Commercial Insurance Broker Adding Value to Your Business
Commercial Insurance Broker Adding Value to Your Business
CONTRACTORS BUSINESS INSURANCE
Our Goal
At Gleason Insurance Brokers, we understand that your time is important and needs to be focused on the business. It is our goal to reduce the time involved when dealing with the business insurance policies. We have the experience and dedication required to provide one of a kind customer service for your commercial insurance policies. Below is a general overview of some frequently asked questions from our clients or FAQ's when we are quoting new prospects with their business insurance policies.
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844-97-USAVE | CA AZ TX NV UT INSURANCE QUOTE | GENERAL LIABILITY | WORKERS COMP | AUTO | BONDS
844-97-USAVE | CA AZ TX NV UT INSURANCE QUOTE | GENERAL LIABILITY | WORKERS COMP | AUTO | BONDS
844-97-USAVE | CA AZ TX NV UT INSURANCE QUOTE | GENERAL LIABILITY | WORKERS COMP | AUTO | BONDS
844-97-USAVE | CA AZ TX NV UT INSURANCE QUOTE | GENERAL LIABILITY | WORKERS COMP | AUTO | BONDS
844-97-USAVE | CA AZ TX NV UT INSURANCE QUOTE | GENERAL LIABILITY | WORKERS COMP | AUTO | BONDS
844-97-USAVE | CA AZ TX NV UT INSURANCE QUOTE | GENERAL LIABILITY | WORKERS COMP | AUTO | BONDS
contractors Business insurance | Frequently Asked Questions
Contractors FAQ's
Contractors FAQ's
Contractors FAQ's
FAQ's from contractors regarding various types of contractors construction insurance can help address some common concerns and help clarify potential options available. Below is a detailed FAQ covering different construction contractors insurance policies:
General Liability Insurance (CGL)
Q: What does General Liability Insurance cover? A: General Liability Insurance covers third-party bodily injury, property damage, and personal injury claims. It's essential for contractors to protect against lawsuits that could arise from their operations.
Q: Is General Liability Insurance mandatory for contractors? A: While not always legally required, many clients and contracts mandate General Liability Insurance. It's also a crucial protection for contractors against potential lawsuits.
Q: What is typically excluded from General Liability Insurance? A: Exclusions often include professional services (covered under Professional Liability), damage to the contractor's own property, and injuries to the contractor’s employees (covered under Workers' Compensation). It is important to get best workers comp insurance that meets your companies needs in CA, NV, AZ and TX when seeking a quote.
Workers' Compensation Insurance - Quick workers comp quote
Q: What is Workers' Compensation Insurance, and why do contractors need it? A: Workers' Compensation Insurance provides benefits to employees who suffer work-related injuries or illnesses. It is typically required by law and helps cover medical expenses, lost wages, and rehabilitation costs.
Q: Can subcontractors be covered under a contractor’s Workers' Compensation policy? A: Generally, subcontractors are not covered under the contractor’s Workers' Compensation policy. However, if a subcontractor does not have their own coverage, the contractor may be liable.
Q: What are the penalties for not having Workers' Compensation Insurance? A: Penalties vary by state but can include fines, stop-work orders, and even criminal charges in severe cases.
Inland Marine Insurance
Q: What is Inland Marine Insurance? A: Inland Marine Insurance covers tools, equipment, and materials that are in transit or stored off-site. It is essential for contractors who frequently move their tools and equipment between job sites.
Q: What types of property does Inland Marine Insurance cover? A: It typically covers high-value tools, construction equipment, and materials that are not stationary. This can include items like scaffolding, backhoes, and even documents or blueprints.
Q: Is there a difference between Inland Marine Insurance and Builder’s Risk Insurance? A: Yes, Builder’s Risk Insurance covers property during construction at a fixed location, while Inland Marine Insurance covers property in transit or at temporary locations.
Contractors FAQ's
Contractors FAQ's
Commercial Auto Insurance
Q: What vehicles are covered under Commercial Auto Insurance? A: Commercial Auto Insurance covers vehicles owned by the business used for work purposes. This includes trucks, vans, and cars that transport tools, materials, or workers.
