Introduction
Contractors insurance is a type of policy that protects your contracting business. Business owners, especially those in construction and contracting, need to have a solid understanding of contractors insurance. If you are a contractor or a tradesman, you need to know what type of contractors insurance you need to protect your assets but also your business reputation.
Commercial auto liability insurance
Commercial auto liability insurance is mandatory in all U.S. states. Getting the right amount of liability protection in place will help you to protect your assets in the event of an accident. It is essential to know that your personal auto insurance won’t cover your vehicles for business use. So, whether your business has one vehicle or a fleet of buses, vans, or dump trucks, be sure to get adequate commercial auto liability coverage. Your business is liable for accidents that you or your employees may cause; liability insurance will protect your company from a resulting liability claim or lawsuit.
We Work With The Following Types of Contractors
- Painters
- Plumbers
- General Contractors
- Electricians
- Landscapers
- Roofers
- Pest Control
- And Others
Your assets. If something happens to your equipment or materials, contractors’ insurance will cover it. This could include anything from tools to computers, machinery, and more–as long as they’re used in your business and are part of your contractor’s toolkit (or “toolbox”).
Reputation and goodwill. Contractors who have been in business for years have built up their reputation over time; they want their customers’ experiences with them to be positive ones because this helps build up goodwill among those clients. That’s why it’s important for contractors to have liability coverage on top of other types of insurance like workers’ compensation, which pays medical bills if an employee gets hurt on the job; general liability coverage; property damage insurance; vehicle liability coverage; excess theft/burglary coverage for when someone steals something from inside one’s home or office building.
Business owners, especially those in construction and contracting, need to have a solid understanding of contractors insurance.
Contractors insurance is a type of commercial general liability insurance that protects contractors, subcontractors, and other parties involved in the construction industry. It provides protection against lawsuits filed by third parties who sustain injuries or property damage as a result of your negligence while performing work on their property.
Contractors can also get coverage for theft and damage to equipment used in the course of their business (e.g., tools or vehicles). In addition to these common types of coverage available with most contractors policies, there are some unique risks associated with this field that require special consideration:
If you are a contractor or a tradesman, you need to know what type of contractors auto insurance you need to protect your assets and also your business reputation.
- Bodily Injury Liability – Coverage for damages that involve bodily injury to third parties for which you become legally liable under the law.
- Property Damage Liability – Coverage for damage to the property of others.
- Medical Payments – Coverage for reasonable and necessary medical expenses for those who are accidentally injured while in your automobile or while getting in or out of your automobile.
- Personal Injury Protection – Coverage for medical, hospital, rehabilitation, loss of wages, or loss of services costs resulting from injury to you or any guest injured while in the vehicle.
- Comprehensive – Protection for the loss of, or damage to, your vehicle and its equipment from all causes except collision, subject to the terms and conditions on the policy.
- Collision – Protection for the collision damage to your automobile and its equipment, subject to the terms and conditions of the policy.
- Uninsured Motorist – Coverage allows you to recover bodily injury damages due to an accident where the other party does not have insurance and is legally liable.
- Underinsured Motorist – Coverage will enable you to recover bodily injury damages due to an accident where the other party is found legally liable and does not have adequate liability limits.
- Hired Auto Liability Coverage – Covers liability for automobiles hired under contract on behalf of, or loaned to, the named insured.
Conclusion
In conclusion, if you are a contractor or tradesman, it is important to understand the different types of contractors insurance available and how they can help protect your assets and business reputation.
We write all lines of insurance: • Auto Insurance – Preferred and Higher Risk (SR22) • Homeowners and Condo Insurance • Apartment Buildings and Rentals Insurance • Commercial Auto and General Liability Insurance • Life Insurance • Umbrella Insurance • Motorcycle Insurance • Boat/Watercraft/RV + Surety Bonds, Contract Bonds and Performance Bonds
Call now for a quote 619-276-0492. Or you can email Wayne McCormick at wayne@mccormickinsure.com.