As a contractor in Idaho, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Idaho contractors need, including costs based on our analysis of actual quotes from leading carriers.
Strengthen your foundation with our guide to contractor liability insurance.
General Liability Insurance for Idaho Contractors
General liability insurance protects your contracting business from third-party claims of property damage and bodily injury. Based on our analysis of over 800 contractor quotes, here are the typical costs for Idaho contractors:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $500K | $5,800 | 1.2% | $3,900 | 33% |
| $1M | $8,900 | 0.9% | $6,000 | 33% |
| $2.5M | $23,900 | 1.0% | $17,700 | 26% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Typical mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Idaho Contractors
Worker’s compensation insurance is mandatory for Idaho contractors with employees. Based on our analysis, Idaho contractors typically pay around $4,841 per employee annually for workers’ compensation coverage.
For Idaho contractors, typical workers’ compensation costs per $100,000 of payroll average $12,930, which is moderate compared to other states.
Key premium factors include:
- Employee classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
Common contractor classification codes and their approximate rates in Idaho:
- Code 5606 (Project Manager/Supervisor): $3-5 per $100 of payroll
- Code 5645 (Residential Construction): $8-12 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $12-17 per $100 of payroll
Additional Business Insurance for Contractors in Idaho
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Higher limits often needed for larger contractors
- Coverage follows vehicles to all job sites
- Protects against liability and physical damage
2. Tools & Equipment Coverage
- Cost: $1,500-$5,000+ annually for $15k-$50k coverage
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
- Includes theft and damage protection
- Covers specialized contractor tools and machinery
3. Commercial Property Insurance
- Protects offices, storage facilities, and workshops
- Annual premiums: $2,000-$20,000+ based on property value
- Coverage for fire, theft, vandalism, and natural disasters
- Protects business personal property
- Coverage for permanent structures and fixtures
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against fire, weather, vandalism
- Coverage for materials and equipment on-site
- Project-specific duration-based coverage
5. Contractor License Bonds
- Protects clients against contractor default
- Required for certain projects in Idaho
- Typical cost: 1-3% of bond amount
- Premium varies based on credit and experience
- Guarantees compliance with state regulations
Get Idaho Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Idaho contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise and guidance
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of contractor insurance specialists understands Idaho’s unique requirements and can help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations and contract requirements
To get started with tailored quotes for your Idaho contracting business, visit our online quote tool or speak with one of our contractor insurance specialists today.