Contractors Insurance No Comments

Curb Your Employee Lawsuit Liability

No employer wants to deal with workers’ compensation claims or lawsuits for unsafe working conditions. We live in a litigious society, and only by taking great pains to create an ideal working environment can you protect yourself against such issues. By doing everything you can to prevent workplace incidents and injuries, you are not only protecting yourself from legal claims, but you are also doing the right thing. Here are some tips to reduce the chances of employee lawsuit liability.
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Contractors Insurance No Comments

All Risks Insurance Will Protect You against Risky Business

Nobody makes anything with their hands anymore (or at least not a majority of people). America was once the nation where everything was built. If you wanted a fighter plane, a car or a computer you came to America. If you could name it, we could build it. And, while that still might be true, most of America sits behind a desk and stares at a computer screen for most of the day. That’s not to say that that isn’t work, important things happen behind desks, but that same innovative, no nonsense builders spirit that made the United States is what it is today is hard to find. That is, unless you look at our contractors and see the risks that they take to build our countries future. Those risks can be overwhelming at times but still, they press forward. And while you might feel helpless to protect them, there is something you can do; convince them to acquire all risks insurance.

All Risks Insurance – What is it?

Contractors are exposed to all kinds of risks during their day to day activities. And all it takes is one lapse in concentration to turn a high risk situation into a traumatic situation. To counter that risk you’re going to need an over-arching insurance policy that can protect you in a variety of different ways from a variety of different variables. Essentially, the policy will cover any losses that may not be covered by an ‘excluded peril.’ All risks insurance typically breaks down into two different forms (which we have listed below).

1.       Property Damage

This policy is designed to protect you and your contractors in the event that you (or someone else, or Mother Nature) causes damage to a building or structure that is currently being constructed.

2.       Third Party Claims

The second part of all risks insurance serves as a barrier between you and any claims made by a third party (or if someone walks through your workplace, trips and then tries to sue you for their injury). That way you can focus more on your business and less on problems that you shouldn’t have to deal with to begin with.

All risks insurance is becoming a staple for contractors across the country so, if you are currently without, then you may want to consider talking to an insurance advisor to make sure you are adequately covered. If you have any further questions please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!

Collin McGorty No Comments

Understanding Business interruption Coverage

business interruption coverage

If you own a contracting business, it is essential to have business interruption coverage.  In the event of storms and equipment break downs, you may suffer from losses.  With business interruption coverage, you don’t have to lose money during your time of need.  Keep your business running and pay each and every one of your employees as if nothing ever happened!

 

Quick Facts about Business Interruption Coverage

  • 30 percent of businesses in the tri-state area have business interruption coverage
  • 10 percent have off-premises utility interruption
  • Most businesses that need business interruption coverage don’t have it

Understanding Business Interruption Coverage

Most people who have business interruption coverage insurance don’t actually understand what their policy covers.  As a contractor it is in your best interest to know what your policy covers.  The goal of Business Interruption Coverage is to cover losses in the event of disruptions to normal business operations.  It can be due to physical damage to equipment or property.  In order to safeguard your business, make a checklist of situations which could potentially occur and go over them with your insurance agent.

 

Asking the right questions

In order to get the right type of coverage make sure to discuss the following:

  • Can the business operate at a temporary location rather than suspend operations?
  • Could your client’s business be interrupted because of a loss at one of its suppliers?
  • What would happen if a key piece of machinery was damaged-how long would it take to get a replacement? What if the manufacturer is overseas?
  • Would the customer suffer a loss if one of its service providers (e.g., electrical, fuel, water, heat, refrigeration, communication, etc.), suffered a loss?
  • Is there a need for extra-expense insurance?
  • Are there any new state ordinance or law requirements or code upgrades that could delay the customer from getting back in business?

By asking the right questions and investigating current and future policy terms you can better protect your business. If you have any questions please don’t hesitate to contact one of our insurance professionals today.

Collin McGorty No Comments

Understanding the Contractors OSHA asbestos Standards and Regulations

Be Sure to Adhere to OSHA Asbestos Regulations.

Be Sure to Adhere to OSHA Asbestos Regulations.

When owning and operating a contracting company, it is important to follow OSHA rules and regulations.  Disregard for such standards will not only leave you liable to lawsuits, but open the doors for OSHA and give them the opportunity to fine your organization.  One of the most common issues when doing renovations or home improvement projects is Asbestos.  By controlling and moderating worksites that have asbestos, you eliminate the number of accidents and incidents.  Take some time to learn and understand OSHA Asbestos standards and regulations, or you will be facing heavy fines and potentially lose your licenses to operate.

The first thing one must do as a contractor is conduct an asbestos survey.  This can be done either by the property owner or a building inspector.  A summary of these results must be communicated to your workers and posted on the job site.  If in fact asbestos is found there are three things you can do.

As a contractor, your first option would be to walk away.  If this isn’t an option, working around the asbestos may be possible.  It is important not to disturb affected areas as the asbestos could get airborne.

The second option would be to reseal or encapsulate the infected area.  As long as it is not disrupted you will not be penalized.  Such an example would be using duct tape to reseal exposed asbestos on a heating pipe.  Both penetrating encapsulants and bridging encapsulants can be used when resealing is not a viable solution.  Encapsulants are like a coat of paint which cover affected areas to seal them off entirely.  The risk with encapsulants is that water damage may undue the bond which is created over time.

The third, and highest risk option, would be to remove it.  Friable asbestos must be removed by a certified asbestos abatement contractor.  The only exception would be if the project occurred at a single family house and the owner was the one doing the work.  Removal must be in compliance with the Regulation III, section 4.05 standards for removal and 4.07 standards for disposal.  In addition, an asbestos/demolition notification and filing fee must be submitted before removal.  Depending on the size, it could take up to 10 days.  Non-friable asbestos must be removed and disposed in accordance to Regulation III section 4.05 but does not require any notifications.  Be sure to properly dispose of all asbestos by taking it to an authorized disposal waste facility and complete a waste material shipment record for your own records.

Understanding the OSHA Asbestos Standards and regulations will not only help you adhere to the laws but it will also ensure that the environment is protected.  Do the right thing, or you will be facing heavy fines and possibly lose your license as a contractor.

Collin McGorty No Comments

Avoiding Nail Gun Injuries On The Job!

Work-site safety is always a concern of both the workers and owners of a company.  On Wednesday we spoke briefly about proper nail gun safety for contractors.  Today we will go more in depth and explain each safety precaution and its implication on insurance rates.

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