What Are The Requirements For Contractors' Insurance

​Contractors make sure that they are insured whenever they have projects to work with. Their responsibility is to care for their budget, employees, and some legal concerns. Insurance can help them to have a worry-free workplace and management.

Coverage Requirements
The coverage for each insurance depends on what the project will be and how long it will take to finish it. Below is the list of insurance plans that contractors can enroll in.

Commercial General Liability
Commercial General Liability is required to prevent possible risks and problems a contractor might face during building the project. Listed below is the coverage of a general commercial liability:

• Clients' injuries from visiting the site
• Damaged property of the client
• Slander and libel
• Product liability

Worker's Compensation and Employer's Liability
Contractors need protection when an employee sues them while making the project. It can cover the fees concerning legal issues. An Employer's Liability is a requirement for contractors to avoid legal issues.

On the other hand, workers' compensation focuses on helping employees pay for injuries. Although contractors can compensate if one of their workers gets injured or develops an illness, it still doesn't mean that the employers are safe from lawsuits.

Automobile Liability and Property Damage Insurance
If you use vehicles to transport equipment or products for your business, there might be a probability of accidents, damaged assets, or even death. This kind of insurance can cover your expenses with your care if certain situations happen, may it be a contractual or a private-owned vehicle. 

Some of the insurance a contractor can enroll in are:

• Professional Liability - Errors and Omissions: work errors, mistakes, or services the contractor makes.
• Builder's Risk Insurance: can cover facility and workplace improvements and upgrading equipment
• Excess, Umbrella, and Specialized Insurance: can cover specific situations and special projects that need hazard
• Evidence of Coverage: required as proof that the business is insured
• Acceptability of Coverage: If there is a case where they're not satisfied with the insurance plan, this will help the employers get another coverage.

Conclusion
It's hard for contractors or business owners to run their businesses without a safety net. Getting a contractor's insurance plan can help them with most financial problems, such as accidents, human errors, or injured workers.

At Black and Associates Insurance Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (509) 464-0058. Get your free quote today by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.