As a contractor, builder or developer you assume a great deal of risk with every project you take on. The intricacies of any construction project are many and when one considers the number of workers, sub-contractors, and specialized systems involved, it is easy to see the value of insuring your work. At Island Insurance Services we understand the unique circumstances under which your business operates and we can help guide you through the intricacies of insuring your business. As a Trusted Choice®, independent agency we maintain working relationships with multiple insurance carriers, allowing us to offer competitive pricing on a variety of coverages.
Contractor's Insurance
Contractor's insurance protects the general contractor, builder/developer, and its employees and agents against lawsuits, liabilities, and other expenses resulting from a claim against the building or development. A contractor's policy insures you and your agents against claims for electrical failure, structural faults, plumbing, roofing and a variety of other potential problems. Before work can begin on any building project the contractor, builder or developer is required to secure insurance against such claims.
Worker's Compensation Insurance
If you employ workers to aid in your construction projects you are obligated to provide Worker's Compensation Insurance and, considering the sometimes dangerous nature of your work environment, it is money well-spent. Worker's Compensation Insurance covers medical costs and rehabilitation for employees injured on the job. It also covers lost wages and pays death benefits if the employee is killed in a work related accident. Worker's Compensation Insurance is mandatory coverage for employers in all 50 states.
Commercial Vehicle Insurance
If the vehicles you and your employees use on the job are owned by your business you will need commercial vehicle coverage. Even if you and your employees use the same vehicle for work and personal use, if it is owned by the business, it should be insured by the business. Though the major coverages are the same for personal and commercial vehicles, they do differ in many technical respects. Contact an agent today to determine if your vehicles are properly insured.
Free Policy Review
The insurance needs for the construction industry professional vary and some coverages may not apply to a given contractor. Let an experienced agent at Island Insurance Services review your current policy or help you place a new one.
Contractor/Developer Insurance: Helpful Hints.
