Insurance for contractors can be a specialized type of insurance. It’s business insurance, but contractors represent a broad variety of types of risk, and there are some specialized coverages, for every type of contractor, that you want to be aware of.
You know, sometimes the most basic concepts are the most important concepts. I wanted to talk to you about why you should have insurance. A lot of people ask that question, “What should I insure?”, or “Why should I have insurance?”
Well, let’s start with the most basic premise of what insurance is. Insurance is a tool to transfer risk. And typically, the risk you want to transfer is a risk you couldn’t afford to absorb yourself. Let’s say if you injure somebody in an auto accident, or if your home burns down to the ground.
A coverage that is often overlooked when a commercial insurance policy is being put together is business income coverage or business continuation coverage.
What this coverage does for the client is it protects them in the event of a disaster where they are put out of business. It will give them an income stream to continue their operations in the meantime until they can get back on their feet.
o you have a child going off to college. Well there’s a couple of things to keep in mind when it comes to insurance and a child going off to college.
Let’s start with the auto insurance. There are several different things to keep in mind. Is your child going to be taking a vehicle with them to school? If they are, you’re going to want to make sure their coverage is on the vehicle, and that a driver is listed on that vehicle as well. Talk to your agent about that, they can help you select the appropriate coverages.
Let’s start with some of the basics. The umbrella policy is a very exciting product. It’s a great deal in the insurance world, and I’ll explain that later. Let me just go over what it does for you.
An umbrella policy basically increases your limit of liability coverages and it covers essentially everything you own, whether it be personally or commercially, in case a lawsuit is brought against you.