Construction insurance for contractors does not only protect the owner from loss of money and equipment. It can also protect an employee from lost wages and costs of medical attention. Additionally, the owners of the project can feel some comfort in knowing they are dealing with a company that is properly covered in the event of a mishap or accident.
General liability coverage is one of the basic insurance policies needed. It will cover property and bodily injury issues for each job. This protection is directed for the client of the contractor and not for the contractor's reimbursement. Endorsements can be added to cover specialty work such as laying water pipes and fire and explosions from working with flammable materials.
When your company also provides engineering or design services, or any type of information that relies on your employee's calculations, you will want an Errors and Omissions policy. Making a mistake at the very beginning of a project that is not found could jeopardize the entire project.
Protecting company equipment while in transit and while on site will require risk insurance. This will also cover building materials while at the site. This coverage will protect from damage due to weather like tornadoes, hurricanes, and fire. It will also cover theft. Policy terms last from start to finish of each project.
Auto policies can be stand-alone or have liability only. Some general liability companies will also include property damage and bodily injury for company vehicles by adding an endorsement to the general policy. Again, this will protect you financially while providing a source for reimbursement for damage done by you or your employees to other's body or property.
Completed operations insurance protects you from unseen problems that occur after the project is finished. It covers things like water and contents damage due to water from a plumbing mistake, or from fire due to an electrical mistake.
Employees are protected from lost wages and medical costs in the event of an on the job injury. The employee's family is due a death benefit if the situation is catastrophic. This and any disease contracted due to exposure on the job are all in Part A of Worker's compensation. Part B protects the owner when the employee waives the coverage in order to sue the employer if he or she sees fit.
Workers Comp coverage for construction companies usually takes a dedicated person to make sure the correct classification code is used for the level of experience and kind of work each employee does. Rates vary widely from office personnel and a skilled tech who does work on a ten-storied building. To keep costs at a minimum, larger or more diverse construction companies could save a great deal of money by having a knowledgeable carrier and agent's representative to keep the coding in check.
By browsing the web for construction insurance for contractors, you can inform yourself about the different types of insurance that may be needed in your business. Using your zip code to locate agencies in your area will help you find contact information. Inquire about the types of insurance each agency suggests is mandatory and get quotes from three or four agencies.
General liability coverage is one of the basic insurance policies needed. It will cover property and bodily injury issues for each job. This protection is directed for the client of the contractor and not for the contractor's reimbursement. Endorsements can be added to cover specialty work such as laying water pipes and fire and explosions from working with flammable materials.
When your company also provides engineering or design services, or any type of information that relies on your employee's calculations, you will want an Errors and Omissions policy. Making a mistake at the very beginning of a project that is not found could jeopardize the entire project.
Protecting company equipment while in transit and while on site will require risk insurance. This will also cover building materials while at the site. This coverage will protect from damage due to weather like tornadoes, hurricanes, and fire. It will also cover theft. Policy terms last from start to finish of each project.
Auto policies can be stand-alone or have liability only. Some general liability companies will also include property damage and bodily injury for company vehicles by adding an endorsement to the general policy. Again, this will protect you financially while providing a source for reimbursement for damage done by you or your employees to other's body or property.
Completed operations insurance protects you from unseen problems that occur after the project is finished. It covers things like water and contents damage due to water from a plumbing mistake, or from fire due to an electrical mistake.
Employees are protected from lost wages and medical costs in the event of an on the job injury. The employee's family is due a death benefit if the situation is catastrophic. This and any disease contracted due to exposure on the job are all in Part A of Worker's compensation. Part B protects the owner when the employee waives the coverage in order to sue the employer if he or she sees fit.
Workers Comp coverage for construction companies usually takes a dedicated person to make sure the correct classification code is used for the level of experience and kind of work each employee does. Rates vary widely from office personnel and a skilled tech who does work on a ten-storied building. To keep costs at a minimum, larger or more diverse construction companies could save a great deal of money by having a knowledgeable carrier and agent's representative to keep the coding in check.
By browsing the web for construction insurance for contractors, you can inform yourself about the different types of insurance that may be needed in your business. Using your zip code to locate agencies in your area will help you find contact information. Inquire about the types of insurance each agency suggests is mandatory and get quotes from three or four agencies.
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