Key Requirements For Building Contractor Insurance

By Author: Robert Michael.
Total Articles: 2
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There is no one-size fits all insurance policy that can be used by all business people. As a contractor, you need to know the key insurance requirements that you need to get for your business.

There is no one-size fits all insurance policy that can be used by all business people. As a contractor, you need to know the key insurance requirements that you need to get for your business. When you are looking for a policy, you need to ensure that you get all the contractors insurance requirements. These include things such as workers compensation. Such a requirement is needed so that if any of the workers is injured on the work property or elsewhere but while performing work related duties they will be compensated. Contractors insurance requirements such as these protect your workers’ interests and provides them with help in case of such unfortunate incidences while protecting your investment.

General liability is also among the requirements you should get from your contractor insurance company. This is meant to cover and protect you from any liabilities that may arise due to injury, advertisement, products, or ...
... property damage. This is convenient since you will not have to bear any liability on any of these occurrences, which you will find quite common in the work place. The contractor insurance company takes the responsibility of handling all such claims and paying. Payment is done according to the preset limits agreed between you and the contractors insurance company.

Another requirement is to get tools & equipment insurance. This is offered as coverage on all the tools and equipment used by the contractor. This is especially important for people such as building contractors. This building contractor insurance covers you in case your tools or any of the equipment is stolen. Tools & equipment insurance is useful since you will not have to replace them by digging into your pocket. It is also important so that in case of any damage to your tools, you do not have to halt your operations as you look for money to replace them.

There is also a special insurance for sub-contractors. Even as a sub-trade contractor, you still need to maintain your insurance and any other requirements that may be special to you. Therefore, you should look into getting a sub contractor insurance policy. This applies to the sort of work you are doing on any project as a sub-contractor. It is also important that you get all the certificates needed to show that you have the required insurance policy. Most people will also require to see such certificates before deciding to do any business with a sub-contractor. Therefore, it not only protects you but also helps you improve business.

Another key subcontractors insurance requirement is auto insurance. Commercial auto insurance is required on all the vehicles that are used to carry out any of the contracting operations. These should include the vehicles owned by the company and those that are not. Commercial auto insurance covers injuries caused to people during accidents involving your car. It can also cover cost of repairing the vehicles in case of accidents and replacing them in case repair is not an option. Therefore, immediately you acquire a new vehicle, be sure to have it included in the policy.
Resource: http://www.contractorsconnection.org/