Press Release

A Guide for Small Business Contractor Liability Insurance!
Monday, May 30th, 7:00 PM
Liability Coverage - A Handbook for Small Business Contractors!

Bryan, United States - May 30, 2022 /Service Insurance Group/

Contractors' liability insurance is business insurance essential for contracting companies, both large and small.

More than just a standard liability policy, contractors' insurance covers many different risks that contractors face daily, all under the broad term of liability.

This brief guide will help business owners understand the different types of liability coverage available from a contractors' insurance agency to protect different types of businesses based on their needs and risks.

What Does Contracting Liability Insurance Protect?

To appreciate the different types of contractors' insurance policies available today, business owners must understand these types of liability insurance protection.

Contractors' liability insurance protects business assets and employees, customers, and the public in various ways.

There are many ways of obtaining that necessary protection, as no two contracting businesses have the same type and level of risk.

With a good balance of essential and supplemental policy coverage purchased from an experienced contractors' insurance agency, every general or specialty contractor can be confident that they, their customers, and employees are all protected in essential ways.

Essential Contractors Insurance for All Contracting Companies

The essential primary contractors' liability insurance coverage that every contracting business should have and may even be required in some areas includes the following policies:

  • General Liability - An essential foundation policy that covers customer property damage and injury.
  • Workers Compensation - Insurance coverage that protects employees if injured while working is no-fault and eliminates the filing of liability claims by employees.
  • Builder’s Risk - Covers the liabilities and damages relating to vandalism, fires, natural disasters, and more.
  • Commercial Auto - Covers business vehicles against liabilities due to at-fault vehicle accidents.

 

Additional Contractors Liability Insurance Policies

While the above contractors' insurance policies provide the minimum liability coverage companies should purchase to do business in the contracting business safely, it is far from the only coverage needed for total protection.

The following policies, some of which can be purchased as needed, are frequently recommended by contractors' insurance agencies for those businesses that require these additional types of liability protection:

  • Professional Liability - Protects contractors should they make an error during a project.
  • Umbrella Liability - Provides excess liability coverage when liability on primary policy has been exhausted. 
  • Hired/Non-Owned Auto - Provides liability coverage when using rented vehicles or equipment.
  • Contractors E&O - Protects a contracting business against errors and omissions.
  • Products and Completed Operations - Protects contractors against product liability and liabilities relating to completed projects.
  • Environmental and Pollution Liability - Covers spills, contamination, and other ecological accidents that a contractor would be responsible for.

 

Discuss Business Insurance With A Contractors Insurance Agency

No matter what type of work a contracting company performs, it is critical that primary contractors' liability insurance of general, builders risk, and commercial auto be purchased.

With the right contractors' insurance policies and appropriate coverage amounts, contracting businesses and their customers can feel safe and well protected heading into new building projects!

About

Beyond those basics, contractors should discuss their risks with an experienced contractors insurance agency such as Service Insurance Group to add any necessary supplemental policies for broad protection.

If looking for any personal or business insurance, the Agents at Service Insurance Group shop for the right person or business insurance policy to fit individual needs – call them at (979) 300-7345 to get a quote!

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Contact Information:

Service Insurance Group

3840 Corporate Center Dr
Bryan, TX 77802
United States

Brad Hurt
(979) 774-3900
https://www.sigbcs.com/

Original Source: https://www.sigbcs.com/a-guide-for-small-business-contractor-liability-insurance/