Contractors Insurance
Contractors Insurance Information
General contractors are skilled tradespeople, overseeing both residential and commercial construction projects of any shape or size. Due to the complexity of their work, general contractors must address a number of exposures on a daily basis. Among these concerns are worker safety, professional liability, environmental exposures, completed operations issues and property exposures.
Thankfully, Cole Hixon Insurance, Inc is here to help contractors navigate these risks and secure a comprehensive commercial insurance portfolio that’s tailored to their needs. Call us at 706-353-8766 or request your free insurance quote online today.
Common Contractors Insurance Questions
What is General Contractors Insurance?
Throughout the course of construction, issues can arise that threaten project timelines as well as the health and safety of employees. In fact, just one incident—whether it be an equipment failure, slip and fall accident or similar concern—can interrupt operations, damage property, or cause harm to others.
That’s why general contractors insurance is so important. Depending on the policy, general contractors insurance can help businesses plan for and respond to issues regarding employee safety, equipment breakdowns and other interruptions, crime, liability and more.
Why do General Contractors Need Insurance?
General contractors are responsible for all workers on the jobsite—workers who are often preforming dangerous tasks (e.g., working at heights, operating heavy machinery and working around hazardous or flammable materials). In addition, because general contractors work with a number of third parties to complete a safe project for a client, contractual liability and completed operations exposures are high, making oversight all the more important.
What Does General Contractors Insurance Cover?
There are multiple business insurance options that make up the contractors insurance marketplace, including:
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Property Insurance: This coverage will insure your company assets — such as buildings, stock, inventory, equipment and furnishings.
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General Liability Insurance: Your mistakes might cause property damage or bodily harm to others, such as your customers. When these accidents occur, your policy can help you compensate that party if they sue you for their losses.
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Business Interruption Insurance: If an unexpected accident forces you to halt operations temporarily, then this coverage can help you pay overhead expenses until you reopen.
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Commercial Auto Insurance: Vehicles owned by your business must adhere to state auto insurance laws. You can use this plan to cover the costs of wrecks or other hazards.
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Professional Liability Insurance: When your professional mistakes or advice cause a client financial harm, this coverage pays for your recovery costs.
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Builder’s Risk/Inland Marine Insurance: Projects in progress, and the materials associated with them, will have coverage against such perils s fires, vandalism and severe weather damage.
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Workers Compensation Insurance: You will likely be required to buy this coverage. It helps you compensates employees for medical expenses and lost wages after an on-the-job injury.
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Surety Bonds: A surety bond is a legal guarantee that obligates you to repay your clients if you fail to meet the obligations guaranteed by your contract.
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Equipment Insurance: To protect employee equipment and other essential items, you will need to make sure they have the appropriate coverage.
Beyond these features, specialty policy endorsements and supplementary plans are available, allowing businesses to customize their insurance solutions to their unique needs. Reach out today to learn more about your coverage options.
How Much Will My Benefits Cost?
When it comes to securing a policy that meets your budgetary needs, we are equipped to offer solutions that are both competitive and affordable. Contact us today to ask how we can tailor a policy to your operation-specific exposures at a fair price.
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