Insurance Solutions for Contractors

Construction general liability insurance

Understanding the difference between construction general liability insurance and other kinds of insurance is necessary for many contractors. The following describes some common forms of insurance.

Property Insurance

Your business property is part of what you have invested in your success, and it should be protected. Property insurance will cover tools and equipment for many contractors.

Builders Risk

This is a specific type of property insurance that offers coverage for fire, vandalism and other unforeseen events that may occur during construction. Each project will have a different value, and therefore different needs for builders risk insurance.

Construction General Liability Insurance

If someone files a lawsuit against your business for property damage or injury, liability insurance can protect you. It will cover injuries to non-employees and damages that may occur on property that is not owned by your business.

Commercial Vehicles

Commercial vehicle insurance needs will vary depending on state requirements. Individual contractors may need this insurance for coverage beyond what is offered by their personal auto insurance.

If you are shopping for insurance, from construction general liability insurance to builders risk coverage, it is important to find an insurance agency that will take the time to understand your business. This will help you know you are purchasing insurance that fits your needs.

Protect Your Manufacturing Company From Liability With a Product Liability Insurance Policy

product liability insurance policy

A product liability insurance policy protects companies in the even that products they manufacture injure someone or cause property damage. Product liability insurance is particularly important for businesses that deal in product manufacturing and production. It protects a business financially in the case of a lawsuit claiming product defects. Manufacturers are legally responsible for damages that may arise from the use of their products. The manufacturer has the responsibility to ensure that products are of high quality. Most liability claims are covered by a company’s commercial general liability policy (CGL). CGL policies generally cover bodily injury and property damage that occurs off business property that is the result of a product. Unfortunately, CGL policies do not cover damages to a product when the damage was caused by a faulty part or faulty workmanship during manufacture. If the manufacturer of the equipment is also the manufacturer of the faulty part, CGL policies do not cover damages. A product liability insurance policy goes further than a CGL policy and can be purchased independently of CGL.

Having product liability insurance is especially important for partnerships and sole proprietors. Unlike corporations, these business owners do not have a corporate shield to hide behind in the case of a lawsuit. Product liability exposure lasts as long as a product is in use even if the product is no longer in production. Therefore, your product liability insurance policy should be kept in force as long as the possibility remains that a product is in use and could cause injury or damage.

Professional Liability Insurance Is Essential to Those in the Consulting Field

All businesses need the right insurance coverage to stay protected. This includes those in the consulting field, many of whom face unique daily challenges requiring specialized service. For this reason, finding a reliable consultants professional liability insurance wholesaler is key to ensuring your business remains safe when faced with the threat of litigation.

 

Coverage Tailored to Professional Consultants

 

Professional liability insurance protects a business from claims relating to things like negligent acts or less than satisfactory work performance. When dealing with professional consultants, these plans need options in place that deal with specific areas of coverage. Such areas of coverage can include:

 

  • Missed Deadlines or Incomplete Work

 

  • Breach of Non-Disclosure Documentation

 

  • Negligent Handling of Important Data

 

  • Intentional Dissemination of Inaccurate Data

 

  • Violation of State and Federal Law

 

  • Theft or Sale of Trade Secrets

 

Even a single incident can have disastrous consequences for a business, ranging from exorbitant legal fees to a diminished reputation among peers. If left unchecked, such claims can halt a once thriving business in its tracks, resulting in financial devastation for all involved.

 

Reliable Coverage No Matter What

 

A consultants professional liability insurance wholesaler can help protect those offering specialized consulting services. Due to the many inherent challenges consultants face on a daily basis, such coverage is essential to ensuring continued success in the consulting field.