MAIN COVERAGES MOST CONTRACTORS WILL NEED:
Contractors General Liability
Every business needs general liability. Don’t get caught working without liability coverage. GL pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. With contractors tha
Contractors Workers Compensation
Depending on the amount of “employees” you have, the state requires it for contractors. Typically you see it required when contractors have 1 or more employees, but many General Contractors may require you to have a work comp policy to get on their job-site even if you don’t have actual employees. Whether you have a small crew or a lot of employee’s we have the companies to get your coverage right and we also have carriers with pay-as-you-go options that can help manage your premiums with the flow of your work (payroll).
Let us take a look at your needs and find the best workers comp option tailored for your business.
Contractors Commercial Auto
If you’re using your vehicle in your daily business activities you’re probably going to need to have a business auto policy versus just having it on your personal insurance. There are unique circumstances so let us take a look and give you the best options. Not to mention many contracts for work may require a business auto policy with higher limits if you’re coming on to their site or location.
So whether you have 1 truck or a fleet of vehicles we will check it with our multiple insurance companies and find you the best options.
Contractors Equipment (Inland Marine)
Whether you just have a lot of tools (that can really add up it stolen) or you have larger mobile equipment, odds are you’re going to want to need to cover these items properly. If your tools or a larger piece of equipment gets damaged or stolen you are going to want the right policy to cover your items so you can get back to work.
Types of Contractors Equipment:
- Boring Equipment
- Back Hoe
- Sky Lift
- …. You get the idea and you can always ask us if you have questions.
ADDITIONAL COVERAGES FOR CONTRACTORS:
BOP (Business Owner’s Policy)
Many contractors can be written on a BOP which can help reduce the cost of insurance since it’s a turnkey liability and property (package) policy for small to medium-sized businesses. Typically you’ll find that if an insurance company will write your type of business on a BOP it’s a great value for the combined GL & Property rates and the additional coverages they can provide.
If you have questions about a Business Owner’s Policy or want to see if there’s an insurance company that offers this policy for your business, give us a call.
Bonding: Bid, Performance, & Payment
Does the state require you to be bonded for your work (License & Permit Bonds), or do you need help with Contract Bonds for Bid, Performance and Payment Bonds?
Reach out to us here to get help with your BONDING NEEDS
Contractor’s E&O (Errors and Omissions)
Your General Liability policies covers bodily injury or property damage done to a 3rd party, but typically excludes “your work” which can cause a large gap depending on the size and scope of the work you perform. Contractor’s E&O provides additional coverage and fills several gaps that your general liability policy typically doesn’t cover.
For more specifics on this coverage feel free to reach out to us and we will gladly you more specifics or examples.
Property & BPP
If your business has property or a location for your operations or this can insure your building and contents inside (including inventory).
EPLI (Employment Practices Liability)
Have employees and wonder what your exposure is for their actions or what they claim of yours? Several BOPs (business owners policies) are throwing in a small amount of coverage for EPLI and make sure your agent hasn’t taken this off the quote before asking you about it. You probably want to know how inexpensive this coverage could be for your business.
Cyber / Data Breach
Most of the time we think this is just for medical clinics or offices with 1000’s of consumer records, but if you have employee data, some consumer data, or take electronic payments… you ought to find out how inexpensive this coverage can be for your business. Phishing attacks are happening everyday and shutting down small business systems and leaving them without access to their company data.
Having the coverage and guidance for the “what ifs” can greatly protect your business, reputation, and give you peace of mine against these increasing attacks.