Iowa Subcontractor Insurance Policy Information
Iowa Subcontractor Insurance. As a 1099 subcontractor, one of the many questions you might have as it pertains to insurance is whether or not you truly need to purchase your own commercial insurance policies. The answer will vary.
In many instances, companies will not hire you if you do not carry subcontracting insurance; in other instances, companies will work with you as long as you signed paperwork and have a legal contract in place, stating if you do get injured (or if damage/loss ensues) they aren't liable. In many instances, the client (of a particular business that is considering contracting you) might also have liability requirements, and may not want to work with you if you do not have a Iowa subcontractor insurance policy in place.
Iowa subcontractor insurance protects your 1099 contracting business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What Does A IA Subcontractor Insurance Policy Cover?
When you are comparing insurers and the different Iowa subcontractor insurance policy options offered, of course you want to know what you are paying for. What exactly is going to be covered/insured, when you choose a policy with a particular insurer? Some of the coverage options you can include when choosing this type of insurance policy are:
- General liability coverage to protect you against third part claims of bodily injury and property damage.
- Damage/loss of property or equipment.
- Injuries on the job site (as well as medical expenses).
You should also consider what type of work you are doing so you can decide if additional coverage might be required - like workers comp or umbrella excess liability. The truth of the matter is the level and types of coverage you choose will vary for each job and each client which hires you. So the only way to truly know what you need, is to compare policies and learn about coverage options, based upon the type of work you perform as a 1099 subcontractor.
How To Choose The Best Insurance Company
As is the case with any Iowa subcontractor insurance policy you would purchase, when deciding on the insurer for your subcontractors insurance policy, comparison shopping is key. You should:
- Compare liability levels and what is covered in the policy.
- Understand what exclusions are in place.
- Determine the value of the policy (injury, damage, loss, death, etc.)
- Understand what is covered (equipment, other contractors, vehicles, etc.)
It is wise to determine the level of protection both needed and required as a 1099 subcontractor. Additionally if the companies you are hired by require you to purchase a Iowa subcontractor insurance policy - you must also have at least the minimum amount of coverage which is required by those companies.
How To Choose The Best Fit IA Subcontractors Insurance
Business insurance policies are complex and even if the price is lower with one insurer, this doesn't mean jump on board and purchase with them. Your subcontracting insurance policy is only as good as the company that is writing it. How is their customer service? How fast can you get proof of insurance? It's important to choose a reliable insurer that has the coverages and limits you require.
So before you buy, make sure you ask relevant questions pertaining to your coverage:
- Am I fully protected if I am at fault?
- How long will it take until the policy claim is paid?
- What if loss/damage occurs due to the negligence of another party (and what if they aren't insured)?
Of course these are not all the questions or concerns you have but should be discussed with your broker prior to choosing the policy you are going to purchase. The more you learn about a policy, what you are covered for (and to what extent) the easier it is going to be for you to make the right decision when the time comes to choose an insurance policy as a 1099 subcontractor in the field.
Iowa Economic Data, Regulations & Limits On Business Insurance
Business-minded individuals who are thinking about starting up a new venture need to ensure that they choose a location for their operation that will allow them to achieve success. It's vital that the place you select for your organization offers a market that will respond to the products and services you offer, otherwise your efforts will be for naught.
If you are considering the state of Iowa as the home base for your business or as a new location for a branch of your company, being aware of the economic trends in the state are crucial. Furthermore, knowing what type of commercial insurance you need to carry is also vital for your success. Below, we offer a brief overview of both the economic trends for the state of IA, as well as what type of commercial insurance business owners need to carry in the state.
Economic Trends For Businesses In Iowa
The state of Iowa has experienced positive economic growth in the past few years. As of January, 2019, the unemployment rate in the state was 2.4 percent, a 0.4 decrease from the previous year, when the unemployment rate was 2.8 percent in January of 2018. Compared to the national unemployment rate, which rose to 4.0 percent in January of 2019, it's clear to see that Iowa offers promise for the workforce, as well as business owners. According to the state's Workforce Development, more residents of Iowa are working now than ever before.
While locations throughout the state offer promising opportunities for business owners, Des Moines, in particular, seems to show the most promise, as, according to economists, it's the third best city to start a business in the United States. Economists also suggest that areas surrounding the city of Des Moines also offer great potential for business development.
Several industries are seeing growth in The Hawkeye State, and are expected to continue to see growth throughout the 2020 calendar year. These industries include:
- Agriculture and food production
- Information and communication technology
- Renewable energy and fuels
- Warehousing and distribution
IA Commercial Insurance Regulations And Limits
The Iowa Insurance Division regulates insurance in the IA. As with every other state in the country, business owners in Iowa are legally required to have certain types of commercial insurance.
In IA, any business that has one or more employees must carry workers' compensation insurance, which provides coverage for workplace-related injuries and illnesses that employees may sustain.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Iowa Subcontractor insurance quote in Adel, Algona, Altoona, Ames, Anamosa, Ankeny, Asbury, Atlantic, Bettendorf, Bondurant, Boone, Burlington, Camanche, Carlisle, Carroll, Cedar Falls, Cedar Rapids, Centerville, Chariton, Charles City, Cherokee, Clarinda, Clear Lake, Clinton, Clive, Coralville, Council Bluffs, Creston, Davenport, DeWitt, Decorah, Denison, Des Moines, Dubuque, Dyersville, Eldridge, Estherville, Evansdale, Fairfield, Forest City, Fort Dodge, Fort Madison, Glenwood, Grimes, Grinnell, Hampton, Harlan, Hiawatha, Humboldt, Independence, Indianola, Iowa City, Iowa Falls, Jefferson, Johnston, Keokuk, Knoxville, Le Claire, Le Mars, Manchester, Maquoketa, Marion, Marshalltown, Mason City, Monticello, Mount Pleasant, Mount Vernon, Muscatine, Nevada, Newton, North Liberty, Norwalk, Oelwein, Orange City, Osceola, Oskaloosa, Ottumwa, Pella, Perry, Pleasant Hill, Polk City, Red Oak, Sergeant Bluff, Sheldon, Shenandoah, Sioux Center, Sioux City, Spencer, Spirit Lake, Storm Lake, Urbandale, Vinton, Washington, Waterloo, Waukee, Waverly, Webster City, West Des Moines, Windsor Heights, Winterset and all other cities near me in IA - The Hawkeye State.
Also learn about Iowa small business insurance requirements for general liability, business property, commercial auto & workers compensation including IA business insurance costs. Call us (515) 207-7253.