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. Waiver of subrogation
General contractors have unique risks.
These policies often combine coverages such as commercial auto, workers compensation and business owners policies into one package. The Allen Thomas Group Contractor Insurance .
A commercial auto policy provides protection for vehicles used for work or to transport tools and other contractor materials. 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.
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.
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. Directors and officers liability
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. Running a contracting business comes with many risks that can lead to expensive claims, lawsuits, or losses.
As a contractor, you want an insurance resource who becomes an invaluable, long-term business partner. It combines both coverages under one policy, and usually has lower insurance premiums than buying each policy separately from the insurance company. One of the key components affecting contractors insurance costs is your specific trade's nature of work. Common trades that need contractors insurance include:It’s always good to have insurance in case of mishaps, even if you don’t contractually need coverage.
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. Each job site brings potential for injuries, property damage, and costly lawsuits.
Contractor liability insurance coverage helps mitigate these risks by providing financial protection and legal representation in case of accidents or injuries that occur during the course of their work. Just one incident can devastate your business if you're not properly insured.
Rather than paying excessively out of pocket, your business continues undisrupted while claims are handled by professionals. Workers' compensation insurance helps cover medical expenses, lost wages, and rehabilitation costs.
Accidents or property damage can occur during the course of a construction project, and without adequate insurance coverage, contractors can face significant financial losses and legal consequences. The Allen Thomas Group can help both individuals and businesses – ranging from small to multi-national companies – with their commercial surety needs.
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.
Being accused of negligence by an injured worker can also quickly generate a draining lawsuit. Insurance doesn't have to be complicated!
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.