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. 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.
Contract requirements - Many construction contracts require you to carry certain insurance limits and name the client as an additional insured.
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.
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. That's why it's critical to protect your business with comprehensive insurance coverage.
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.
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.
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. Wrap-up insurance
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.
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.