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Category: Construction

Published November 28, 2017

General Liability Insurance Tips for Contractors

General liability insurance for contractors protects a company and pays for obligations. Contractor’s Insurance Texas covers medical costs if a person gets injured on your property, or in case you or your employees caused damage. It also pays for the expense of legal issues as well as pays for settlement in case you get sued. Even it includes the non-monetary losses as well as the compensatory damages suffered by the third party along with the punitive damages.

The insurance also protects you from any liability. For instance, while living as a tenant, anything happens to the rented property it will come under the covered losses. It means you don’t have to pay the amount from your pocket. It can also help to protect against false copywriting, slander and false advertising claims.

Does your business need general liability insurance?

Living i.n a litigious society, having insurance is a good decision, it is a wise investment that does not cost much. Depending on the type of business, a contractor needs more coverage than a stylist or a web designer.

Here are a few general liability insurance tips for contractors:

• Assess your insurance needs and risks:

Before you shop for business insurance, analyze the risks that your business may face. The employees can be trained for the safety procedures, but accidents can still occur, therefore its best to remain prepared for the worst case. The insurance company will determine the level of risk that they will accept when they review your application and your coverage will depend on the level of risk. The amount of premium is ascertained depending on the risk. As time goes, your business insurance needs may vary. Therefore its suggested to reassess the coverage needs annually.

• Find a provider that you trust:

Finding the best provider of insurance who provides reliable coverage to meet the needs of the business can be troublesome. Look for an agent, who will work in your favor and try to get you the maximum benefits.

• The cheapest policy is not always the best policy for your business.

An inclusive insurance policy may look expensive, but on the occurrence of claim, the plan offers more coverage than a cheap limited one. There are policies that can be customized with endorsements as per your business needs. But you need to be sure whether it’s reliable or not.

• Look for various contracting insurance specialists:

Different companies offer different coverage and premiums. Thus, it’s crucial to consult the contracting insurance specialists who have the expertise in this field. They will tell you the suitable insurance as per your business. The professional agent understands the risk that is unique to your business and can help you to find the appropriate coverage at competitive rates.

General liability insurance for contractors helps to cover the unique risks that a construction business faces every day.

Published November 15, 2017

Protect Your Construction Company with an Insurance and a Bond

Contractor Insurance and Surety Bonds

General liability insurance and a contractor bond play a vital role in safeguarding your assets and personal belongings as well as yourself. If there is any damage to your business, whether small or big, you can claim a specific amount from the insurance company. It provides you security for:

• Asset protection
• Protection of your business and contractors
• Survival plan in case of accidents and injury

You need insurance and proper contractor bonding if you are working with clients, offer design-build-services, or you are working for some other person as a contractor. Apart from this, it also offers a wide variety of services for your construction companies along with protecting the construction company. Some of them are as follows:

1. Bodily injury claims

If your contractors or any other person visiting your construction company meets an accident on the premise, you will be liable to pay the medical expenses and injury charges to the third party. If you want to get the people protected against any damage, then get general liability insurance. The insurance company is liable to pay for any injury to a person in your construction company. Hospital fees and medicine charges are paid by the insurer. But remember your workers are not covered under it as you have to purchase workers compensation insurance to safeguard them.

2. Property damage claims

This insurance provides you the safety of your construction property. If your property gets destroy due to natural calamity or is damaged by the workers, then the liability insurance company is liable to pay a certain amount for the same. However, it does not covers your contractors or workers property if damages.

3. Completed products claim

This factor covers the product and services generated by your business. For instance, if you sell any product which causes damage to your customer then you need not pay any damage charges or injury fees as these are covered by the insurance company.

4. Faulty workmanship claims

This feature is available only in few insurance packages. If there is any carelessness in your work or if any project doesn’t complete according to the time or if you went greater than your budget then you can claim the insurance company. However, it is not provided by every insurance company so ask the insurer if there is any term for the same.

5. Personal and advertising injury claim

General liability insurance policy covers libel, slander, and copyright issues. If you have decided to advertise your construction company on social media, then you will be insured against these cases.

6. Immediate medical expenses claims

The most important coverage it provides is the protection against sudden accident in your construction company. The company will immediately pay all the medical expenses if any client gets wounded in it.

Since uncertainties can’t be predicted before it happens, therefore, it is essential to get insured under general liability insurance and protect your company visitors, cover the medical expenses, and property from damage. Do not wait for the right time, get it now and save your belongings and near ones.