General Contractor Insurance Overview
Liability insurance is something that the all business owners should carry. However, general contractors have specific risks that pertain to their profession. Generalized liability insurance would likely not suffice for a professional contractor. Contractors work in people’s homes, as well as in commercial buildings. The risks that they are liable for are usually more exclusive to property damage or personal injury due to error. By knowing and understanding the specifications surrounding a contractor’s job, the professionals at Cordova Insurance Agency can cater to a General Contractors Insurance policy that fits not only their professional needs but is also affordable as well.
A general contractor’s profession opens them up to liable risk every time they use a tool or climb a roof. That is why standard business liability insurance likely would not protect the contractor from a potential lawsuit. General Contractors Insurance policies are designed to help protect the contractor from third party injury and damages that were accidentally inflicted by them or by one of their employees.
As Independent Insurance Agents, it is of great importance that we encourage general contractors to set up a General Contractors Insurance program. As clients, their security is of the utmost importance. Our professional duty is to keep them informed of this specialized product, which can give them better peace of mind whenever they step onto a job site.
Why is General Contractors Insurance Important?
General Contractors Insurance is a collection of insurance policies that together, protects them from losses to a client’s property or person. General contractors arrive at a job site anticipating the potential dangers that could happen and work tirelessly to prevent them. Safety is a general contractor’s highest priority; however, accidents do happen. When those accidents happen, General Contractors Insurance is there to help assist in the cleanup.
Suppose an accident were to occur, and the contractor didn’t have a General Contractors Insurance program in place. In that case, there may be some monetary damages that they alone would be responsible for. The contractor could be held liable for physical and property damages that fall upon the client or another third party. We could assume that these financial burdens may be the unfortunate undoing of the contractor’s business or career. It is not uncommon for a company to not be able to afford the financial obligation of compensating others harmed in an accident. Because of these increasingly high stakes, it tends to be the industry standard that clients will work solely with contractors who have a General Contractors Insurance program in place. A list of professionals who would benefit from General Contractors Insurance are:
- Heating and Air Conditioning Professionals
- Floor Installers
- Steel Construction Workers
General Contractors Insurance Coverage
General Contractors Insurance programs can assist clients within a vast array of professions, and in doing so, needs to be able to help with a wide variety of potential accidents. What may be included in a comprehensive insurance program?
- Commercial General Liability: General Liability helps to cover damages that the contractor may be held responsible for. This could include spilling chemicals all over a client’s lawn or having a third-party shock themselves on some temporarily exposed wire.
- Commercial Auto: Commercial Auto helps protect the vehicles that are used within the contractor’s workday. These vehicles are responsible for transporting tools, materials, employees, or all of the above. With Commercial Auto, the contractor usually has the option to add additional coverage for any permanent toolboxes attached to the work vehicle, as well as ladders or racks. Individual tools are not usually covered under this policy.
- Commercial Property: If a contractor owns real property such as a warehouse, workshop, or garage, a Commercial Property Insurance policy will cover those buildings for losses somewhat like a home insurance policy.
- Umbrella or Excess Liability: While a general contractor may purchase the highest limits available on a Commercial Auto or Property Insurance policy, that might not be enough. an Umbrella or Excess Liability policy may pick up where an underlying policy leaves off. Talk to one of our agents about what limits are right for your business.
Cordova Insurance Agency offers a wide variety of insurance products, so much so that almost everyone can find a policy that fits their personal needs. Both professional business owners and everyday men and women can see an affordable policy that offers the holder a feeling of security, should trouble strike. When a person combines insurance products, they take the recommended precautions of covering all their bases and preparing themselves as best they can. A list of commercial insurance products that can be coupled with a General Contractors Insurance policy is:
- Worker’s Compensation: If an employee were to fall ill or become injured while performing their professional duties, Worker’s Compensation could help cover those costs.
- Builders Risk: A type of coverage that covers losses while a property is under construction. This often times covers loss of building materials and equipment among other things.
- Bonds: Many larger jobs require a performance bond. Cordova Insurance Agency can help with those as well.
- Business Owners Package: This package might work well for a smaller contractor with limited exposures. It contains a combination of Liability Insurance, Property Insurance, Commercial Auto, and possibly others which are ideal for many business owners.
Areas We Serve
Cordova Insurance Agency offers an extensive list of specialized insurance policies, providing coverage for Merrill and surrounding towns, such as Wausau, Tomahawk, Minocqua, Woodruff and others. Clients who live within these city limits can purchase our quality insurance products, including our General Contractor Insurance policy.
We at Cordova Insurance Agency take pride in assisting our clients by offering them superior insurance policies that best fit their lives and their wallets. Our coverage provides peace of mind to our policyholders and is there when they need help the most. Our professional insurance agents always strive to find an ideal policy for every client, and we work tirelessly to maintain a friendly, helpful relationship with everyone who chooses Cordova. We make filing a claim easy and can handle customer’s questions and policy change requests with ease.
Cordova Insurance Agency, located in Wisconsin, tries each day diligently to provide high-quality insurance products for every client who chooses us as their insurance agents. We specialize in General Contractors Insurance and take pride in the security and protection we can offer these business owners. General Contractors Insurance can help protect professional contractors’ livelihoods and financial stability by helping them afford the repercussions of a potential accident.
How Do I Learn More?
To learn more about General Contractors Insurance, contact Cordova Insurance Agency at (715)-536-9576. Our licensed professionals will be happy to answer any questions you have.