How Much Does Contractor Insurance Cost in Colorado Springs?

There is no single price for contractor insurance. Your premium depends on your trade, your payroll and revenue, your vehicles and your claims history. Here is what drives the cost of each policy, and what you can do to lower it.

Get My Actual Price

What Drives the Price of Each Policy

Coverage	What the premium is based on
General liability	Your trade's class code, annual revenue or payroll, how much you subcontract, residential versus commercial work, years in business and claims history.
Workers' compensation	A rate per $100 of payroll for each job class. Roofing and framing rate much higher than clerical or estimating. Larger accounts also get an experience mod based on their own claims.
Commercial auto	Number and type of vehicles, driver records, how far you drive, where vehicles are parked, and the limits you choose.
Tools and equipment	The total value of what you insure, whether it is scheduled item by item or covered as a blanket limit, and your deductible.
Surety bonds	The bond amount and type, plus your credit and financial strength for contract bonds. You pay a percentage of the bond amount, not the full amount.

Why Two Contractors Pay Very Different Prices

Carriers price by risk. A roofer working on two-story homes is a different risk from an electrician doing commercial tenant finish, even with the same revenue. Many small contractors also pay a carrier's minimum premium, so adding or removing a little revenue may not change the price at all.

Carriers also weigh the same account differently. One carrier may want your trade and price it low, while another avoids it. That is why we shop your account across several carriers instead of quoting one.

Ways to Lower Your Contractor Insurance Cost

Make sure your work is in the right class code. A wrong code can cost you on both GL and workers' comp.
Collect certificates from every subcontractor. At audit, uninsured subs can be added to your own payroll or revenue and billed back to you.
Estimate payroll and revenue accurately to avoid a large audit bill at the end of the term.
Choose a higher deductible on tools, equipment and auto physical damage if you can carry it.
Keep driver records clean and list only the drivers who actually drive your vehicles.
Report claims promptly and keep a simple written safety program. Both help at renewal.
Owners working alone can file a workers' comp rejection instead of buying a policy, if no employees are on payroll.

What You Need for an Accurate Quote

A real price takes about ten minutes of information: a description of your work, estimated annual revenue and payroll by job type, subcontractor costs, your vehicles and drivers, the tools and equipment you want covered, and your current policies and loss runs if you have them. Send us the insurance section of any contract you are bidding, and we will quote to those requirements.

Contractor Insurance Cost Questions

Why won't you list prices on this page?

Any number on a web page would be wrong for most contractors. The same policy can cost several times more for one trade than another, so we give you a real quote based on your business instead.

Is it cheaper to pay monthly or in full?

Paying in full usually costs less, because many carriers add installment fees. Monthly payments are available on most policies if cash flow matters more.

Why did I get a bill after my policy ended?

General liability and workers' comp are often audited after the term. If your actual payroll, revenue or uninsured subcontractor costs were higher than estimated, the carrier bills the difference.

Does meeting PPRBD requirements cost more?

PPRBD requires $1,000,000 per occurrence and $2,000,000 aggregate general liability, which is a standard limit for most contractor policies. The certificate wording and notice endorsement it requires usually add little or nothing to the price.

See general liability insurance, workers' comp, PPRBD insurance requirements and all contractor insurance services.

Back to contractor insurance areas and FAQs.

Coverage and pricing are subject to carrier underwriting, policy terms, conditions, limits and exclusions.