There are many options available for commercial insurance, and contractor’s liability insurance is no different. Contractors are exposed to a number of different risks on the job site, so the type of insurance you need will depend on where and how big your business is. Nationwide offers property, general liability, and workers’ compensation insurance, as well as umbrella and fidelity insurance for tools and equipment in transit. Additionally, Nationwide offers loss control services to help you minimize risk.
Contractor’s liability insurance
There are several types of Contractor’s liability insurance policies. One type of policy is occurrence insurance, which covers claims that occur during the policy period. This type of coverage is often the most comprehensive, as it will cover the costs of repairs and replacements for damaged or stolen equipment. The other type of policy covers only the damages caused to other people’s property. This type of policy is often not accepted by third parties as a valid form of General Liability insurance.
The amount of coverage a contractor needs depends on the size of his business and the level of risk he takes on. General contractors generally purchase the same type of policy as smaller and medium-sized contractors, and owners of large construction companies buy policies tailored to their specific needs. If the job is small and you need more coverage, then a slightly more expensive policy may be worth the money. Be sure to discuss with your insurance broker what responsibilities each employee performs, as well as what kinds of risks the contractor might face.
Inland marine insurance
Inland marine insurance, also known as tools and equipment insurance, protects your property while in transit. These tools and equipment are usually on the move in a work truck that your employees drive from job site to job site. While most insurance companies offer policies for these items, some may not offer the coverage you need. This coverage can prevent you from facing serious costs down the road. To get the right level of coverage, look for a company that provides the best rates for the most coverage.
Inland marine coverage includes legal liability coverage for the property of others, such as equipment and cargo. It also covers the warehouseman’s responsibility for goods held in custody. Inland marine coverage can cover valuable equipment used at job sites, including computer equipment. You can also get coverage for valuable equipment in your shop. It can be a lifesaver if something happens to your computer. You may need this type of insurance to protect your hard work and your clients’ property.
Builder’s risk insurance
If you run a contractor business, you may need to purchase builder’s risk insurance. This property insurance covers losses during construction. Without it, you could suffer from catastrophic losses that could destroy your company’s supplies, materials, and equipment. Without this insurance, you could be left struggling to recover from a loss, and your project could suffer serious delays. If you are considering buying this insurance, it is important to understand how it works.
There are two types of builders’ risk insurance. The first type of coverage is known as replacement value and covers new construction. This insurance covers both temporary and permanent structures. Generally, builders’ risk insurance is the most comprehensive coverage for new construction projects. It’s usually necessary to buy an installation floater as well, as it will cover work done on a property until the owner accepts it. It will also cover all your employees.
General liability insurance
Depending on the industry you’re in, you may need to buy general liability insurance for contractor businesses. This insurance covers both bodily injury and property damage lawsuits. It also protects you against data loss. Many contractors do not know the exact types of policies they need. But the good news is that there’s a policy out there for almost every type of contractor business. Read on to find out more about the different types of coverage available.
Generally, general liability insurance is the most basic insurance policy available for contractors. It protects you against common but expensive risks. This is also sometimes referred to as a “slip and fall” policy because it protects the business against third-party claims of injury or damage. Although slip and fall accidents are common, general contractors often worry more about customers and bystanders moving around their equipment, and may consider purchasing additional insurance to cover these situations.
Worker’s compensation insurance
Worker’s compensation insurance for contractor businesses is mandatory in many states. As a contractor, you should have coverage for your employees because it protects you in the case of an accident that damages the property or person of the client. If you are self-employed, you may be able to get away without this type of insurance, but many clients require this coverage. Worker’s compensation insurance can be beneficial for your business regardless of how many employees you have.
A good contractor insurance policy will cover you for injuries caused by repetitive motions, which can result in a repetitive stress injury. Likewise, it covers medical expenses for employees who suffer from chronic illness or injuries. It also pays for lost wages if an employee is unable to work because of an injury. This is especially useful for small businesses, which can save a great deal of money in the long run. Worker’s compensation insurance for contractor business is also helpful in protecting yourself from hefty medical costs if an employee is injured on the job.
