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. The Allen Thomas Group Contractor Insurance . 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.
Your work is covered by a blanket additional insured endorsement on your clients or general contract's policy, providing coverage to a type of worker or group without specifically naming you or others as individual beneficiaries. Having coverage shows you are an established company with the capacity and experience to handle major jobs.
It protects them in case their business is found responsible for harming people, damaging property or producing substandard work. People who work for themselves without employees generally aren't required to carry workers' comp insurance, but it would still be wise to purchase coverage as health insurers may deny claims related to work-related injuries and could leave you facing costly medical expenses and lost income while you can't work.
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. Insured 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.
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.
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.
Coverage for damage to other nearby properties caused by the construction is also included.
Employee injuries - Workers' comp insurance is mandatory in most states to cover medical bills and lost wages for injured employees.
Provides protection for fixed property under construction and equipment used during construction, whether it is in transit, in storage or at the jobsite.
Commercial Auto Insurance covers the array of motorized equipment contractors rely on including dump trucks, cranes, bulldozers and tractors. Those who offer professional advice and services buy this coverage in case a client accuses them of making a mistake, missing a deadline, or failing to deliver on a contract. We pride ourselves on service with a 97% client retention rate. Documentation and Evidence: Contractors need to maintain accurate and comprehensive documentation throughout the project lifecycle.
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.
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.
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.
Unlearn six ways contractors can effectively manage their cost of risk to improve their bottom line, reputation and worker safety.
Workers' compensation insurance covers medical costs and lost wages from work-related injuries and illnesses.
That means the general contractor must establish his or her own risk mitigation process that works closely with the construction project manager, conducting risk identification and analysis throughout the duration of the project, while creating a comprehensive risk management plan.
General, professional and employer liabilities are the three major forms of liability protection available today.
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.