Other factors affecting contractors insurance costs are employees, coverage needs, vehicles, location and claims history. It protects your small business from the high costs of lawsuits and helps you qualify for leases and contracts. The additional insured can receive coverage for lawyers’ fees, court costs, and settlements or judgments. Stay protected with contractor insurance from The Allen Thomas Group Commercial.
A Business Owner Policy (BOP) combines contractors liability coverage, personal property coverage and building coverage into one comprehensive policy. As self-employed or independent contractors, self-use of personal vehicles for business use may void their personal auto policy. Without proper liability insurance coverage, contractors risk facing significant financial losses and potential lawsuits, which can have a devastating impact on their businesses and personal finances. Business income - Covers income lost due to suspended operations from a covered loss. Our team of experts can work with your budget to help you secure customized commercial auto and business insurance policies.
A roofing contractor, for instance, might face risks that an HVAC technician doesn't and vice versa; hence you could expect their rates to vary accordingly. When it comes to contractor insurance, it is important to understand the different coverage options available. Errors and omissions insurance, also known as E&O or professional liability insurance, can offset the cost of a lawsuit if a dissatisfied client sues you over your work. Our team of specialists can work within your budget to find tailored auto and business policies.
General liability insurance costs an average of $42 per month for The Allen Thomas Group customers. In addition to commercial general liability insurance, independent contractors may need other types of small business insurance, including:Every state requires this coverage for vehicles that are registered to a business, or the ability to compensate someone in case of an auto accident. Call or start an online quote now. Contractors, subcontractors and independent tradespeople should carry commercial insurance.
Provides organizations of all sizes coverage to help protect against data breaches and other fast-evolving cyber exposures.
Having the right property damage insurance coverage is essential for contractors to protect themselves and their clients from potential liabilities. Independent contractors typically have insurance obligations in their work contracts that they have to fulfill. Superior service - Your agent should make insurance easy through fast response times, hassle-free claims handling, comprehensive risk management, and year-round policy review. Therefore, it is crucial for contractors to secure comprehensive liability insurance coverage to protect themselves and their clients from potential accidents and injuries.
As a fellow contractor, I understand how confusing and overwhelming navigating insurance options can be. Are you a contractor looking to protect your business and assets? An expert agent can evaluate your unique risks and recommend optimal limits and additions like umbrella policies.
That said, average costs for key coverages fall into these ranges:General liability: $25-$120 per month per $1 million in coverageWorkers' comp: $15-$50 per $100 of payrollBuilders risk: 0.3% - 2% of project valueBusiness auto: $150 - $350 per vehicle per monthUmbrella: $300 to $500 per $1 million in extra coverageMany factors determine your precise rates. This often means specialized products and add-ons specific to contractors. Larger contractors with multiple projects and employees need higher limits.
Here, you'll find straightforward answers for all your queries about coverages, pricing and more. It provides protection for the structure and materials on the construction site against damage from events such as fire, theft, vandalism, or natural disasters.3. The need for a knowledgeable, specialized insurer is paramount to your success.
Contractors need to purchase vicarious liability coverage to protect them against vicarious liability resulting from ongoing operations performed or managed negligently by the designated "contractor".
An additional insured may be covered when sued over bodily injury, property damage, and advertising injury. The information provided on this website does not constitute insurance advice.
It provides financial protection by covering legal fees, medical expenses, and damages. Being held liable for repairs or replacement on a large-scale project could be financially devastating without Builders Risk Insurance. Essential if a fire or storm damages your office. At The Allen Thomas Group, our trusted advisors will analyze your business risks and recommend comprehensive policies to protect you. Typical limit is $1 million.
That's why The Allen Thomas Group has a specialized construction claim service operation to focus on these unique claims. It protects you in the event of lawsuits, employee injuries, damage to 3rd party property, etc. All content and materials are for general informational purposes only. It protects your business and is often required by many employers before you can start working for them.
Commercial auto policies provide coverage for vehicles used to transport work-related materials or tools for contractors. Protect against lawsuits and other liabilities with contractors insurance from The Allen Thomas Group. Property insurance protects your assets in a loss. Artisan and service contractors insurance through The Allen Thomas Group protects against:This is only a general description of coverages of the available types of business insurance and is not a statement of contract.
It could cover you if your business is liable for things like injuring people, damaging property or faulty work. Workers' compensation exemption You've worked hard to build your company and reputation.
As you go about your day-to-day work as an electrician, lawn care provider or carpenter - let us work behind the scenes to protect your small business with Artisan & Service Contractor Insurance from The Allen Thomas Group. Please reach out to The Allen Thomas Group's commercial agent for more details and a customized quote. Builder's risk insurance - Also called course of construction, it covers projects under construction for perils like theft, vandalism, fire damage, natural disasters.
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.