Certain The Allen Thomas Group companies may be compensated as licensed agencies for performing services on behalf of these insurers. Health insurance can deny claims for work-related injuries, which means you could end up facing medical bills and lost income while unable to earn a living.
Whether you're a general contractor, trade contractor, or independent contractor, read on to learn why insurance matters and how to choose the right coverage. It protects against claims of negligence, errors, or omissions that may result in financial loss for clients.
Specific details, limits or services may not be available to every business in all states; all coverages are subject to their terms, provisions, exclusions and conditions outlined within a policy or endorsement and any associated endorsements.
Unlearn six ways contractors can effectively manage their cost of risk to improve their bottom line, reputation and worker safety. Completed operations
Workers' compensation insurance covers medical costs and lost wages from work-related injuries and illnesses.
This protection is required by law in most states.
Commercial Auto Insurance covers the array of motorized equipment contractors rely on including dump trucks, cranes, bulldozers and tractors. Those who offer professional advice and services buy this coverage in case a client accuses them of making a mistake, missing a deadline, or failing to deliver on a contract. We pride ourselves on service with a 97% client retention rate. Documentation and Evidence: Contractors need to maintain accurate and comprehensive documentation throughout the project lifecycle. Contractors insurance provides your business with essential protection against financial debt incurred as the result of work-related accidents, and should provide adequate coverages that match its exposure should your livelihood be compromised.
Fifty-three percent of contractors report that it is difficult to fill professional positions such as project supervisors, estimators and engineers. The Allen Thomas Group can swiftly secure customizable Bonds at competitive rates to help you bid on lucrative contracts and grow your business.- Required for bidding on most public and commercial projects- Guarantees you will complete work per contractual terms - Shows financial capacity to take on major construction workKeep Your Crew Covered with Workers' Comp Insurance Employing any workers instantly opens you up to responsibility for job-related illnesses and injuries. The Allen Thomas Group does just that, providing in-depth, ongoing service and advice to keep our clients protected and empowered to grow. General liability is typically needed before a contractor can begin work on a job.
Contract requirements - Many construction contracts require you to carry certain insurance limits and name the client as an additional insured. Errors and Omissions Insurance, also referred to as E&O or professional liability coverage, provides protection in case an unhappy client sues over your work.
Insurance costs and benefits of independent contractors vary significantly across industries.
From employee injuries to damaged property, lawsuits and claims can easily arise, putting your hard work and livelihood at stake. Ask your The Allen Thomas Group agent about the cost and benefits of getting your own insurance coverage versus being added to your client’s policy. Professional advisors who offer advice or services typically purchase this protection just in case a client accuses them of mistakes, missed deadlines, or failing to deliver their contracts as contracted. Workers' compensation exemption
Our experts make the process smooth and worry-free so you can continue growing your business. If you own or rent a workspace, or if you have expensive equipment, inventory, and other business assets, commercial property insurance would help pay for the repair or replacement if your business property is stolen, damaged, or destroyed.
Your work is covered by a blanket additional insured endorsement on your clients or general contract's policy, providing coverage to a type of worker or group without specifically naming you or others as individual beneficiaries. Having coverage shows you are an established company with the capacity and experience to handle major jobs.
It protects them in case their business is found responsible for harming people, damaging property or producing substandard work. People who work for themselves without employees generally aren't required to carry workers' comp insurance, but it would still be wise to purchase coverage as health insurers may deny claims related to work-related injuries and could leave you facing costly medical expenses and lost income while you can't work.
General, professional and employer liabilities are the three major forms of liability protection available today.
Task and Schedule Tracking Doing this not only aids construction risk management but also allows teams to make better decisions regarding how best to complete certain parts of a project, especially when they fall behind schedule. What's more is these tools help increase accountability.
Professional liability insurance provides coverage for professionals and businesses to protect them against claims of negligence by clients or customers. Policies generally cover negligence, copyright infringement, personal injury claims and more.
To determine how much professional liability coverage you require based on your industry, company size and risk profile it's wise to consult an independent insurance agent who can assist in selecting an adequate amount; limits typically range between $250,000-2 million for professional liability policies.
Any business offering their expertise should seriously consider getting professional liability coverage, commonly known as errors and omissions (E&O) insurance, to safeguard both their company and bottom line from customer claims of late completion, incompleteness or substandard work that could potentially lead to costly lawsuits.
Contractor's all risk (CAR) coverage provides protection for losses related to fire, flood, windstorm, earthquakes or construction faults occurring during a building project. Contractors hired as project leaders should strongly consider taking out CAR policies.
Policies typically feature deductibles ranging from $1,000 to $25,000. Your premium costs depend upon both the size and risk profile of your business, with smaller operations usually needing lower premiums due to lower risk exposure.