Are You a Contractor Seeking a Comprehensive Insurance Program?
Insurance Service of Asheville is your local Contractors Insurance expert! We insure many different types of contractors from General Contractors, Fiber Optic Contractors, Restoration Contractors, Plumbers, Landscapers, Electricians, Carpenters, and many more!
What Insurance do Contractors Need?
Risk Transfer: Protect Your Company
Risk Transfer, provided via Subcontractor agreements, are vital to risk mitigation for contractors. ISA has multiple tools and resources to assist all contractors in understanding the essentials of Subcontractor Agreements.
Don’t underestimate your risk
ISA provides consultation to build an insurance program protecting you from property loss, lawsuits, mishaps and third party property damage that can devastate your business.
Normally, you will need a few different categories of coverage for complete protection:
- General liability: The foundation of all contractor insurance coverage is a general liability policy. This coverage will provide two types of protection:
- Bodily injury: Provides coverage if you or someone you employ causes injury or death to a third party during the course of work. It provides for medical care for the injured person and covers your legal defense if you are sued for damages.
- Property damage: Provides coverage if you or one of your employees causes damage to property belonging to others. This includes the building or property you are working on or any third-party property.
- Completed operations/product liability: Provides coverage in case a project you finished has an issue or causes damage. It can also extend to any products you sell or distribute.
- Advertising personal injury: Covers the risk of damaging another’s reputation or causing a loss through slander, libel or false advertising claims.
- Professional Liability: Provides liability protection for Professional Services.
- Property Insurance: Covers your building, your contents, items within a specific distance from your building
- Inland Marine/Equipment Floater/Installation Floater: Your property, equipment, and materials moving from one location to another or on a jobsite.
- Crime: Employee theft, burglary, forgery, computer fraud, etc.
- Pollution Liability/Environmental Hazard: Pollution and contamination are excluded from General Liability policies and additional coverage is required. Common pollutants are gas and oil leaks from equipment machinery, or accidental breach of service lines. Other common pollutants are fumes, smoke, vapor, waste, mold, bacteria, and asbestos.
The specific program you need will be unique to your business. By working with a knowledgeable agent, you can ensure that you don’t have critical gaps in coverage that could leave you exposed to expensive claims.
Do You Need Workers Compensation Insurance?
Workers Compensation regulations are mandated state by state. This policy protects workers from job-related illness, injury or death. It will also reimburse workers for lost wages if they cannot go back to work. The benefit to you, as the employer, is that this coverage can help to prevent losses from employee lawsuits.
Should You Consider Professional Liability Coverage?
You may want or need this coverage under the following circumstances:
- You provide professional advice in your line of work. This can include everything from recommending a particular type of plumbing or wiring to providing design services.
- You hire employees or subcontractors who provide any sort of advice or consulting services.
- Your state requires you to have E & O insurance due to the work you perform.
If you utilize subcontractors, it is a good idea to make certain they are insured with professional liability as well, as they may not be covered by your policy.
Bonds and Surety
ISA has many options for Bonds/Surety for contractual requirements with several carriers. We provide contractors with Licensing Bonds, Payment and Performance Bonds, Bid Bonds, etc.