No matter how careful you are, things happen that you cannot control. For this reason, contractors need to purchase general liability insurance. The insurance typically protects the assets of the construction site against lawsuits stemming from maiming or death, damage to property, equipment failure, theft, fires and explosions, and contractual liabilities. Before purchasing general liability insurance, make sure you fully understand the exact coverage offered. Coverage will vary from policy to policy and state to state.
Business Owners Insurance, or BOP Insurance, combines some of the basic coverage needed by a typical small business into one standard package at a discounted premium. A Business Owners Policy (BOP) combines several types of commercial insurance, including General Liability and Property Insurance allowing small to medium sized businesses operating in a low-risk category to get the needed coverage in one policy.
Surety & Bond Programs
A bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance
Workers Compensation Insurance pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. It may also provide benefits for dependents of those workers who are killed because of work-related accidents or illnesses.
Commercial Auto Insurance
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property. If your business owns a car or truck, or a fleet of vehicles, you need Commercial Automobile Insurance – See more here.
Builder’s Risk Insurance, people also refer to it as Course of Construction, is a form of insurance, which covers a building where the building is presently being constructed. It can cover just the structure, or also the materials on site waiting to be installed or transported to the job site.
The builder’s risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value).
The builders risk policy will provide coverage for damage done to the insured structure from a wide variety of events. Damage from the following events will be covered by most policies:
- Wind (may be limited in coastal areas)