San Diego Contractors’ Risks Are Growing
Construction risks are genuine, and no one knows that better than the owners and managers of those in the construction industry. The work involved in the construction business encompasses many different occupations and tasks. According to the latest numbers (U.S. Census Bureau) construction spending rose 7% in 2017.
Consider this remarkable fact; 40% of small businesses (including construction companies) do not re-open after a significant loss. If your construction company is going to thrive, you will need to manage your risk, which includes having the right insurance program. While construction insurance involves many different kinds of insurance, we wanted to identify three that are critical to your success.
Key Contractors Insurance Coverage
Workers’ compensation is a no-fault system of benefits provided to workers who have job-related injuries. If your company has employees, you are required by law to buy workers’ compensation insurance. Your employees should be covered for any work-related injury or illness. Sole proprietors with no employees and approved self-insured’s are not required to carry workers’ comp insurance.
General liability for contractors covers your legal liability obligations if your firm or employees cause damage or injury to third parties. If a third party (client or other) alleges bodily harm, injury, or property damage, and you don’t have general liability coverage, your construction business assets could be seized to pay the judgment. General Liability Insurance offers the peace of mind that your construction business will have the necessary funds to continue even when faced with a costly claim.
Owned, leased or rented equipment is the lifeblood of your business. Having your tools and equipment insured will ensure that when a loss occurs, you will have the resources to keep operating. You need to replace tools and equipment quickly, and a well-designed property program can be there for you.
We offer contractor policies for every type of project
- Builders risk insurance and course of construction
- Liability insurance
- General liability insurance
- Contractor insurance
- Commercial auto
- Workers’ compensation
- Railroad protective
- Equipment insurance
- Contractor bond
As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.
Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that take care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises, liability insurance provides coverage for damages to third parties; and commercial auto insurance covers your vehicles.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
Our Commercial Auto Rates and Commercial Apartment Building rates are among the most competitive in California.
Call now for a free quote: 619-276-0492