An additional insured has less protection than the policyholder, but still gains crucial coverage, such as:Defense coverage. General liability coverage protects businesses against common business risks like customer injury, property damage, and advertising injury claims.
With so much fluctuation, damages easily occur to both the ongoing work and surrounding properties. Workers' compensation
General contractors have unique risks.
These policies often combine coverages such as commercial auto, workers compensation and business owners policies into one package.
Our specialized construction underwriters have deep industry knowledge and an ability to provide flexible, innovative solutions. Building a proper insurance plan is an investment in your company's future. Fifty-three percent of contractors report that professional positions – project supervisors, estimators and engineers – are difficult to fill. Most often it's best if both you and your client obtain separate policies for liability protection. For example, a roofing contractor is exposed to risks that an HVAC technician isn’t and vice versa.
Don't wait for a loss to realize you're underinsured – be proactive and protect your assets with The Allen Thomas Group. Coverage options also may extend to cover vehicles used by your employees as well as employees themselves depending on which coverage options are selected. Materials or tools from your truck damage a car while in transit. Installation floater It’s required in most states for businesses that have employees.
Common trades that need contractors insurance include:Even if it isn't required by contract, having insurance is always prudent. Our broad, tailored coverages and enhancements are based on our deep knowledge and experience in the construction industry, and specifically designed to meet the needs of our customers. Protect against things like lawsuits and other liabilities with contractors insurance through The Allen Thomas Group . Importance of Liability InsuranceLiability insurance plays a vital role in safeguarding businesses and individuals by providing protection against accidents and injuries.
You can purchase commercial general liability insurance from a business insurance provider or agency. Contractors insurance usually covers business liability exposures, such as injuries or damage to a client’s property for which your business is responsible.
It offers contractors peace of mind by extending their liability coverage and ensuring they are adequately protected in case of large claims or lawsuits. This ensures that they have adequate coverage in the event of a claim, as exceeding the policy limits could leave them personally liable for any additional costs. This is covered by general liability insurance, an essential part of a contractors insurance policy. Call (440) 826-3676 for a free contractor insurance quote today. From custom policies designed specifically to fit individual responsibilities and exposures to policies tailored for public or non-profit institutions and financial institutions.
This major expense comes on top of work delays, decreased productivity and legal fees. Learn six ways contractors can effectively manage their cost of risk to help improve their bottom line, their reputation and worker safety. Independent contractors typically have obligations under their work contracts regarding insurance requirements that must be fulfilled, which often state whether the company needs to be added as additional insured. Don't let this happen to you.
The Allen Thomas Group offers products and insights to help our customers stay ahead of risk by preparing for it and ultimately helping to reduce loss costs and keep projects running smoothly. General Liability Insurance also covers any damage your completed projects might cause after work is finished. Insurance doesn’t have to be complicated. Claims-made and reported policy Running a contracting business comes with many risks that can lead to expensive claims, lawsuits, or losses.
Being accused of negligence by an injured worker can also quickly generate a draining lawsuit. Insurance doesn't have to be complicated!
In most cases, independent and self-employed contractors aren’t required to carry workers’ compensation insurance.
Construction claims are complex and potentially volatile.
When you insure your business with The Allen Thomas Group, you get loss control tools and a team who can review your operations, procedures and programs. Errors and omissions insurance
Call our licensed agent and they can assist with commercial auto and business insurance quotes. If an employee is hurt while working, insurance covers their medical treatment, partial income replacement and rehabilitation services.
This is where Surety Bonds come in - providing a guarantee you will meet all contractual obligations. The coverages in contractors insurance can vary from business to business. Umbrella Insurance: This additional coverage provides extra liability protection beyond the limits of other insurance policies. They could be sued for damaging client property, causing bodily injury, or advertising injury; general liability coverage helps cover legal fees and damages from any lawsuits that might arise against them.
Provide organizations of all sizes with coverage against data breaches and other fast-evolving cyber risks. Without insurance, you would have to pay out of pocket to defend yourself in court and also pay for damages. Comprehensive policies protect against liability claims and property damage if your drivers cause an accident.
With the right insurance partner, you can run your business with confidence knowing you've safeguarded your company's finances and reputation. Liability coverage protects you from these claims long after the job is done.- Protects from third party bodily injury and property damage claims- Covers legal defense fees and lawsuit damages - Applies to incidents on worksites and completed projectsGeneral liability policies come with defined coverage limits - typically for per occurrence and in total annual claims. Avoid choosing coverage based on cost alone and work with agents who truly understand your business.
These options include general liability insurance, workers' compensation insurance, and umbrella insurance.
A commercial auto policy provides protection for vehicles used for work or to transport tools and other contractor materials. Commercial general liability Here are three key aspects that contractors should consider when dealing with legal claims and litigation:1.
It covers the cost of repairs or replacement of damaged property, as well as any legal fees associated with a liability claim.2.
General liability insurance: This coverage protects contractors against property damage caused by their actions or negligence.
With a general liability insurance policy, those expenses are covered.
Professional liability policies fall into two broad categories, claims-made and occurrence coverages. Claims-made policies cover any incidents in which a policy was in force at the time of an event and lawsuit, while an occurrence policy will cover any incidents while the policy was active that qualify for coverage under that particular policy.
"All risk" refers to an umbrella form of coverage which automatically protects any risk that the contract does not specifically exclude; for instance, homeowner policies with all-risk policies typically provide flood damage coverage as part of their all risk package.
A policy simply sets forth terms and conditions without attaching them to specific persons, items, or interests; by contrast, contracts establish contractual obligations between two or more parties governed by contract law.
Draft an explicit scope and contract agreement with clients; this will establish open lines of communication. Secure general/professional liability coverage from The Allen Thomas Group as soon as you start operating a business.
Professional liability insurance protects businesses when employees make mistakes in providing professional services to customers or clients, also known as errors and omissions insurance (E&O). Even though you're an expert at what you do, mistakes still happen!
Liability insurance provides coverage against damage claims caused by contractors when performing work on your property and injury claims that may arise should someone get injured while performing duty. It also covers court judgments or medical or funeral expenses should someone become seriously ill while on duty.
For effective risk management of construction projects, it is necessary to understand all four types of risks inherent within it - these could include financial, contractual, operational and environmental threats that come from both internal and external sources.