What type of insurance should a contractor obtain to cover losses from theft or fire?

Property insurance is specifically designed to cover losses related to damage to or theft of a contractor's physical assets, including equipment, tools, and materials due to events such as fire or theft. This type of insurance provides financial protection, helping to recover losses that could otherwise significantly impact the contractor's business operations.

General liability insurance protects against claims of bodily injury or property damage caused by the contractor's work but does not cover the contractor's own property. Umbrella insurance provides an additional layer of liability coverage but is not concerned with property losses. Workers' compensation insurance addresses employees' injuries on the job but does not cover theft or damage to property. Thus, property insurance is essential for providing the appropriate coverage against losses from theft or fire.