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. The Allen Thomas Group Contractor Insurance .
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.
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.
This protection is required by law in most states. Without General Liability Insurance, you would be fully responsible for sometimes exorbitant legal fees, medical bills, repair costs and any awarded lawsuit damages. That's why it's critical to protect your business with comprehensive insurance coverage.
Firstly, they should ensure that the provider specializes in contractor liability insurance and has a strong reputation in the industry. You have the choice to cover attached equipment, such as ladder racks and permanently attached tool boxes.
If a third party sues the additional insured over work done for the business, the general liability insurance policy can address the claim. With a policy from The Allen Thomas Group, our team would appoint legal counsel to defend you, and insurance will cover the expenses up to your defined limits.
Your cost is based on a few factors, including:You can get your own general liability policy. Workers' Compensation Insurance transfers this liability to an insurance provider.
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. Wrap-up insurance S.- Custom packages and bundled pricing to maximize savings- Complimentary annual policy reviews to ensure adequate, up-to-date coverage- Quick quote turnaround so you can win bids and take on projects- Top carrier relationships for coverage at competitive rates- In-house claims team for responsive, hands-on assistance- Risk management guidance to proactively avoid claims Operating a successful contracting business today means being vigilant against an ever-growing set of risks and liabilities. Comprehensive contractor insurance is essential to protect yourself, your business and your bottom line.
Given the growing trend of employees working from home due to pandemic influenza, is your business prepared for all its potential repercussions? This policy pays for damage to the ongoing project itself - like the structure, materials, fixtures and any equipment being installed. Standard limits are $1 million liability/ $1 million uninsured motorist. Performance Bonds guarantee your work will be completed per the contract's terms.
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.
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.
Property damage - Accidents happen.
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.
Commercial Auto Insurance covers the array of motorized equipment contractors rely on including dump trucks, cranes, bulldozers and tractors.
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.