Three Coverage’s Every Contractor Must Have

Here Rear Adm. Gregory tours the P153/P624 P8A/Triton training under construction at NAS Jacksonville August 5. (U.S. Navy photo by Earl Bittner, NAVFAC Southeast Public Affairs Specialist/Released.)

Three Coverage’s Every Contractor Must Have  

Construction risks are very real, and no one knows that better than the owners and managers of those in the construction industry. The work involved in the construction business encompasses many different occupations and tasks. According to the latest numbers (U.S. Census Bureau) construction spending rose 7% in 2014.

Consider this important fact; 40% of small businesses (including construction companies) do not re-open after a major loss. If your construction company is going to thrive, you will need to manage your risk, which includes having the right insurance program. While commercial insurance involves many different kinds of insurance, we wanted to identify three that are critical to your success.

Key Contractors Insurance Coverage

Workers’ compensation is a no-fault system of benefits provided to workers who have             job-related injuries. If your company has employees, you are required by law to buy workers’ compensation insurance. Your employees should be covered for any work related injury or illness. Sole proprietors with no employees, and approved self-insured’s are not required to carry workers’ comp insurance.

General liability for contractors covers your legal liability obligations if your firm or employees cause damage or injury to third parties. If a third party (client or other) alleges bodily harm, injury, or property damage, and you don’t have general liability coverage, your construction business assets could be seized to pay the judgment. General liability Insurance offers the peace of mind that your construction business will have the necessary funds to continue even when faced with a costly claim.

Owned, leased or rented equipment is the lifeblood of your business. Having your tools and equipment insured will ensure that when a loss occurs you will have the resources to keep operating. You need to replace tools and equipment quickly, and a well-designed property program can be there for you.

Call us today to find out more and get a quote started!

Colorado Insurance is excited to announce a limited roll out commercial carrier in Colorado. We are 1 of 12 agencies chosen to represent this company, and their business insurance rates are traditionally 30% less expensive. Call the Colorado Insurance commercial team today to find out more!