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Contractors Insurance

 

Contractors face dangerous risks everyday on the job. Whether you’re an electrical, excavation, plumbing, or HVAC contractor, you know that in a split-second accident can happen. In this deadline and safety-oriented industry, it is important to make sure your business is covered.

 

Most contracting businesses have a business owner’s policy that includes:

 

  1. General Liability- protects your contracting business from certain lawsuits alleging injuries or property damage that occurred as the result of business operations.
  2. Commercial Property- protects your contracting business and the things used to conduct business, such as an excavator, whether owned or leased.
  3. Business Income- covers the loss of income from when you can’t run your contracting business due to covered property damage.

As a contractor, you are probably using your car to visit customers, pick up tools, or run errands for work. But did you know that coverage for these uses is not generally included in a personal auto policy? You need a Business Auto Policy to provide coverage to you or an employee when an owned vehicle, used for business purposes, is involved in an accident.

Business Income Extension for Off-Premises Operations Insurance from L. Calvin Jones can help replace the income your contracting business loses if an off-site operation must be suspended due to property or equipment damaged at the job.

 

If you are an excavation contractor, what would you do if your excavator stopped working? Would you be able to recover from the income loss due to the damaged equipment? Business Income Extension for Off-Premises Operations Insurance can help replace the income your business loses while you are unable to operate.

 

Another important insurance coverage for contractors is Contractors Tools Insurance. This coverage can help pay for the replacement of owned, borrowed, or leased tools and equipment.

 

It is vital and required by most states, for contractors to have Workers’ Compensation Insurance. Workers’ compensation provides benefits to your employees for work-related injuries or illnesses, including medical care, wages from lost work time, and more.

 

The insurance experts at L. Calvin Jones will work with you to design an insurance program that covers your unique risks as a contracting business. Not only are we commercial insurance experts, we also specialize in surety bonds.

 

In today’s competitive insurance industry, many contractors are being required to provide surety bonds that guarantee their performance of the contract. There are three different types of contract surety bonds that have become essential:

  1. Bid Bond- A bid bond provides financial assurance that the bid has been submitted in good faith and that the contractor intends to enter into the contact at the price bid and provide the required performance and payment bonds.
  2. Performance Bond- A performance bond protects the obligee from financial loss should the contractor fail to perform the contract in accordance with the terms and conditions of the contract documents.
  3. Payment Bond- A payment bond guarantees that the contractor will pay certain subcontractors, material suppliers, and all of the general contractor’s labor associated with the contract.

 

Don’t let another company with better coverage get the job instead of you, make sure your business is properly insured with Contractors Insurance from L. Calvin Jones.