Contractors are busy people - without having to deal with insurance. Whether it's finding jobs, finding crews, negotiating rates, expediting supplies, advertising services...
We have much respect for you.
In this blog, we hope to uncomplicate the specific insurance needs of Contractors with a checklist.
The Contractor Insurance Checklist includes:
Property Insurance can be broken down into 2 major categories:
Building Insurance protects you from property damage to your office building. If your business does not own an office, this can be excluded.
Business Personal Property (BPP) Insurance includes property damage to mobile equipment, tools, and materials.
It's important to add 'Inland Marine' & 'Off-Premises' Coverage to your BPP. This will allow your property to be covered at the office, on client site, as well as in transit.
Liability Insurance can also be split between 2 major categories:
General Liability Insurance protects you from bodily injury, property damage, personal injury to others & their property that arises from business operations.
Errors and Omissions Liability Insurance provides coverage for property damage to the your product, work or impaired property, caused by unintentional faulty workmanship, materials or design.
Donegal Insurance Group, a carrier our agency represents, offers "Trademan’s Advantage Contractors’ Policy", which offers all of the above coverage under 1 policy.
Workers Compensation Insurance pays for medical expenses and replacement wages when employees are injured at work. It can also pay for legal expenses if an employee sues over a work injury the policy doesn't cover.
In the state of Georgia, Workers Comp is required by law if you regularly employ 3 or more employees.
Commercial Auto Insurance is required when you're driving any vehicle - owned by the business or not - for business operations, such as driving your team to client site,. This coverage can be applied to trucks, trailers, vans, and more. If you do not carry Commercial Auto Insurance, an insurance claim against your personal vehicle when completing business operations may be denied.
Regardless of the size of the business, contractors need insurance.
Oftentimes, jobs will be lost if proper insurance is not present. Rely on a trusted adviser that will craft the policies to your needs.
Donegal’s family of property and casualty insurance companies provides full lines of personal, farm and commercial insurance products across multiple regions of the United States. Donegal is proud of its heritage, which spans more than 125 years in the insurance business.
Fenix Risk Management is an independent insurance agency proudly serving families & businesses in the Southeast. Fenix Risk Management represents Donegal Insurance Group. Subject to Eligibility Guidelines, all of the products discussed in this blog are supported by the insurance agency.
Simmy is an adviser at Fenix Risk Management.
Note:the opinions expressed in this blog are that of the author, not of any individual or organization referenced.