Are you in construction? No-one needs to tell you that this work comes with risks. Therefore you HAVE to be sure you and your employees are covered. First of all, you need general liability insurance for contractors as a base coverage. This will cover you for situations such as if you are successfully sued. Because your policy will have limits, you may need more than just liability. Depending on your unique situation, you may need other critical policies as well to be sure you are fully covered.
When it comes to finding the right insurance for your situation, it is key to find an agent that not only understands your industry but is also willing to help you learn what protection you need to have.
To find construction liability insurance companies that offer the plans you need, use US Insurance Online. It’s the number one place to go online to find the liability insurance that fits you and your industry. By filling out a single online form, you will quickly get multiple FREE, no-obligation construction liability insurance quotes from top providers. Then, you can easily compare rates and coverages!
Specific Contractor Liability Insurance Coverages
First of all, contractor general liability insurance goes by many different names. Whatever named, it serves one purpose. To provide coverage to fill a specific need. Here are some common types of coverage:
- General contractor insurance – As a general contractor, you take the lead on construction projects, making you the prime target should something go wrong. Holding a general contractor liability insurance policy is a critical part of being a responsible party. Because it is mandatory, you need this if you wish to be awarded construction contracts.
- Subcontractor insurance – Subcontractor liability insurance is no different than general contractors liability insurance. It provides coverage for construction professionals. Subcontractors cannot rely on piggybacking on the general contractor’s policy. Therefore they need to have, and are often times contractually required to carry, their own policy.
- Electrical contractor insurance – As an electrician, you are responsible for properly wiring residential and commercial buildings. The margin of error is slim and the liability potential great. Carrying the right coverage is vital, and it’s also a requirement in order to be able to work in this industry.
- Handyman insurance – As a handyman, you might not be a licensed contractor, but you are still responsible for doing all sorts of smaller, residential construction projects. This means your liability exposure can be great. A handyman insurance policy will be necessary to give you the liability and property protection you desperately need.
Other Construction Insurance Considerations
So, now you know that general liability insurance is a must-have. Remember, this only covers you for the basics. There are other types of coverage you should also consider. Here are a few examples of coverage you might also need:
- Surety Bonds – As a contractor, you are often times required to have a surety bond to ensure you perform, per the contractual requirements. If you fail to perform, then the surety bond provider will make a payout to your client, covering their financial losses up to the bond limit.
- Commercial Auto Insurance – If you have work vehicles you use in your construction business, you need a commercial automobile policy. A personal automobile policy will not cover your commercial use vehicles, so a commercial auto insurance policy is required.
- Workers Compensation – If you have a certain number of employees, then most states will require you to carry workers compensation insurance coverage. This pays for employees who are injured on the job. There are some exceptions that allow certain companies to not carry this type of policy, but most companies with employees need workers compensation coverage.
These are just some of the coverages you may want to think about having. Bottom line is you need to stay protected so you don’t lose your business. You want your employees to be protected. Don’t put yourself in a situation where you regret not having enough protection. Who needs an expensive financial lesson? Not you! Go ahead and talk to an agent at US Insurance Online and get yourself covered!
Get Contractor Insurance Quotes
In conclusion, despite the type of construction business coverage you need, you need an easy way to find the right provider. US Insurance Online gets you insurance quotes right away from various top providers. Then you can make an informed decision as to which company is right for you.
Simply request coverage quotes via the link below. Fill out the secure online form. Then you will quickly hear back from several agents that have the coverage you are looking for. You can discuss other insurance needs with them to make sure your business is properly protected. At no time are you under any obligation to purchase coverage, you can just check rates and make a decision at the proper time.
Need other coverage? Get a brief explanation of various business insurance types to see what else is available.