White Slate Contractor
Contractors have unique needs from their insurance agencies and we have designed a program to meet those needs. White Slate Contractor offers Accelerated COI, a service that issues certificates of insurance immediately upon request. No more waiting on your agent to get a COI so you can get paid, or get on the job site right away.
White Slate Contractor also offers Risk Management from Insurance Companies we partner with to help significantly control the increasing cost of insurance for your business.
Insurance for Contractors
As a contractor, you may be able to provide a wide range of services for both commercial and personal property. Because of this, there is no one-size fits all type of insurance that serves all contractors. Below are some common risks that contractors are exposed to and the solutions that insurance with provide.
A building under construction is not covered under a standard Building Insurance Policy or a Home Insurance Policy since it is not a complete structure. As a contractor, you are at risk to unique loss exposures related to buildings under construction. Losses can be due to theft of building materials and high valued equipment such as generators and compressors.
Builders Risk provides coverage for homes or buildings while undergoing construction, until they are completed. The Policy covers the contractors’ interest in materials at the job site before they are installed, construction materials in transit designated for the renovation, remodel or construction, and the value of the property being constructed until it is completed.
Commercial General Liability
As a contractor, your businesses may be susceptible to many risks, such as claims due to bodily injury, property damage, personal injury and more. If you hire other contractors to perform work on your behalf, you can be held responsible for any damage they cause on the job.
Commercial General Liability Insurance is an absolute necessity for every contractor! This type of protection provides broad coverage for premises, operations, products, and claims to third parties. It will also pay to defend any covered lawsuit or action regardless of its merit.
Hold Harmless/Additional Insureds
If you are performing as a contractor on a construction project where other contractors and vendors are involved, you could be held liable for any damages or injuries caused by the other contractors or vendors. This will leave you with costly legal fees and settlement costs. Your business needs to be protected against the risk of other companies, vendors, or sub-contractors causing damage to people or property of your mutual customer.
Consider having a contract in place with each entity that includes a Hold Harmless Agreement in your favor. A Hold Harmless Agreement provides that the entity will hold you harmless for any injuries or damage caused by their negligence. In addition, the contract should require that the entity lists you as an additional insured on their policy. This may provide you with coverage under their policy for injuries or damage they cause if you are named in a lawsuit.
Business Auto Coverage
As a contractor, you have many exposures associated with your business vehicles – owned or leased. With a fleet of cars, trucks, vans or other types of vehicles used in the course of business, a single accident can potentially put your contractor business in financial jeopardy.
Business Auto Insurance provides coverage for vehicles owned or leased by a contractor and covers bodily injury, property damage and other exposures. It could include comprehensive and collision coverage as well.
Contractors Equipment/Inland Marine
You’re constantly moving your tools from one job site to another, exposing your contractor business to potential loss due to damage or theft. Without your specialized tools and equipment, your job site may come to a screeching halt.
As a contractor, you need Contractors Equipment Insurance – a policy specially designed to protect your tools and equipment on the move. The policy will cover equipment for a variety of losses, including fire, explosion, vandalism, theft, collision with other equipment or objects, and overturning. Unlike standard property insurance policies, contractor’s equipment insurance often covers losses caused by floods and earthquakes.
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Commercial Property Insurance can help protect the property your business owns and leases. It will protect assets like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, Commercial Property Insurance can be purchased separately or can be combined with other necessary coverage.
Workers’ Compensation & Employers Liability Coverage
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are liable for their injury and should have proper coverage in place. Workers’ Compensation and Employers Liability Insurance protects your employees should a job-related injury or sickness occur during the course of employment. Since benefits vary by state law, make sure your insurance agent is aware of all physical locations your business operates in.
Umbrella and Excess Coverage
Losses and lawsuits are common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
A Commercial Umbrella/Excess Insurance policy provides higher limits, typically between $2,000,000 and $10,000,000, and broadens coverages. Moreover, coverage is extended over your General Liability Insurance, Workers’ Compensation, Business Auto and Directors and Officers Liability Insurance coverage. It provides a great “safety net” and helps ensure your contractor business is well protected.
Please note: Actual policies must be consulted for specific terms and conditions.
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