Running any business has its share of challenges, but with a contracting business there can really be a lot of weight on your shoulders. You need to protect your business in general, take care of licensing and bonding requirement, be prepared for possible injuries your employees might sustain while on a project, and protect your specific project. To do this, it is important to look at all your options for Milwaukee Contractor’s Insurance. Like most specialty business, the needs of a contractor differs from the needs of most other businesses. There are a few types of insurance which offer basic coverage and are aimed at any business including general liability insurance, commercial auto insurance which covers vehicles used in the business and worker’s compensation, which covers injuries to employees and a portion of their lost wages.
Commercial General Liability
For contractors, most General Liability coverage is fine tuned to the specific business, such as plumbing, HVAC, carpentry to cover a contractor for
- Premises liability– Offers basic coverage to a contractor’s place of business, or operation in progress
- Products liability – Offers basic coverage on malfunctions that occur to the products used in a project,
- Completed Operations liability – Offers basic coverage for injuries or property damage that occurs because of the way a the finished product has turned out.
While these policies represents a good start to a contractor’s insurance policy, it is just the beginning. Other things many contractors like to add into their policies include Contractor’s License Bond Insurance, Equipment Breakdown Insurance, Builder’s risk insurance, and Architects and Engineers insurance.
Contractor’s License Bond Insurance
Milwaukee contractor’s are required to be bonded in order to protect the city from any liability that is a result of their work. It ensures that any building codes applicable are followed with the project and assures that the general public is protected from things that may affect them, such as pollution.
Equipment Breakdown Insurance
With equipment breakdown insurance equipment used in a project is protected in case it is damaged during use. In some cases, upgrades can be covered if these are necessary in order to be in compliance with energy efficiency regulations. It can cover the costs of stamping or removing labels on damaged equipment as well as some preventative services such as inspections and safety related maintenance.
Builders Risk Insurance
Structures and materials at a worksite are covered by Builder’s Risk Insurance, and in some cases the coverage can be extended to include materials that are in the process of being transported to the site, and those when installation has not yet begun. In most cases protection is for a set period of time broken up into time periods of 3, 6, or 12 months. If the project goes longer, coverage needs to be extended. In most cases, only one extension is allowed without revisiting the policy.
Architect and Engineer Insurance
Architects and those involved in the engineering process of a building project work hard to make sure to communicate efficiently and make their work structurally sound in order to limit the chance of damage or injuries. But there are a lot of people involved in the process, and mistakes can happen. These policies can help protect architects, building engineers, Project managers, civil engineers, electrical engineers, draftsman, interior designers and more.
With any specific provisions in a Contractor’s Insurance package, there are limits and specific provisions that the policy purchaser needs to understand. For Milwaukee insurance agents can help contractors review their potential needs and find a policy that will suit their needs. If you’re in the need of insurance for your contracting business or project. Call us or use our online form for more information or with any questions or to arrange an insurance quote.