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contractors insurance Coverage
General Liability
General Liability
General Liability
General Liability Insurance:
- Coverage: Protects against third-party claims of bodily injury, property damage, and personal or advertising injury.
- Typical Claims: Slip and fall accidents, damage to a client's property, and lawsuits alleging libel or slander.
- Importance: Often required by clients and for obtaining permits or licenses
Auto Insurance
General Liability
General Liability
Commercial Auto Insurance:
- Coverage: Covers vehicles owned or used by the contractor for business purposes.
- Typical Claims: Accidents involving company vehicles, damage to vehicles, and injury to third parties.
- Importance: Essential for contractors and businesses who use vehicles to transport tools, equipment, or employees.
Workers Compensation
Inland Marine | Equipment and Tools
Inland Marine | Equipment and Tools
Workers Compensation for Construction:
- Coverage: Provides medical benefits and wage replacement to employees injured on the job.
- Typical Claims: Injuries from falls, equipment accidents, and repetitive motion injuries.
- Importance: Mandatory in most states; protects employees and helps employers avoid lawsuits.
Inland Marine | Equipment and Tools
Inland Marine | Equipment and Tools
Inland Marine | Equipment and Tools
Inland Marine Insurance:
- Coverage: Covers tools, equipment, and materials in transit or stored at a job site.
- Typical Claims: Theft of tools from a job site or damage to equipment in transit.
- Importance: Crucial for contractors, especially for projects that involve high material cost and expensive tools and/or equipment to get the project done.
contractors Insurance & More
Excess or Umbrella
Professional Liability (Errors and Omissions)
Excess or Umbrella
- Coverage: Provides additional liability coverage above the limits of underlying policies (e.g., general liability, auto liability).
- Importance: Usually needed as an additional layer of protection or when a construction project has specific requirements that require higher limits. Your business can increase the primary limits with an excess or umbrella insurance policy.
Builder's Risk
Professional Liability (Errors and Omissions)
Excess or Umbrella
- Coverage: Covers buildings under construction against damage from fire, theft, vandalism, and certain weather events.
- Importance: Offers protection for the construction project and investment during the construction phase.
Pollution Liability
Professional Liability (Errors and Omissions)
Professional Liability (Errors and Omissions)
- Coverage: Protects against claims of environmental damage or pollution caused by the contractor's work.
- Typical Claims: Accidental release of pollutants, contamination of soil or water.
- Importance: Critical for contractors involved in work that could impact the environment.
Professional Liability (Errors and Omissions)
Professional Liability (Errors and Omissions)
Professional Liability (Errors and Omissions)
- Coverage: Protects against claims of negligence, errors, or omissions in professional services.
- Typical Claims: Design errors, faulty advice, or failure to deliver services as promised.
- Importance: Important for contractors who provide design or consulting services.
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