Having the right property damage insurance coverage is essential for contractors to protect themselves and their clients from potential liabilities. Independent contractors typically have insurance obligations in their work contracts that they have to fulfill. The Allen Thomas Group Contractor Insurance . Superior service - Your agent should make insurance easy through fast response times, hassle-free claims handling, comprehensive risk management, and year-round policy review. Therefore, it is crucial for contractors to secure comprehensive liability insurance coverage to protect themselves and their clients from potential accidents and injuries.
As a fellow contractor, I understand how confusing and overwhelming navigating insurance options can be. Are you a contractor looking to protect your business and assets? An expert agent can evaluate your unique risks and recommend optimal limits and additions like umbrella policies.
That said, average costs for key coverages fall into these ranges:General liability: $25-$120 per month per $1 million in coverageWorkers' comp: $15-$50 per $100 of payrollBuilders risk: 0.3% - 2% of project valueBusiness auto: $150 - $350 per vehicle per monthUmbrella: $300 to $500 per $1 million in extra coverageMany factors determine your precise rates. This often means specialized products and add-ons specific to contractors.
Other factors affecting contractors insurance costs are employees, coverage needs, vehicles, location and claims history. It protects your small business from the high costs of lawsuits and helps you qualify for leases and contracts. The additional insured can receive coverage for lawyers’ fees, court costs, and settlements or judgments.
Contractors need to purchase vicarious liability coverage to protect them against vicarious liability resulting from ongoing operations performed or managed negligently by the designated "contractor". Being an additional insured means you are covered by their insurance for the duration of the job or longer.
When facing legal challenges, contractors must be well-versed in navigating the complexities of the legal system while protecting their interests.
We offer insurance through phone, online and independent agent channels; costs vary based on how you buy.
Individual tools and materials usually aren’t covered under this policy.
As you go about your day-to-day work as an electrician, lawn care provider or carpenter - let us work behind the scenes to protect your small business with Artisan & Service Contractor Insurance from The Allen Thomas Group. Please reach out to The Allen Thomas Group's commercial agent for more details and a customized quote. Builder's risk insurance - Also called course of construction, it covers projects under construction for perils like theft, vandalism, fire damage, natural disasters.
Moreover, contractor insurance can also provide liability coverage, which protects contractors from legal claims and lawsuits arising from accidents or property damage. Without coverage, you would pay their hefty medical bills along with lost wages while out of work.
For example, if a roof you installed leaks and ruins the homeowner's walls and flooring, their insurance company can come after you to recoup repair costs. Car accidents happen in a split second but bring extensive costs - from vehicle repairs and medical bills to lost income when jobs grind to a halt.
General liability insurance addresses both issues. Contractor Liability Insurance: This type of insurance provides coverage for property damage or bodily injury caused by the contractor's work.
It provides financial protection by covering legal fees, medical expenses, and damages. Being held liable for repairs or replacement on a large-scale project could be financially devastating without Builders Risk Insurance. Essential if a fire or storm damages your office. At The Allen Thomas Group, our trusted advisors will analyze your business risks and recommend comprehensive policies to protect you. Typical limit is $1 million.
That's why The Allen Thomas Group has a specialized construction claim service operation to focus on these unique claims. It protects you in the event of lawsuits, employee injuries, damage to 3rd party property, etc. All content and materials are for general informational purposes only. It protects your business and is often required by many employers before you can start working for them.
Commercial auto policies provide coverage for vehicles used to transport work-related materials or tools for contractors. Protect against lawsuits and other liabilities with contractors insurance from The Allen Thomas Group. Wrap-up insurance Property insurance protects your assets in a loss. Artisan and service contractors insurance through The Allen Thomas Group protects against:This is only a general description of coverages of the available types of business insurance and is not a statement of contract.
It could cover you if your business is liable for things like injuring people, damaging property or faulty work. You've worked hard to build your company and reputation.
A Business Owner Policy (BOP) combines contractors liability coverage, personal property coverage and building coverage into one comprehensive policy. As self-employed or independent contractors, self-use of personal vehicles for business use may void their personal auto policy. Without proper liability insurance coverage, contractors risk facing significant financial losses and potential lawsuits, which can have a devastating impact on their businesses and personal finances. Business income - Covers income lost due to suspended operations from a covered loss.
An additional insured may be covered when sued over bodily injury, property damage, and advertising injury. The information provided on this website does not constitute insurance advice.
General liability insurance costs an average of $42 per month for The Allen Thomas Group customers, but this figure varies based on several factors such as:Your own general liability policy is accessible via multiple avenues: commercial general liability insurance can be obtained from business insurance providers or agencies; to show clients you're protected, request a general liability certificate of insurance instead; this option tends to be more cost-effective for them.
This allows them to compare rates for your optimal coverage and cost efficiency.
Here are three essential types of property damage insurance coverage that contractors should consider:1.
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.