Special Trade Contractors
The Wright Place Insurance Agency
Specialized Industries
With a specialization in Special Trade Contractors Insurance, we have a keen understanding of the distinct risks encountered by contractors in specialized trades. Our insurance solutions are specifically designed to meet the unique needs of your business, providing customized protection for your operations.
Virginia’s Contractors License Requirements:
- Class A Contractors License
Required when the total value of a single contract or project is $120,000 or more or is $750,000 or more over a 12-month period. The Qualified Individual identified for this license must have at least 5 years of experience.
- Class B Contractors License
Required when the total value of a single contract or project is $10,000 or more, but less than $120,000, or is $150,000 or more, but less than $750,000 over a 12-month period. The Qualified Individual identified for this license must have at least 3 years of experience.
- Class C Contractors License
Required when the total value of a single contract or project is over $1,000 but no more than $10,000 or is no more than $150,000 over a 12-month period. The Qualified Individual identified for this license must have at least 2 years of experience.
Most cities in Virginia require contractors to get a surety bond, liability insurance and workers’ compensation prior to beginning work on any type of construction project. However, those with a Class C contractor’s license are exempt from this requirement.
Performance bonds are required on all public construction contracts worth $500,000 or more and transportation related projects exceeding $350,000. However, according to the Virginia State law, “non-transportation-related construction contracts in excess of $100,000 but less than $500,000, where the performance and payment bond requirements are waived, prospective contractors shall be prequalified for each individual project in accordance with § 2.2-4317.”
Whether you are a:
- Carpenter
- Painter
- Construction Laborer
- Plumber
- Electrician
- HVAC Technician
- Mason
- Roofer
- OR Any Other Special Trade Contractor
- WE HAVE YOU COVERED!
Key coverages included in our Special Trade Contractors Insurance:
- General Liability- Protects against claims of bodily injury, property damage, or personal injury arising from your operations or work performed at job sites.
- Commercial Property- Covers your equipment, tools, and supplies against losses from fire, theft, vandalism, or natural disasters. It also includes coverage for your office or workspace.
- Contractors' Equipment- Provides coverage for your specialized equipment, machinery, and tools while at job sites or in transit.
- Builders Risk- Covers property under construction or renovation against risks such as fire, theft, vandalism, or natural disasters during the course of the project.
- Installation Floater- Protects materials, fixtures, and equipment being installed or worked on at a job site against damage or loss.
- Business Auto- Covers your company-owned vehicles used for business purposes, including liability and physical damage coverage.
- Workers' Compensation- Required in most states, this coverage provides benefits to employees who suffer work-related injuries or illnesses, including medical expenses and lost wages.
- Umbrella Liability- Provides additional liability coverage above the limits of your primary general liability policy, offering an extra layer of protection against catastrophic claims.
- Pollution Liability- Covers claims related to pollution or environmental damage caused by your business operations, such as accidental chemical spills or improper waste disposal
- Professional Liability (Errors and Omissions)- Protects against claims arising from alleged professional errors, mistakes, or negligence in providing specialized services or advice.
We understand the unique needs of special trade contractors and will work closely with you to customize a policy that fits your specific requirements. Contact us today to learn more about our Special Trade Contractors Insurance and how we can help protect your business.
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