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. Contractors insurance typically covers business liability exposures related to injuries sustained on client property by your business and is therefore covered by general liability coverage as an essential element of contractors insurance policies.
Lawsuits and liability claims are an ever-present threat in the contracting world. Without insurance, contractors may have to pay these costs out of pocket, which can be financially devastating.
Timelines, change orders and contract administration add to your concerns. 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. Claims-made policy 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.
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. Without proper insurance, a single incident could devastate your finances or even put you out of business. How to Choose the Best Insurance for ContractorsChoosing and managing business insurance coverage takes expertise.
In this article, we will explore the different types of coverage available, the importance of liability insurance, and how to navigate legal claims and litigation. Your cost depends on several variables such as the extent of coverage you require, your specific trade and location. Cost-saving options - Through a coverage analysis and comparison quotes, a good agent will identify potential savings on policies and deductions like safety training credits.
A 1099 worker hired for a photo shoot faces significantly different risks than one hired to remodel a bathroom. While it can be more expensive for clients to include you as an additional insured in their policy, depending on their individual situation they may decide otherwise.
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. This information provided on this website should not be considered insurance advice; all content and materials on it are for general educational use.
Before signing contracts with you, your clients may require you to carry general liability insurance as protection from allegations of wrongdoing or accidents caused by either yourself or your work. Whether you are a national commercial builder or a local independent contractor, we make insurance understandable and affordable. Our experienced team at The Allen Thomas Group stays on top of your state's evolving laws and requirements to keep your business fully compliant and protected.
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 face unique and often dangerous risks everyday on the job. These options offer you and your client protection should they find themselves involved in a lawsuit alleging third-party bodily injury, property damage, or reputational harm. As a contractor, you are responsible for the safety and security of the property you are working on, and accidents can happen.
Umbrella insurance boosts your liability limits. To show a client that you are covered, request a general liability certificate of insurance. Construction is an inherently risky industry. This option is usually more cost-effective for your clients.
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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. Premium audit 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. Contractors should carefully review their insurance requirements and consult with an insurance professional to determine the appropriate coverage options for their specific needs. From property damage to accidents and injuries, contractor insurance provides essential protection and peace of mind.
Bid Bonds verify you can fulfill a project if awarded a contract based on your initial quote. Your state - rates vary by state based on regulation, litigation environment, weather risks and more. While you're working on site – as an electrician, lawn care professional, carpenter, etc. – let us work behind the scenes to protect your small business. It is advisable to seek recommendations from other contractors or industry professionals to identify reputable insurance providers who offer comprehensive liability coverage.
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.
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.