Like any business owner, an independent contractor may be sued and held liable for damages. Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this coverage is crucial for contractors who provide professional services or advice. Contractors face unique and often dangerous risks everyday on the job. These options offer you and your client protection should they find themselves involved in a lawsuit alleging third-party bodily injury, property damage, or reputational harm. As a contractor, you are responsible for the safety and security of the property you are working on, and accidents can happen.
Umbrella insurance boosts your liability limits. The Allen Thomas Group Contractor Insurance . To show a client that you are covered, request a general liability certificate of insurance. Construction is an inherently risky industry. This option is usually more cost-effective for your clients.
Theft leaves equipment missing. Insurance rates for contractors vary widely based on factors like:Your risk profile - higher risk trades like roofing and electrical cost more than lower risk trades like painting or flooring. Auto liability insurance The Allen Thomas Group can assist in finding insurance quotes for construction contractors, landscapers, cleaning services providers, professional service providers and freelance professionals across a range of industries. A BOP bundles both coverages into one policy with usually lower insurance premiums than purchasing them separately from individual insurers.
While some companies offer a “one-size-fits-all” contractors insurance policy, we know every contracting business is unique. A knowledgeable insurer is essential to your success - our Risk Control, Underwriting and Claim professionals specialize in your industry and can assist in managing complex indemnity, additional insured and contractual exposures more effectively. This not only helps contractors avoid financial burdens but also ensures that clients are not left with the financial burden of repairing or replacing their property. Without this insurance, they could be held responsible for alleged wrongdoing or accidents caused by you or your work.
Contractors should assess the provider's claims process and responsiveness, as well as their financial stability. Tailored solutions - The best agent will analyze your business and risk profile in detail then customize optimal insurance protection. Contractors insurance typically covers business liability exposures related to injuries sustained on client property by your business and is therefore covered by general liability coverage as an essential element of contractors insurance policies.
Lawsuits and liability claims are an ever-present threat in the contracting world. Without insurance, contractors may have to pay these costs out of pocket, which can be financially devastating.
With The Allen Thomas Group as your partner, you can focus on your work knowing you are fully protected. Additional insured When it comes to protecting against accidents and injuries, contractors have several coverage options available to them.
Helps cover medical expenses and legal fees you incur while defending against a lawsuit from a covered event. Limits match the project value.
Policy limits - higher liability limits and lower deductibles mean higher premiums.
That’s why our insurance experts will work with you to customize a policy just for your business, so you only pay for the coverages you need. Our experienced construction underwriters possess in-depth industry expertise and the flexibility and creativity required to offer flexible yet innovative solutions.
Should one occur, an independent contractor's commercial auto policy would cover legal bills, medical costs and property damage expenses in such an instance.
It provides peace of mind and financial security, allowing contractors to focus on their work without worrying about the unexpected.
Insurance helps cover losses so you can keep your good name. Without proper insurance, a single incident could devastate your finances or even put you out of business. How to Choose the Best Insurance for ContractorsChoosing and managing business insurance coverage takes expertise.
In this article, we will explore the different types of coverage available, the importance of liability insurance, and how to navigate legal claims and litigation. Your cost depends on several variables such as the extent of coverage you require, your specific trade and location.
Cost-saving options - Through a coverage analysis and comparison quotes, a good agent will identify potential savings on policies and deductions like safety training credits.
A 1099 worker hired for a photo shoot faces significantly different risks than one hired to remodel a bathroom. While it can be more expensive for clients to include you as an additional insured in their policy, depending on their individual situation they may decide otherwise.
Your business size - higher payroll, sales, etc. mean higher premiums.
At Allen Thomas Group, our products and insights help general contractors to anticipate potential threats by planning for them, ultimately helping to reduce loss costs while keeping projects on schedule. For example, if a contractor accidentally damages a client's property while working on a project, their insurance policy can cover the costs of repairing or replacing the damaged property. Our customized packages and bundled pricing provide premium protection at competitive rates. It's mandated in most states with rare exceptions. Personal assets - Without proper business insurance, plaintiffs can go after your personal assets in a lawsuit.
These documents serve as crucial evidence in case of legal disputes, helping contractors establish their position and protect their rights. However, it may be required in certain jurisdictions or to fulfill a contract. Broad coverage to protect contractors against professional and pollution liability risks resulting from professional acts, errors or omissions. This coverage allows you to promptly fix damages and move forward without major delays or out-of-pocket expenses.- Covers damage to the ongoing construction project - Includes liability coverage for damage caused to surrounding properties- Allows timely repairs so projects stay on scheduleProtect Your Investment with Surety Bonds On any sizable construction project, owners and lenders need assurance you will complete work to standard and on budget.
Limits start around $1 million per claim/aggregate.
We’ve made it easy for you to shop for all your contractors insurance in one place. Who is ultimately responsible for adding additional insureds depends heavily upon each situation and industry norms may vary accordingly. The Allen Thomas Group risk control construction specialists have the knowledge and the experience to meet your risk control needs and to help you take a proactive approach to safety and accident prevention. Without insurance, defending yourself in court would cost out-of-pocket expenses; with general liability coverage they are covered automatically. Minimum limits are typically $1 million per occurrence, $2 million aggregate.
A water pipe bursts overnight flooding materials. Here's what to look for in a true insurance partner:Industry expertise - They should thoroughly understand the contractor insurance field including unique risks, coverages, regulations and carrier options. Subcontractors offering specialized services like electrical work or plumbing may only require smaller caps. This information provided on this website should not be considered insurance advice; all content and materials on it are for general educational use.
Before signing contracts with you, your clients may require you to carry general liability insurance as protection from allegations of wrongdoing or accidents caused by either yourself or your work. Whether you are a national commercial builder or a local independent contractor, we make insurance understandable and affordable. Our experienced team at The Allen Thomas Group stays on top of your state's evolving laws and requirements to keep your business fully compliant and protected. - Legally required in most states- Transfers responsibility for job-related employee injuries - Includes legal defense against worker negligence claimsYour company's vehicles are on the road daily traveling between jobs, hauling equipment and shuttling staff. Here are three types of coverage that contractors should consider:General Liability Insurance: This type of coverage protects contractors against claims of bodily injury or property damage that may arise during the course of their work.
With decades of combined experience serving contractors across the United States, The Allen Thomas Group Insurance Agency has become specialized experts at crafting customized insurance solutions for the unique needs of contractors like you. Failing to carry Workers' Comp can lead to large fines or criminal charges.
Timelines, change orders and contract administration add to your concerns. The right insurance tailored for your company's needs is an indispensable asset. Builder's risk insurance: This coverage is specifically designed for construction projects.
It is essential to have the right insurance in place to protect against unforeseen events and potential liabilities. An additional insured is defined as any person covered by an insurance policy other than its policyholder, who enjoys less coverage but still gains crucial protection, including:Defense Coverage.
The Allen Thomas Group can assist individuals and businesses, from small to multinational enterprises, with their commercial surety needs. Our customized contractor insurance packages provide:Coverage gaps filledBundles for cost savingsProper limits to safeguard your assetsAdvice to reduce risksHassle-free claims serviceYear-round policy access & reviewFor over 20 years, The Allen Thomas Group has been a trusted insurance partner for general contractors, trade contractors, and independent contractor clients across the country.
Contact us today to discuss your unique risks, get a fast quote, or review your current policies. Without proper protection, replacing stolen or totaled vehicles could be financially crippling.
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!