Q: Does Commercial Auto Insurance cover personal vehicles used for work? A: Personal vehicles used for work may need a hired and non-owned auto endorsement. Standard personal auto insurance often excludes business use.
Q: What happens if an employee is involved in an accident while driving a company vehicle? A: If an employee is driving a company vehicle within the scope of their job, the company’s Commercial Auto Insurance should cover damages and liability.
Professional Liability Insurance (Errors & Omissions)
Q: What does Professional Liability Insurance cover? A: Professional Liability Insurance (also known as Errors & Omissions) covers claims of negligence, errors, or omissions in the professional services provided by contractors, such as design or consulting.
Q: Is Professional Liability Insurance necessary for all contractors? A: It is particularly crucial for contractors who provide design, consulting, or advice services. Those who only perform manual labor may not need it unless required by a client or contract.
Q: Can Professional Liability Insurance be bundled with other policies? A: Yes, some insurers offer packages that bundle Professional Liability with General Liability and other policies, providing broader coverage at a potentially reduced cost.
Builder’s Risk Insurance
Q: What is Builder’s Risk Insurance? A: Builder’s Risk Insurance covers property damage to buildings under construction. It typically covers materials, supplies, and equipment on-site and in transit.
Q: Who needs Builder’s Risk Insurance? A: Contractors, property owners, and developers often need Builder’s Risk Insurance to protect against damage to the project during construction.
Q: What are common exclusions in Builder’s Risk Insurance? A: Common exclusions include damage due to faulty design, materials, or workmanship, wear and tear, and employee theft.
Commercial Property Insurance
Q: What does Commercial Property Insurance cover for contractors? A: Commercial Property Insurance covers damage to buildings, equipment, and tools owned by the contractor. This includes damages from fire, theft, vandalism, and natural disasters.
Q: Is rented equipment covered under Commercial Property Insurance? A: Rented equipment is typically not covered unless the policy includes a specific endorsement. Contractors may need an Equipment Floater for this purpose.
Q: Can tools stored off-site be covered? A: Yes, tools stored off-site can be covered under an inland marine policy, which can be added to a Commercial Property Insurance policy.
Umbrella Insurance
Q: What is Umbrella Insurance, and how does it benefit contractors? A: Umbrella Insurance provides additional liability coverage beyond the limits of primary policies like General Liability, Commercial Auto, and Workers' Compensation. It is useful for contractors who want extra protection against large claims.
Q: Does Umbrella Insurance cover all types of claims? A: Umbrella Insurance covers a wide range of liability claims but typically excludes professional liability, workers' compensation, and other exclusions of the underlying policies.
Q: How much Umbrella Insurance coverage is recommended? A: The amount varies based on the contractor's size, scope of work, and risk exposure. Many contractors carry $1 million to $5 million in coverage.
Bonding (Surety Bonds)
Q: What are Surety Bonds, and why do contractors need them? A: Surety Bonds are a form of financial guarantee that a contractor will fulfill their contractual obligations. They are often required by clients for public projects or large contracts.
Q: What types of Surety Bonds are available? A: Common types include Bid Bonds, Performance Bonds, and Payment Bonds, each covering different aspects of the contractual obligations.
Q: How are Surety Bonds different from insurance? A: Unlike insurance, Surety Bonds protect the client or project owner rather than the contractor. If the contractor fails to meet their obligations, the surety company pays the client and then seeks reimbursement from the contractor.
Cyber Liability Insurance
Q: What does Cyber Liability Insurance cover for contractors? A: Cyber Liability Insurance covers losses related to data breaches, cyber-attacks, and other digital risks. This is increasingly important for contractors who store sensitive client information or use digital platforms.
Q: Is Cyber Liability Insurance necessary for small contracting businesses? A: While it may not be required, any contractor that handles digital data, even a small amount, should consider Cyber Liability Insurance to protect against the growing threat of cybercrime.
Q: What are common exclusions in Cyber Liability Insurance? A: Exclusions may include prior known incidents, intentional acts by the insured, and failure to maintain proper cybersecurity measures.
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