Contractors Liability Insurance
Small contractors and handyman services come with their own unique risks. Since you are a business, you need business insurance, but you need policies that are designed to meet the particular and specific needs your general contractor business.
The Insurance Center of North Jersey understands your unique situation and offers contractors liability insurance to protect you from many of the distinct coverage challenges you face. We are committed to helping you get a cost effective insurance plan that offers adequate liability protection for your business whether you’re a general contractor at the top of your game or an independent contractor trying to make it there.
What Does It Cover?
Each small contractor’s liability policy will vary. It’s important to look at the specifics of the policy you choose. However, the following things are likely to be covered by a thorough contractor’s liability insurance policy.
- Bodily injury
- Completed operations coverage
- Contractual liability coverage
- Elevator liability coverage
- Fire liability coverage
- Medical payments coverage
- Non-owned and hired auto coverage
- Property damage
Again, it’s important to learn the specifics of any policy you’re considering buying and making apples to apples comparisons of the features and costs of any policy.
Why Do You Need Contractor’s Liability Insurance?
The primary reason you’ll need this type of insurance coverage is to protect yourself, and your business, from the financial fallout of accidents occurred or mistakes made in the building process.
After all, it doesn’t matter how careful you are or how conscientious, mistakes happen. Chances are, you’ll have your own oversights in addition to blunders of contractors working for you. Ultimately, though, you’re the one responsible for the mistakes you make as well as those that are made by the people you hire.
We live in a litigious society that is becoming increasingly so. This means that lawsuits are only going to become more and more common in the future. Whether a client suffers a slip or fall on your construction site or a product you use causes harm or injury, you need to be protected.
Your contractor’s liability policy doesn’t only pay for settlements and judgments. It also covers your legal fees when defending yourself and your business in court. Legal fees alone are enough to bankrupt a struggling contracting business. Liability coverage adds another layer of protection for your business.
Another reason this type of insurance coverage is necessary for contractors is the fact that for many people and businesses it’s one of the requirements they have of all contractors. They simply won’t do business with you unless you have it — for their protection as well as yours. They want to know that if something goes wrong with the construction and someone gets injured as a result, they aren’t the ones left shouldering the liability burden. Some other coverages you are likely to need are workers compensation, bonds, tools coverage and business auto insurance.
Why is Insurance Center of North Jersey the Right Choice for You?
Insurance Center of North Jersey has been meeting the insurance needs of contractors and handyman service owners in New Jersey, New York, and Pennsylvania for the past 80 years. No one understands your unique insurance needs better than us. We have the added advantage of understanding the lay of the land here in the local community, and how to help you get the proper protection to keep your business operating even when disasters strike.