance, also known as umbrella insurance, provides additional coverage beyond the limits of primary liability insurance policies. It offers an extra layer of protection for contractors in Idaho against catastrophic events or claims that exceed the limits of their underlying insurance policies.
The coverage limits of excess liability insurance can vary depending on the policy and the contractor's requirements but typically range between $1 million and $10 million.
Excess liability insurance is beneficial for contractors of all sizes. While larger contractors may have higher risks and potential for larger claims, even small contractors can face unexpected catastrophic events that exceed the limits of their primary policies.
Workers' compensation is vital contractor insurance for Idaho as it benefits employees who suffer work-related injuries or illnesses. It helps protect contractors and employees by offering financial support for medical expenses, lost wages, and rehabilitation costs.
Workers compensation insurance has no set limits. Coverage amounts differ in each state. Contact the workers comp board of your state for a comprehensive idea of workers compensation coverage amounts.
Workplace injuries: Workers' compensation insurance covers injuries on the job, including slip and fall accidents, repetitive strain injuries, and equipment-related incidents. It ensures employees receive proper medical treatment and compensation for any resulting disabilities.
Occupational illnesses: This insurance also applies to illnesses or diseases that employees develop as a direct result of their work, such as respiratory conditions from exposure to hazardous substances or long-term health issues caused by repetitive tasks.
Wage replacement: workers' compensation provides partial wage replacement for employees who cannot work due to work-related injuries or illnesses, ensuring they can maintain financial stability during recovery.
Employer’s liability coverage: This add-on extends coverage to claims brought by employees alleging employer negligence or unsafe work conditions, which may not be covered under standard workers' compensation policies.
Return-to-work programs: Some insurance providers offer add-on services such as return-to-work programs that help injured employees transition back to work smoothly and facilitate rehabilitation.
In Idaho, contractors with employees must carry workers' compensation insurance. However, individual contractors who do not have employees may not be obligated to obtain this coverage. It's important to consult state regulations and seek guidance from an insurance professional to determine the specific requirements.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $33 | $396 | $0-$500 |
| Professional liability insurance | $45 | $540 | $1,000-$2,000 |
| Commercial property insurance | $60 | $720 | $1,000-$2,000 |
| Business owner’s policy | $73 | $876 | $1,500 |
| Commercial auto insurance | $52 | $624 | $500-$1,000 |
| Tools and equipment insurance | $39 | $468 | $500-$1,000 |
| Workers compensation insurance | $98 | $1,176 | $2,000-$5,000 |
| Excess liability insurance | $40 | $480 | $500-$1,000 |
Idaho contractor insurance cost is $33 per month or $396 per year for a $1 million general liability policy. The cost of contractor insurance in Idaho can vary depending on several factors, including the type of coverage, the size and nature of the contracting business, the coverage limits chosen, the contractor's claims history, and the deductible amounts. In connection, here’s a table showing the cost of a $1 million general liability policy from the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $16 | $192 | Best overall; Fastest general liability insurance |
| CoverWallet | $19 | $228 | Comparing contractor insurance quotes online |
| The Hartford | $21 | $252 | Industry expertise and tailored coverage |
| Tivly | $23 | $276 | Comparing contractor insurance quotes over the phone |
| Thimble | $25 | $300 | On-demand coverage |
| Hiscox | $27 | $324 | Customizable coverage options |
Get all the best quotes from leading providers in a click of a button!
When selecting contractor insurance Idaho, choosing a company that offers comprehensive coverage options, excellent customer service, and competitive pricing is essential. Here are some reputable insurance companies that contractors in Idaho may consider. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is a leading insurance company that covers various industries, including contractors. NEXT Insurance provides the convenience of adding clients and subcontractors to your policy without extra charges.
Best for: Best overall; Fastest general liability insurance
Average cost: $16 per month
Our rating: 10/10
CoverWallet offers a user-friendly interface that allows contractors to compare quotes from multiple insurance carriers
They provide personalized insurance recommendations based on the contractor's unique requirements.
Not an insurance company but an insurance broker
CoverWallet is an online insurance platform that simplifies obtaining contractor insurance Idaho. It offers businesses a convenient and cost-effective solution to purchase and manage their insurance policies online.
Best for: Comparing contractor insurance quotes online
Average cost: $19 per month
Our rating: 10/10
You have the freedom to cancel your policy at any time without any hidden fees
You can conveniently compare and obtain contractor insurance quotes online
Has plenty of coverage options for small businesses and startups and covers a large and ever-growing variety of industries
Acts as an intermediary between insurance companies and policyholders, assisting in the process of obtaining insurance coverage
The Hartford is a well-established insurance company with extensive experience in providing coverage to contractors. The Hartford specialized coverage options for contractors, including general liability, commercial auto, and workers' compensation insurance.
Best for: Industry expertise and tailored coverage
Average cost: $21 per month
Our rating: 10/10
Tivly offers a user-friendly online platform that allows contractors to easily obtain quotes and purchase insurance coverage
They specialize in understanding the unique needs of contractors and tailor their offerings accordingly
You can’t compare quotes through an online tool
Tivly is a digital insurance platform that provides insurance solutions specifically for contractors in Idaho. It empowers contractors to create customized insurance programs tailored to their needs. They offer professional liability insurance as a core coverage, which can be supplemented with additional add-ons such as commercial property, general liability, and workers' compensation insurance. Call now to compare quotes over the phone.
Best for: Comparing contractor insurance quotes over the phone
Average cost: $23 per month
Our rating: 9/10
Thimble provides the convenience of on-demand coverage, allowing contractors to obtain insurance for specific projects or periods.
Their flexible policies are suitable for contractors with varying project scopes.
Receive an ACORD 25 certificate of insurance for your records with ease through our services.
Provides excellent 24/7 expert support and enjoys extremely high customer satisfaction ratings
Customer service can be accessed through alternative means, as calling is unavailable.
Thimble is a flexible insurance provider that offers on-demand coverage options for contractors in Idaho. This company offers general liability, commercial property, and business owner’s insurance policies. You can include add-ons to your existing coverage. Note that this company might refer you to Tivly for more specialized coverage types.
Best for: On-demand coverage
Average cost: $25 per month
Our rating: 9/10
Hiscox provides customizable coverage options, allowing contractors to tailor their insurance policies to their unique requirements.
They offer a range of coverage types, including general liability, professional indemnity, and commercial property insurance.
Offers attractive discounts for policyholders who bundle two or more insurance policies together.
You might be referred to partners for specific policies
Hiscox is a reputable insurance company that offers specialized coverage for contractors and small businesses. With their extensive industry knowledge and experience, Hiscox provides tailored insurance solutions to meet the unique needs of contractors in Idaho. One of the standout features of Hiscox is its ability to offer customizable coverage options.
Best for: Customizable coverage options
Average cost: $27 per month
Our rating: 9/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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