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.
This major expense comes on top of work delays, decreased productivity and legal fees. The Allen Thomas Group Contractor Insurance . 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.
Being accused of negligence by an injured worker can also quickly generate a draining lawsuit. Insurance doesn't have to be complicated!
In most cases, independent and self-employed contractors aren’t required to carry workers’ compensation insurance.
Construction claims are complex and potentially volatile.
When you insure your business with The Allen Thomas Group, you get loss control tools and a team who can review your operations, procedures and programs.
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.
General contractors have unique risks.
These policies often combine coverages such as commercial auto, workers compensation and business owners policies into one package.
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. Exclusion 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.
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.
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.
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.
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.