Contractors work in ever-changing and sometimes dangerous conditions. No matter how careful, accidents can happen, leaving them exposed to claims of negligence or property damage. Therefore, they’re always looking for ways to reduce costs and liabilities. If you’re a contractor or a business owner who hires contractors, you should consider getting contractors’ liability insurance. There are many providers in Milldale, CT, but Nesso Insurance can guide you in choosing the best option for your needs.
At Nesso Insurance, we’re a team of experienced insurance professionals who’ve worked with contractors of all sizes. We understand the risks and can help you find the right coverage to protect your business from liability claims. Our contractor coverage options include general liability, workers’ compensation, commercial property, and commercial auto insurance. Contact us today to learn more about our services or schedule a consultation.
What’s Contractors’ Liability Insurance?
Contractors’ liability insurance is a policy designed to indemnify a business owner for liability claims by their employees working on the property. It’s tailored for contractors to provide coverage that other standard business insurance won’t. The reason is contractors’ liability addresses potential issues specific to a contractor’s work environment, unlike a general liability policy.
A contractor’s risks increase in several ways:
- Their work environment can be subject to various hazards unique to construction work.
- There are often numerous subcontractors on-site.
- Many kinds of personal injuries that occur in construction settings – workers’ compensation is one example – have no connection to conventional insurance liability.
This type of policy is designed to provide a contractor with the necessary coverage when dealing with these specific risks.
Types of Contractors That Need General Liability Insurance
Residential Contractors
Residential construction and remodeling are major industries in today’s market. Many small contractors are hired to complete these jobs, from kitchen remodels to adding a second story to a home. These individuals may have yet to be allowed to work on multi-story buildings; however, it doesn’t mean they should be exempt from liability insurance.
The most common claims they face are personal injury claims due to accidents and property damage due to poor craftsmanship or materials.
Business Contractors
The same type of contractors that are involved with residential work also work on manufacturing facilities, retail stores, and schools. Business contractors are usually part of large projects requiring several different trades. They can also be responsible for minor remodeling jobs and other small projects. This type of contractor also faces personal injury claims, property damage claims, and any other liabilities that may arise from their work.
Heavy Construction Contractors
Heavy construction contractors are responsible for any construction or remodeling project requiring heavy machinery or many men. It also includes building new roads and bridges, sewer lines, and retaining walls. This work poses many risks for the contractor and his employees, including vehicle accidents, falling off scaffolding, electrocution, and sometimes getting buried alive in the concrete used to pour a foundation.
Industrial Contractors
Industrial contractors specialize in large-scale projects involving the upkeep and construction of large buildings and facilities. These contractors can work in manufacturing plants, power plants, and warehouses that can take several months to complete. The number of employees at one site is usually very high; this increases the risk for these types of contractors because their work sites are often where liability claims occur.
What Does Contractors’ Liability Cover
Personal Injury
A contractors’ liability policy will cover an insured contractor for injuries caused to third parties, employees at their workplace, and their employees while on the job. It will also cover an insured contractor for all healthcare expenses and any other claims that may arise due to their injuries. It’s important to remember that these claims can occur even if the contractor is not at fault.
Trucking, Transportation, and Storage
If a project requires several trucks, wagons, or other vehicles, then the contractor must also have protection for those vehicles. This policy also covers items transported by the contractor’s workers on trucks. Even if the contractors don’t own their vehicles and use others owned by their business, liability coverage may also apply.
Property Damage
A contractors’ liability policy will protect an insured contractor from property damage caused to third parties, their employees, and any property owned by others. These claims can result from fires, vandalism, wind, or water damage and affect several areas of the completed project. Coverage and full commercial liability insurance coverage can be purchased, including business interruption coverage, to compensate for future losses due to service interruption during emergency repairs.
