Insurance plays a vital role in protecting Mississippi contracting businesses. This guide outlines essential coverage types and costs based on our analysis of actual quotes from leading carriers.
Build on solid ground with our guide to commercial insurance for contractors.
General Liability Insurance for Mississippi 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 Mississippi contractors:
Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
---|---|---|---|---|
$500K | $8,300 | 1.7% | $4,000 | 52% |
$1M | $14,100 | 1.4% | $5,800 | 59% |
$2.5M | $47,500 | 1.9% | $31,400 | 34% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Mississippi Contractors
Worker’s compensation insurance is required for Mississippi contractors with 5 or more employees. Based on our analysis, Mississippi contractors typically pay around $3,274 per employee annually for workers’ compensation coverage.
For Mississippi contractors, typical workers’ compensation costs per $100,000 of payroll average $9,190, placing it among the moderate-cost states for this coverage.
Common contractor classification codes and approximate rates:
- Code 5606 (Project Manager/Supervisor): $2-4 per $100 of payroll
- Code 5645 (Residential Construction): $7-11 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $11-15 per $100 of payroll
Key factors affecting premiums:
- Employee classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Contractors in Mississippi
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Coverage limits typically $500k-$1M
- Protects against accidents and damage during business use
- Covers both owned and leased vehicles used for work
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, damage, and vandalism protection
- Options for replacement cost or actual cash value coverage
3. Commercial Property Insurance
- Protects offices, storage facilities, and workshops
- Annual premiums: $2,000-$20,000+ based on property value
- Coverage includes hurricane and storm damage
- Protection against fire, theft, and natural disasters
- Business interruption coverage available as add-on
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against weather damage and theft
- Materials coverage during transit and storage
- Options for extended coverage periods
5. Contractor License Bonds
- Multiple bond types available based on project needs
- Required for certain projects
- Typical cost: 1-3% of bond amount
- Premium varies based on credit and experience
- Guarantees compliance with state regulations
Get Mississippi Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Mississippi contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy when needed
Our team of contractor insurance specialists understands Mississippi’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
Contact ContractorNerd today for tailored quotes and expert guidance on your contractor insurance needs.