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.
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.
It's a necessary cost of doing business. General contractor
Artisans & Service Contractor Insurance protects against:
This information provides only a general outline of available types of business insurance and should not be considered a contract.
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.
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.
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. As an independent insurance agency, The Allen Thomas Group has the experience, carrier access and resources to protect contracting businesses. Settlement Negotiation: It is essential for contractors to understand the art of negotiation when it comes to settling legal claims. A certificate holder is simply the business or contractor that carries the coverages as described on the certificate of insurance.
Timelines, change orders and contract administration can add additional stressors. For the self-employed and independent contractors, your personal auto insurance might not cover you when you drive your own vehicle for business use. They can be sued for damaging client property, causing bodily harm, or advertising injury. The type of contracting business you own as well as its size and location will affect the types of insurance you may need.
Independent contractors in these fields must also have this protection. Skilled negotiation can help contractors reach favorable settlements, avoiding lengthy and costly court proceedings.
Insurance costs and benefits of independent contractors vary significantly across industries. Builder's risk and equipment/tools coverage protects you if items are damaged or stolen at a job site.
Coverage for damage to other nearby properties caused by the construction is also included.
Employee injuries - Workers' comp insurance is mandatory in most states to cover medical bills and lost wages for injured employees. Inland marine insurance
Provides protection for fixed property under construction and equipment used during construction, whether it is in transit, in storage or at the jobsite.
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.
An additional insured may be covered when sued for bodily injury, property damage and advertising injury claims. A 1099 worker hired for a photo shoot could face copyright infringement while remodeling contractors risk potentially injuring homeowners during work. But it can also include other coverages like commercial auto, workers’ compensation and business owners policies. Professional liability - Required for design/build contractors and covers mistakes in your professional work that lead to property damage or financial loss (gaps in coverage, delays, inferior work).
Our extensive, tailored coverages and enhancements are based on our decades-long expertise in construction as well as specifically tailored coverages tailored specifically for individual customer needs. Your clients or the general contract could have a blanket additional insured endorsement on their policy, which extends coverage to a type of worker or a group of people, without naming you specifically. Contractors insurance is coverage that can protect your business from devastating financial debts that can result from work-related accidents. The amount you pay is based on several different factors like the amount of coverage you need, your specific trade and your location.
This protection is required by law in most states.
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.
Although all-risk policies offer comprehensive protection, they don't always include everything. Most policies don't pay out for damages caused by termites, wear and tear, sewer backups, floods or earthquakes as well as paying to remove mold or repair your foundation.