Often referred to as business liability, general liability protects construction contractors from general claims that arise out of normal day to day operations. Coverage is considered 3rd party, meaning it protects against injuries and property damage to others, like if you or an employee damaged part of a client’s home while on the job.
Whether you’re a developer, general contractor or sub, getting the right coverage for your business is crucial to ensuring the success and longevity of your operation. From standard low risk businesses to hard to place, unique risks we’ve done it all. At Ford we work with our clients to develop a comprehensive risk management strategy that addresses aspects beyond core coverage, such as contract considerations, GC to sub relationships and more. Work with someone that knows your business and will help navigate the complexities of your operation and exposure to get the right contractors insurance.
Key Coverages for Contractors
Business Property also referred to as Commercial Property Insurance and Business Personal Property Insurance, as the name implies, covers the physical location, equipment and contents your business owns. There are also policies designed to cover property and equipment while in transit to and from job sites as well as equipment you lease or rent.
Also referred to as commercial auto, business auto can be very straightforward (insuring vehicles your company owns) but also confusing (i.e. using personal vehicles for business). While many of the coverages are similar to that on a personal auto policy, the limits and conditions can be very different and may vary based on the use of the vehicle.
We live in a digital world and most businesses, even those traditionally considered “offline” continue to have an increasing digital footprint. Technology brings incredible capabilities to our fingertips. Unfortunately, it also brings additional risk. Yes, even contractors benefit from this coverage – especially if you are handling invoicing and wire transfers.
Professional Liability (Errors & Omissions)
Often referred to as Errors and Omissions (E&O) Insurance, professional liability helps cover you and your business if you make a mistake in the services provided to a customer. Even if you did not make a mistake but your customer believes you did and sues you, this coverage will help pay for your defense.