GENERAL CONTRACTORS & Builders
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GENERAL CONTRACTORS & Builders
As a general contractor, you are responsible for several complex tasks when you take on a construction project. You must keep the client happy, the contract on schedule and the employees productive. At the same time you must monitor and report accidents or injuries and coordinate work from other specialists.
General contractors need the peace of mind that commercial business insurance provides for them. With small business insurance, you can be sure your company assets and investments are secure regardless of what surprises might come along.
General liability insurance protects you if a customer or their property comes to harm at your place of business. Minor body injuries a customer receives at a construction site for example, are covered by general liability. This coverage also protects you if your products or services are faulty or cause future harm to a customer.
As a comprehensive insurance coverage option, general liability expands to automatically cover new products, services and job sites as you acquire them.
Business Owners Policy (bop)
A business owners insurance policy, or BOP, includes general liability while also protecting your physical business assets.
A BOP protects your company from the loss or damage of business structures and equipment for example, including equipment that is outside of your primary business location. If a construction site is hit by a tornado and you lose a company backhoe, the BOP will cover the cost of replacing that machine.
Business owners insurance protects you from the loss or damage of computer equipment, specialized software that you may need to complete construction projects, and critical data files.
If you make a professional mistake as a general contractor, the results can cost your customers a lot of money. Professional liability insurance protects your company assets from mistakes that cause financial harm to come to your clients.
Commercial auto insurance protects your general contracting company vehicles if there is an accident. Company vehicles may include passenger cars, work crew trucks, equipment haulers and other vehicles you must drive for business purposes. Business auto insurance can be configured to cover rented and loaned vehicles as well. Commercial auto repairs or replaces damaged vehicles that are involved in accidents, and pays medical expenses for anyone injured in an accident.
By law you are required to carry workers comp insurance for your employees. Workers comp insurance takes care of paying the medical bills and related expenses for your employees if they sustain an injury on the job. Workers compensation can cover the employee for lost wages, temporary or permanent disability, and it provides death benefits in a worst case scenario.
Many construction projects are not available to your contracting company unless you are bonded. A surety bond guarantees your clients that you will fulfill specific obligations. If you sign a contract stating that a construction project will be completed in six weeks for example, a surety bond pays your customer damages if you miss your agreed upon deadline.
Visit with one of our commercial insurance specialists today to set up the best protection possible for your general contractor company.