Insurance for Contractors

Insurance for ContractorsIf you are a general contractor or own a construction company, having insurance is a necessary expense. Insurance helps to protect  you if accidents or mistakes occur or if your or one of your employees gets hurt on the job. There are several different types of insurance that relate to businesses, so it can be difficult to know what needs to be included in your business insurance policy. Here is some general information to help provide an overview.  We recommend that you connect with our team for more detailed information.

 

General Liability Insurance

General liability insurance is required by law for general contractors. This type of insurance covers you from common accidents that might occur on the job, including injury to a third party, damage to the property at which you are working and physical injury to yourself or issues such as slander. General liability insurance is the most important type of policy you can carry to protect you and your business.

 

Workers’ Compensation

Workers’ compensation is another type of insurance that you are required to carry by law. This type of insurance is crucial because it covers you in the event one of your workers becomes ill or is injured while on the job. Workers’ compensation insurance will kick in and pay the salary and medical benefits of the worker, which can save you a great deal of money. Furthermore, your workers’ compensation policy will protect you from being sued directly, which can save you both time and money by preventing a lawsuit. If you work for yourself and do not have any employees, this type of insurance may not necessary, but check with our office to make sure you are in compliance.

 

Third-party Liability

Most states require contractors to carry third-party liability insurance. This type of policy protects your clients from claims you make against them. Further, if you have a subcontractor working for you, then they must have third-party liability insurance to protect you.

 

Auto Insurance

Any and all vehicles you use for your contracting business need to be properly insured. In addition, any employees you have authorized to drive your vehicles must be covered on the policy. It is also a wise idea to make sure any employees you allow to drive your vehicles have up-to-date commercial driving insurance.

 

Although the above types of insurance policies are required for contractors, they are not the only types of insurance policies that are available. Below are some addional, optional insurance policies that you can consider.

 

Specific Coverage Extension

Construction work is risky, so you need to be prepared for unexpected issues that happen on a worksite. Specific coverage extension insurance covers issues that come about because of flawed planning, design, materials or poor workmanship. This coverage kicks in to cover any expenses that arise from these issues that your general liability policy does not cover.

Flood Insurance

As its name implies, flood insurance protects your worksite in the event of a flood. This is an excellent option if your worksite is in an area that is prone to flooding, such as on the coast or near a river.

 

Property Insurance

Although property insurance is most often associated with homes and business properties, it can be beneficial for contractors, too. You can use this type of insurance to cover your physical assets like your office space, warehouse, building materials, equipment and tools.

 

Contractors Pollution Insurance

As a contractor, you must follow specific environmental laws that are in place to keep the Earth healthy and viable. If your project runs the risk of violating environmental laws (excavations near fuel lines, or other possible contaminants, pollution insurance can help protect you from lawsuits and the expenses that accompany them.

 

Builders Risk Insurance

Your materials, tools and equipment cost a lot of money. If they are lost, stolen or damaged the cost of replacing them can be exorbitant. Builders risk insurance can help defray the costs associated with these losses. This type of insurance is also helpful or subcontractors or equipment owners, too.

 

Roofers Insurance

This specific type of general liability insurance provides coverage for roofing contractors. It can be used  in the event of a workplace incident that leads to the injury of a worker. This type of insurance is separate from general contractors’ insurance because roofers work at a higher height and the risk of accidents is much greater.

 

If you are a contractor, it is crucial to your business to have a sufficient amount of insurance coverage. If you have any questions regarding the best types of coverage for your business, contact Biertiz Insurance today.  Our team is happy to answer your questions and find the right products to meet your needs at an affordable price.

 

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NYS Dept. of Financial Services Information re: COVID-19

Attention all insurance policy holders:

If you are experiencing financial hardship due to the COVID-19 pandemic, there is information available through the New York State Department of Financial Services that discusses the new regulations concerning payments, missed payments, late fees and more, as per the Governor’s Executive Orders (March/April).

CLICK HERE TO VIEW OR PRINT THE FULL GUIDANCE DOCUMENT.

The above document is the full, formal, legal document, so if you have any trouble understanding what it might mean for you, please contact our office at 607-547-2951 and we will be happy to review your needs together with you.

Above all, we are here to help our clients safely navigate through these unprecedented times and provide our support as needed.

Stay safe and be well.

Ben Novellano, President
Bieritz Insurance Agency

 

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