Contractors are also known as construction managers, because they are the ones who design projects by working with architects to create design plans, budgeting, hiring building crews, and ordering supplies. They are the ones others go to when they have an issue, and the one who is blamed when something goes awry. Having the right type of insurance as a contractor will ensure your business and your assets, are protected if anything goes wrong.
Types of Risks Contractors Encounter
Contractors take on a lot of responsibility and risks that are associated to more than just accidents and injuries.
What Kind of Insurance Does a Contractor Need?
To start, you should have a Business Owner’s Policy (BOP), which is a policy that bundles:
- Property Insurance – for buildings and contents owned by the company that are damaged by a covered disaster.
- Business Interruption Insurance – covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
- Liability Protection – protects against your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you or your employees do (or fail to do) during the course of your business operations that may cause bodily injury or property damage due to defective products, faulty installations, or errors in services provided.
BOPs can be customized to so that you can add or remove an endorsement, so that the policy fits your business’ specific needs.
Together with a BOP, contracts should consider the following types of insurance that are designed for construction companies and may be required by the State of Florida.
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