You need contractor insurance to protect yourself against unforeseeable accidents. Not only will you be protected from general liability but you might also need worker’s compensation insurance, complete operations insurance, and commercial auto insurance. These insurance policies are vital to the safety and security of your employees, as well as your business.
Commercial auto insurance
No matter if you’re a contractor or a business owner; commercial auto insurance protects your business from the financial consequences of an auto accident. It can also protect your company from damage to the property of others.
You are more at risk if you work as an independent contractor or own a small business in the construction industry. You will need to find the right policy for you.
Several factors affect the cost of a commercial insurance policy, such as how many employees you have and where your business is located. Next Insurance uses advanced technology for customizing policies for each client. This allows the company to offer customized policies at an affordable price.
Next offers several discounts for new customers. It also offers customers an easy, online application process that allows them to get a quote in just minutes.
General liability
Contractor insurance is required depending on the work you do. It is important to have contractor insurance that can be easily modified to cover you in the event of a lawsuit.
General contractor insurance policies can cover injury, legal costs, property damage, and loss of use of the property. If you have the policy, you might also be covered for faulty workmanship, wrongful removal, or copyright violation.
Insurance can help to keep your business afloat and avoid legal troubles. You could be facing a lawsuit that can cause you to lose a lot of money in legal fees. Insurance agents can show you how to run a business and help you design a policy.
A general contractor policy is one of your most important forms of coverage. You might need specific coverage depending on the nature of your work.
Compensation for workers
Contractor workers’ compensation insurance may be required depending on the state where you work. This type of insurance benefits both you as well as your employees. It can cover lost wages, medical expenses, and rehabilitation costs. It can also cover partial wages.
Many workplace injuries are caused by work. An example of this is a computer repair technician who could sustain a fractured finger while performing a simple task. He or she wouldn’t be able to work until the hand heals without workers’ comp.
The work you do will affect the cost of your workers’ compensation insurance. Due to the risk associated with their job, contractors in the physical trades are charged higher rates. Aside from the risks associated with their physical work, construction workers also have to deal with hazards that arise from tools and equipment used in their jobs.
Uninsured Subcontractors
No matter if you’re a general contractor or subcontractor, it is important to understand the effect that uninsured contractors have on your insurance policies. For years, your insurance premium may be affected by uninsured contractors. You and your company may also be exposed to liability.
A worker’s coworker policy should be in place to protect your subcontractors from injury. It will cover them for medical and disability payments. Additionally, you can recover damages to cover the costs of a lawyer being hired to handle the claim.
Workers’ compensation and general liability insurance should also be carried out by subcontractors. These policies should cover personal injury, advertising injury, products-coproduct-completed, and more. To find out if your policy covers you, speak to your agent or insurance company.
Operation complete insurance
Completed operations insurance is required for contractors and business owners. This type of insurance protects you against bodily injury claims and damages to your property.
This coverage is available as an individual policy or part of a policy that covers general liability. This coverage protects you against lawsuits arising from faulty workmanship, product defects, injuries, and es. You can also buy this coverage for a longer-term, longer-term.
Some states require contractors to buy operations insurance. Other states may require contractors purchase it as part of their general liability insurance. Like any other type of insurance, there are some exclusions or limitations.
Coverage is limited to property damage or bodily injury. It must be outside the contractor’s business location. Any claim must relate either to property damage or faulty workmanship, as well as bodily injury to third parties.
For more info about contractor insurance and general liability insurance for contractors, visit our website at ISU-Armac.
