Contractors Insurance

Accidents in a work place are unavoidable. To protect your business and yourself against unforeseen risks and litigations, you need a good contractors insurance policy. Generally, contractors would need different coverage options including general liability, worker’s compensation, commercial auto, and business insurance. Many providers offer all the necessary coverage elements in one contractors insurance package, eliminating the need to get different policies, with different providers.

Generally, the workplaces or the local laws mandate contractors, sub-contractors and general contractors to own some form of contractors insurance policy. Some of the major categories of contractors that need insurance are construction, plumbing, cleaning, carpenter, electrician, pavers, masons, landscaping, handyman, excavation, painting, snow plow, septic and more.

Every contractors insurance policy will be custom made for a contractor’s line of work and risk exposure. The overall cover will have protection for property, income and liability. The additional endorsements can be bought based on the unique needs of a business.

Property Coverage:

Permanent building fixtures, attachments, equipment, glass, cabinets, and ornamentation, and personal property used for business services are covered by the property liability coverage.

Income Protection:

If any unexpected incident causes your business to be interrupted, resulting in loss of income, you will be compensated for that loss, up to the coverage limit. Depending on the policy terms, even additional expenses required to bring the business back into operation will be met.

Electrical and Mechanical Breakdown:

If your business property or building is covered under your contractors insurance policy, then the merchandise in shipping, shrubs, trees, plants, lawns, walks, unattached buildings, fences, refrigerated items and moving items are all covered for any damages or breakdown.

Liability Coverage

The liability coverage part protects your company for the following and more:

  • Property damage
  • Bodily injuries
  • Completed operations and products
  • Medical payments
  • Legal fees
  • Host liquor incidents
  • Elevator liability
  • Blanket liability
  • Hired (non-owned) auto
  • Advertising injury

Supplemental Protection

As add-ons, you can get supplemental protection for the property including the following and more:

  • Additional cover for peak season
  • Temporary operation off premises
  • Debris removal
  • Demolition cost
  • Pollutants removal and clean up
  • New property
  • Fire department charges
  • Accounts receivable
  • Important records and papers

There are other optional coverage features like builder’s risk, contractor’s equipment and tools, installation floater, mine subsidence, employee dishonesty, contractor’s enhancements, electronic data and more.

Not just your expenses and income, but you have to balance your risks too for running your business successfully. It will only take a split second for your dream business to be shutdown or lost, especially when you are involved in risky operations. Do the right thing of buying the contractors insurance policy from a reputable provider.

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