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.

3 Factors That Determine Your Workers Compensation Rates

workers compensation in Virginia

As a small business owner, you want to keep your employees safe on the job, but you cannot always prevent injuries. Workers compensation in Virginia is required for almost all companies and can vary quite a bit in cost. If you want to provide adequate coverage for your workers but still be able to manage expenses, consider these three factors that may affect your premium rates.

1. What is the Nature of Your Business?

Your industry may be the single biggest issue that determines your premiums. If you are in a dangerous or high-risk line of work, expect your premiums to be significantly more than someone who provides clerical or other administrative work that requires little to no physical activity.

2. How Many Past Claims Have You Had?

The safety record history of your business can directly impact the amount of your workers compensation in Virginia. If you have had few insurance claims filed, you can expect lower premiums than a company that has a higher number of work-related injuries.

3. Why Does Payroll Matter?

The other two factors speak more to the safety of your line of work, but your payroll also can influence premium amounts because it is part of the formula for calculating rates. A lower payroll amount may translate to lower premiums because you may have fewer employees to cover.

While you cannot change all of these factors, you can create a work environment that stresses safety in order to control rate increases for workers compensation in Virginia and keep your employees injury-free.

After You File a Temporary Staffing Insurance Claim

temporary staffing insurance

One question to ask insurance companies you are considering for your temporary staffing insurance company is this: “What happens after I file a claim?” In company responses, look for a straightforward step-by-process and ease of contact.

Acknowledgement of Claim

In the first 24 to 48 hours after filing the claim, you should expect to receive written acknowledgement of the claim you filed. This acknowledgement should include the claim number as well as the name and contact information of the insurance claims professional handling the claim.

Contact from Claims Claims professional

Within one business day of the claim being received, the claims professional should contact your staffing agency to talk about the claim and where the process could go. This contact is normally via telephone.

If a lawsuit has been filed against your agency, the claims professional reviews your coverage and assigns you defense attorneys. They are chosen from a list of qualified area attorneys.

Responsiveness

Dealing with a temporary staffing insurance claim can be an overwhelming and uncomfortable process. It is important that your insurance company is responsive to your questions. To that end, ways to contact your claims professional should be clearly listed. For example, you should know your claims professional’s name, mailing address, phone numbers, fax numbers, website URL and email address.

What Does New Jersey Workmans Comp Provide

New Jersey workmans comp insurance

According to New Jersey law, all employers who are not covered by federal programs and who are not approved for self-insurance must have workers’ compensation insurance. By having New Jersey workmans comp insurance, business owners can be covered if their employees get injured because of the work these employees performed for the business.

This insurance often also needs to cover lost wages. According to New Jersey law, employees who have been disabled for more than a week may get seventy percent of their wages when on disability. The workers compensation coverage may even pay something to employees’ family members if employees die because of job-related issues. These death benefits often include funeral expenses and seventy percent of the workers’ lost wages. In exchange, the employees and their families cannot sue their employer for problems incurred while working.

New Jersey workmans comp, though, may be expensive for small business owners. New Jersey has an agency in the Banking and Insurance department called the Compensation Rating and Inspection Bureau that determines how much premiums your client may need to pay. As an insurance agent, you want to provide these small business owners, who do so much for our country and its citizens, with coverage that will not bankrupt them but will still allow you to earn a living. Insurance agents, like you, help business owners around New Jersey follow the law, help their employees, and help themselves.

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.

How Much Employment Practices Liability Costs

staff insurance
staff insurance

The only thing more important than making sure that you have employment practices liability is knowing how much you’ll have to pay for employment practices coverage. It doesn’t matter how big or how small your business is, you need to make sure that you’re adequately covered should one of your employees ever hit you unexpectedly with a lawsuit. So what factors will determine how much you pay for your employment practices coverage?

Underwriters

While figuring out how much your employment practices liability coverage will cost you, insurance underwriters will consider:

  • How many employees you have
  • Your claim history
  • Turnover rates
  • How much your business is worth
  • The industry you’re in
  • Your termination and hiring policies
  • Employee conduct and training procedures

How much coverage you’re looking to get will also play a part in how much you’ll pay for coverage. That being said, you shouldn’t lower the amount of coverage that you need so that you don’t have to deal with expensive premium payments. Remember that your employment practices policy might be the only thing keeping you from potentially going out of business. A majority of coverage limits range anywhere from roughly one hundred thousand dollars to one million dollars. Bear in mind that your policy might also include a deductible.

While you’re looking over employment practices liability plans, review them carefully to make sure that they have the coverage necessary to truly protect you and your business.