Contractors are the people who work on creating or designing a structure, such as residential builders, roofers, window and door installers etc. These people have been particularly hard-hit from many years. Recently contractors found that if they are totally insured against liability risk then they are likely to get more contracts with companies.
The following are the type of coverages included in contractor’s business insurance:
- General Liability Insurance
- Workers’ Compensation Insurance
- Builders Risk
- Owners & Contractors Protective Liability
- Products / Completed Operations
- Equipment & Tool Insurance
- Real & Personal Property
- Property In Transit Coverage
General liability insurance covers property damage, bodily injury losses caused by the negligence of a contractor. It does not provide coverage for construction defects or poor workmanship.
Workers compensation protects the workers from severe bodily injuries and give medical benefits to the workers till they get recoverable.
Builders Risk covers losses that occur when they stop their work due to a covered loss. This is also called business income coverage.
Equipment or tools insurance protects your equipment in case of any damage or breakdown from power surges, burnout or operator’s error, mechanical breakdown.
As a contractor, you know that your workers may get harmed or injured or an accident can happen at any time in any construction site. And that many of these unforeseen events are unpreventable. As a smart contractor, make sure that you, along with your business workers are covered with adequate insurance, so that your business insurance can cover virtually any unfortunate event.