Contractor’s Equipment
Contractors’ liability insurance may also cover equipment owned and used by contractors, such as tools, work vehicles, and computers. They must mention these items on the application, or some coverage areas may not be available. It’s also common practice for contractors to list these items under the “personal belongings” section of the application. The policy documents will define what’s covered and what isn’t. Contractors must check the policy with their insurance agent to guarantee all items are covered.
Professional Malpractice
Suppose a contractor hires or works with a professional who causes damages due to their poor quality of work or advice. In that case, the contractor is protected through professional malpractice coverage. This insurance will cover any claims against the contractor by third parties and any other damages caused by the professional due to negligence at their job site.
Because of their daily work, contractors in Milldale, CT, face many risks that could lead to significant financial losses. Proper insurance coverage is essential and should be considered an integral part of the business plan. Along with commercial liability insurance coverage, it’s also worthwhile for contractors to consider general errors and omissions insurance coverage and business interruption insurance coverage. These policies will help guarantee that your business can still operate during unexpected events.
How Our Advisors Can Help You Get Contractors’ Liability Insurance
At Nesso Insurance, we’ll work with you to ensure you get the best contractors’ liability insurance coverage for your business in Milldale, CT. Our experienced advisors have extensive knowledge of the insurance industry. They will give you the advice you require to make an informed decision.
We’ll work with you to analyze your business activities and risks and advise on coverages, policy limits, and other important factors you should consider when buying insurance. Nesso Insurance is committed to providing you with the best possible service and a customized policy that meets your business needs.
What Our Contractors’ Liability Insurance in Milldale Can Cover
General Liability
Our general liability coverage is the most common type among contractors and businesses. This insurance protects against many construction risks, accidents, and dangers. It includes errors and omissions insurance or professional liability insurance for contractors, which can assist you in paying costs in case of a business conflict. It will financially protect you from incidents that can occur in practically any contracting firm, such as:
- Personal Injury
- Property Damage
- Product Liability
- Contractual Liability
- Advertising and Reputation Liability
Commercial Property
Commercial property insurance protects your business and any physical assets you own. For instance, if a contractor owns their workspace, this policy can help pay for damages caused by fires, windstorms, and other covered incidents. It also covers theft or vandalism of your business property and any loss or damage to the contents of the business building.
Auto Insurance
Auto insurance is vital for any business that uses vehicles for work-related purposes. Suppose one of your employees is driving a company vehicle and gets into an accident. In that case, our commercial auto policy can cover part of the costs. Whether you use a car, van, or truck for your business – or even a boat or another type of vehicle – we can find the right insurance policy for you.
Workers’ Compensation Insurance
Our workers’ compensation policy can help you pay for medical bills, missed or lost earnings, and other expenditures incurred from a workplace injury. It can assist wounded workers who sustain injuries on the job and safeguard you as a business owner from severe financial damages following an accident. For instance, if a large beam drops on a worker’s foot and produces a complex fracture, our policy can help you pay for medical care expenses and missed income.
Keep Your Policy Updated with Nesso Insurance
At Nesso Insurance, we’ll help you stay updated with changing business conditions and guarantee that your coverage is always adequate for your current business activities. Our insurance advisors will proactively reach out to you to evaluate your current policy and suggest any required changes. You can’t just purchase a policy and forget about it – you have to renew and modify it depending on your business’s needs.
Integrated Insurance Solutions in Milldale, CT
Nesso Insurance is the premier insurance agency in Milldale, CT. Contracts’ professional liability insurance isn’t combined with other general business insurance policies because it aims to overcome particular problems related to contractors’ exposures and liabilities. We offer contractors’ liability insurance to protect our clients’ property and investments while allowing them the freedom they need when performing their work.
As part of the Nesso Group, we provide financial solutions in Milldale to alleviate unnecessary stress and elevate your success. We can help you with your insurance, accounting, taxes, and other financial needs. Our mission is to ensure you get the best service and protection for your business. Contact us today to learn more about our contractors’ liability insurance and services in Milldale, CT. We’d be happy to help.
