“Measure Twice, Cut Once.”
Everyone who’s worked construction has heard it. Doing a little extra prep work before you fire up a circular saw will save you a lot of time and money fixing mistakes later on. Contractor’s Insurance is the financial equivalent of measuring twice – if you’re adequately covered before disaster strikes, the fallout won’t be so bad.
What Coverages are Part of Contractor Insurance?
No matter what type of contracter you are, the core of your insurance is the same as any Business Owner’s policy: General Liability coverage, which helps cover expenses if you or an employee are found legally responsible for an accident on the jobsite; and Commercial Property Insurance, which can compensate you for damages to your business premises (owned or rented) and the belongings held within.
General Liability won’t cover you if you or an employee are injured on the job; for that, there’s Worker’s Compensation. It may be required by your state or as a stipulation of a contract, and it’s recommend you carry it even if you are your only employee.
Contractors tend to move where the work takes them, and their equipment tends to move with them. Your pickup trucks and repair vans should be covered with a Commercial Auto policy, which generally has higher coverage limits than personal auto policies. Larger mobile equipment like bulldozers, or even valuable power tools that don’t stay at the shop, should be covered with an Inland Marine Policy. Your tools are your livelihood, and you can’t afford to be without them.
What Additional Policies Should Contractors Consider?
General contractors should know about Builder’s Risk policies, Installation Coverage, and Rigger’s Liability. And it’s always worth considering an excess liability or Umbrella Policy, to protect you in the worst case scenario.
Every job, every site, every change order, you put yourself into your work. But if anything goes wrong, your company is at risk. Plummer Insurance offers a broad range of coverages from a number of insurers, letting us tailor a policy to your business’ size, number of employees, types of equipment, and more. Talk to an experienced agent today to be sure you’ve thought of everything – down to the inch.