We have talked quite a bit in our blogs about how we have been providing the best coverage for contractors over the past 25 years. How we, unlike quite a few other insurance providers, provide coverage is personalized for you and your business. Because we understand that just like no one contractor is the same, no one insurance policy should be the same. We do not work in a one-size-fits-all industry. It is a bit more complicated than that.
That being said, we figured it was time to explain the ins and outs of one of those policies. And no policy requires more personalization than a commercial contractors insurance policy. Here are some ways we can cover you as a commercial contractor.
The policies you need
To get the proper coverage for your business you are going to have to look into buying not just one, but a few separate policies. Now, that might sound expensive but that is par for the course when you are looking to ensure that your business is covered adequately. Listed below are a few policies you should keep your eye out for.
1. General Liability Insurance
This policy protects you from property damage and bodily harm inflicted by, or upon, your employees. Pretty much every business (big and small) will have this policy in their back pocket. Coverage limits run between $1 million and $3 million depending on the risk associated with your business. You can expand your policy to an umbrella policy which will extend coverage to warehouse materials and materials in transit.
2. Workers Compensation
Workers compensation is required by most states by law and is designed to cover the medical expenses and will cover a portion of their salary if they cannot return. There is not as much flexibility afforded to workers compensation as some of the other policies but there is still some wiggle room.
3. Commercial Auto Insurance Requirements
If you have a company vehicle you are going to need commercial auto insurance and inland marine insurance. These two policies will not only protect your vehicle and driver if any damage occurs but they will also cover any damage that is inflicted upon the goods you are transporting. If you do not have a car then commercial auto insurance is not something you will have to worry about.
4. International Builder’s Risk Insurance
Depending on the field you are working in you may want to consider acquiring builders risk insurance. This policy will cover your materials and on site equipment from work related damages and accidents. Good news if you are working on a deadline.
5. Political Risk Insurance
The last policy that you might need is a political risk insurance requirements. These might seem a little obscure but if you are working on a large scale project that is dependent on materials from a foreign location. We will make sure your project will continue (or not weigh heavily on your business) in the event of a disaster.
A combination of these plans will give you the protection you need to make sure your business can stay afloat during the most trying of times. If you have any further questions or would like to talk to one of our advisors please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!