It is extremely important for many professionals who work in construction and development to have contractor insurance. Builders, developers, trade and artisan contractors that perform processes such as carpentry, plumbing, masonry, electrical, concrete, roofing, HVAC, as well as general contractors depend on contractors insurance. The protection provided by insurance has saved many contractors from ruining their businesses and their finances.
Contractor Liability Insurance Specialists
Insurance specialists who specialize in such products are the best sources for finding the most advantageous contractors insurance products. Prospects will be happy to know that most of the major providers of contractor insurance products are available online. Finding the best insurance products can be extremely easy and efficient with the use of online specialists. In addition to offering the most cost-effective solutions, agencies that specialize in these contractors’ insurance products can offer customized solutions that provide the coverage clients need without the overcharges they do not need.
California General and Artisan Contractors Insurance
California is a hotbed of building contractors as it is one of the states with the largest building and new construction development industries. Since so many contractors are working, there is a great need for contractor insurance protection at an affordable price. There is good news for these contractors since there are insurance carriers that offer the protection they need in California that are honest and dependable.
Different Types of Insurance Coverage for Contractors
Contractors need different types of insurance depending on the types of work they do, the risks involved, and the protection they wish to purchase. The purpose of contractor insurance is to provide financial backing to contractors who are liable to clients who hire them to complete a particular job. General liability insurance is the most popular type of contractor insurance. Contractor general liability offers the broadest protection of all insurance types, making it most useful for people or companies engaged in many facets of contract work. An insurance plan protecting contractors usually ensures that they won’t suffer financial loss caused by problems associated with their work. By combining some specific types of coverage with the general liability insurance, the most comprehensive protection can be achieved. We offer California contractor general liability insurance plans that are great for California contractors.
Workers Compensation Insurance for Contractors
Contractors’ workers’ compensation insurance is a common insurance policy purchased by many contracting companies. Worker’s compensation insurance is a mandatory policy. Employees are protected from financial burdens if they are injured at work by this protection. For workers injured in work-related accidents, workers compensation provides income, medical, and rehabilitation benefits. Survivors may also receive a death benefit under some plans.
Tools, Equipment and Installation Floaters Insurance for Contractors
Contractors can also obtain inland marine insurance. Inland marine insurance protects goods in transit. Often contractors transport materials and goods on a regular basis, which means they can anticipate the high cost of those items. Contractors should insure their tools, equipment, and installation floaters as inland marine insurance.
Surety Bonds, Performance Bonds, Bid Bonds, Contract Bond, License Bonds for Contractors
A surety bond is also a common form of protection for contractors. But a surety bond is not the same as a policy of insurance. Bonds are financial instruments used to guarantee performance. Building developers may sue general contractors who fail to do what they promised to do. If a contractor fails to complete a building on time or as agreed, the developer may sue. Bonds protect against this type of exposure. Cities, municipalities, and states require license and permit bonds. These bonds guarantee the adherence to local, state, or federal regulations. Consumers are also protected by requiring a license bond. In addition to worker’s compensation insurance, California contractors are required to have contractor license bonds.
Contractor Insurance Protection is a Must Have
There is no denying the fact that individuals and companies involved in building development need to protect themselves from huge financial liabilities. Even small businesses need protection, as any company can be targeted by a builder seeking retribution. The excellent contractors’ protection provided by many companies helps them attract top contracting talent. Construction can be challenging and dangerous at times. In the case of an injury on the job, workers need to be assured that they will be taken care of.
Contractors that either want more complete protection are want protection more customized to their limited needs might opt for other types of contractors insurance.
For contractor insurance quote, please call 888-4117679 or visit our website www.safeproins.com.