Policy limits - higher liability limits and lower deductibles mean higher premiums. A certificate holder typically carries their coverages alone while additional insureds can also be listed on it. Contact The Allen Thomas Groups commercial agent for more information and a customized quote.
Business auto insurance - Covers liability and damage involving vehicles used for business purposes like work trucks. Some key reasons contractors need insurance include:Lawsuits - You may face liability claims over property damage, injuries, mistakes, and more. The Allen Thomas Group Contractor Insurance .
Business owners and independent contractors can add business owners as additional insureds on their commercial general liability policies, or vice versa.
At Allen Thomas Group, our products and insights help general contractors to anticipate potential threats by planning for them, ultimately helping to reduce loss costs while keeping projects on schedule. For example, if a contractor accidentally damages a client's property while working on a project, their insurance policy can cover the costs of repairing or replacing the damaged property. Our customized packages and bundled pricing provide premium protection at competitive rates. It's mandated in most states with rare exceptions. Personal assets - Without proper business insurance, plaintiffs can go after your personal assets in a lawsuit.
These documents serve as crucial evidence in case of legal disputes, helping contractors establish their position and protect their rights. However, it may be required in certain jurisdictions or to fulfill a contract. Broad coverage to protect contractors against professional and pollution liability risks resulting from professional acts, errors or omissions. This coverage allows you to promptly fix damages and move forward without major delays or out-of-pocket expenses.- Covers damage to the ongoing construction project - Includes liability coverage for damage caused to surrounding properties- Allows timely repairs so projects stay on scheduleProtect Your Investment with Surety Bonds On any sizable construction project, owners and lenders need assurance you will complete work to standard and on budget.
Limits start around $1 million per claim/aggregate. This mix of insurance coverages provides vital protection for your contracting business's exposures.
Like any business owner, an independent contractor may be sued and held liable for damages. Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this coverage is crucial for contractors who provide professional services or advice.
Contractors should assess the provider's claims process and responsiveness, as well as their financial stability. Tailored solutions - The best agent will analyze your business and risk profile in detail then customize optimal insurance protection.
We’ve made it easy for you to shop for all your contractors insurance in one place. Who is ultimately responsible for adding additional insureds depends heavily upon each situation and industry norms may vary accordingly. The Allen Thomas Group risk control construction specialists have the knowledge and the experience to meet your risk control needs and to help you take a proactive approach to safety and accident prevention. Without insurance, defending yourself in court would cost out-of-pocket expenses; with general liability coverage they are covered automatically. Minimum limits are typically $1 million per occurrence, $2 million aggregate.
A water pipe bursts overnight flooding materials. Here's what to look for in a true insurance partner:Industry expertise - They should thoroughly understand the contractor insurance field including unique risks, coverages, regulations and carrier options. Subcontractors offering specialized services like electrical work or plumbing may only require smaller caps.
That’s why our insurance experts will work with you to customize a policy just for your business, so you only pay for the coverages you need. Our experienced construction underwriters possess in-depth industry expertise and the flexibility and creativity required to offer flexible yet innovative solutions. Should one occur, an independent contractor's commercial auto policy would cover legal bills, medical costs and property damage expenses in such an instance. It provides peace of mind and financial security, allowing contractors to focus on their work without worrying about the unexpected.
Insurance helps cover losses so you can keep your good name.
Timelines, change orders and contract administration add to your concerns. Pollution liability Additional insured The right insurance tailored for your company's needs is an indispensable asset. Builder's risk insurance: This coverage is specifically designed for construction projects.
It is essential to have the right insurance in place to protect against unforeseen events and potential liabilities. An additional insured is defined as any person covered by an insurance policy other than its policyholder, who enjoys less coverage but still gains crucial protection, including:Defense Coverage.
The Allen Thomas Group can assist individuals and businesses, from small to multinational enterprises, with their commercial surety needs. Our customized contractor insurance packages provide:Coverage gaps filledBundles for cost savingsProper limits to safeguard your assetsAdvice to reduce risksHassle-free claims serviceYear-round policy access & reviewFor over 20 years, The Allen Thomas Group has been a trusted insurance partner for general contractors, trade contractors, and independent contractor clients across the country.
Contact us today to discuss your unique risks, get a fast quote, or review your current policies. Without proper protection, replacing stolen or totaled vehicles could be financially crippling.
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.