Contractors

This type of policy provides comprehensive coverage for a house or building under construction, and the materials on-site, if needed. The typical price for this coverage is .20/$100 per value. Commercial Buildings may be insured up to a three million dollar limit.

General Liability Coverage is designed to cover bodily injury or property damage to other persons or businesses as a result of your operations. Normally triggered from either an injury sustained on your business premises or as a result of your business operations or products where a loss occurs, this type of policy will typically pay for both damages to the claimant and the cost to hire an attorney for you.

This type of policy will cover Material or Items that you intend to install at a customer's premises. For example, a Heating and Air Contractor has possession of a heatpump which is to be installed at a customer's home. Coverage is normally purchased in increments of $10,000.

More commonly known in the insurance industry as “Inland Marine Coverage,” this type of policy is designed to cover Equipment & Tools wherever they travel or are located, such as bulldozers, loaders, graders, forklifts, and many other types of commercial-risk machinery and equipment. Covered equipment may be borrowed, leased, owned, or rented from others.

Exposure to catastrophic liability losses is no longer limited to large corporations or to the wealthy. The willingness of the public to sue has increased the number of lawsuits and the size of judgments awarded.

What's more, many Commercial Automobile, General Liability, and Employer's Liability limits are not sufficient to cover some of the court awards made today. Frequently, this coverage is becoming more and more of a requirement for businesses performing work as a sub-contractor on behalf of a larger firm.

Commercial Umbrella Protection makes your Business More Secure

A Commercial Umbrella Policy protects your business against these uncertainties with three kinds of coverage: Liability Insurance that adds to the limits of your Automobile, General Liability, and Employer's Liability Coverage for unknown or unexpected exposures excluded in many standard underlying coverage programs. The policy will give you details about exclusions.

This type of policy also provides coverage for the cost of your legal defense, including court costs, interest on judgments and premiums on necessary bonds.

Coverage under the Commercial Umbrella Policy is written in increments of one million dollars and supplements your present policies to provide broad liability protection.

Your coverage includes a self-insured retention (or deductible) of $10,000 that you agree to absorb before the Commercial Umbrella would apply in the rare occasion of a loss not covered by any other liability policy.

Workers' Compensation Coverage provides employers and employees with medical care, death benefits, and lost wages for work related injuries and illnesses, normally to the first dollar.

The cost for Workers’ Compensation Coverage is based upon how much employees are paid on a per $100 basis. In other words, if you have a clerical office you can expect to pay .38 to .42 cents per $100 of payroll. Another easy way to figure the cost is to divide your total yearly payroll by $100, then multiply the answer by the given Workers’ Compensation rate.

There are certain exceptions to this rule: Sole Proprietor, Corporate Officers, and Members of a Limited Liability Company.

License and Permit Bonds are typically required by counties, cities, and towns. These Bonds will enable you as a Contractor to quickly pull a permit or multiple permits.

These Bonds are issued by our Agency, normally within minutes. A Surety Company underwrites the bonds, which rarely exceeds $ 100.00 per year.

License and Permit Bonds will normally pay for the costs to correct work that has been improperly performed by a contractor, typically as a result of an inspection by the county or municipality where the Contractor fails to correct an error that has been brought to the Contractor's attention. The county will contact the Surety Company that writes the bond for the Contractor in question; then, the Surety Company will pay the amount required to an outside contractor to bring the work up to the required specifications. If the bonded Contractor does not respond, the Bonding Company is then legally entitled to recoup the damages from the Contractor who purchased the bond. In this way, it is a bond and not insurance.

A Surety Bond is not an insurance policy. A Surety Bond is a guarantee, in which the surety guarantees that the Contractor will perform the “obligation” stated in the bond. For example, the “obligation” stated in a Bid Bond is that the Contractor will honor its bid; the “obligation” in a Performance Bond is that the Contractor will complete the project; and the “obligation” in a Payment Bond is that the Contractor will properly pay Subcontractors and Suppliers. Bonds frequently state as a “condition” that if the Contractor fully performs the stated obligation, then the bond is void; otherwise, the bond remains in full force and effect.