Contractors Insurance Denver

What Types of Contractors Insurance Denver Do You Need?

contractors insurance denver

There are several types of contractors insurance in Colorado. You need to consider general liability, builders’ risk, equipment, and owner’s and contractors protective liability. These types of insurance are crucial for contractors as they cover their business against various liabilities. These policies can cover your business’ equipment, inventory, and building. Fortunately, Colorado is a relatively low-cost state. You can begin saving money by comparing contractors insurance in Denver. Read on to learn more about your options.

General liability

If you’re looking for a general contractor insurance package in Denver, Colorado, look no further. Next Insurance specializes in building custom insurance policies for small businesses. A general liability insurance Denver plan is an essential component of any general contractor’s business portfolio, and will cover many of the risks that many business owners face. While it’s not required by law, some clients will require a certificate of insurance before they can hire you.

Generally, a general contractor liability insurance policy in Denver has a $2 million limit. The limits may vary based on the coverage type. For example, the limits on a policy can vary from $1 million per occurrence to $2 million for completed operations. The limits are generally very flexible, and insurance companies will offer a range of options, including an excess policy for contractors who need additional coverage. The additional premium may be sent to collections if the contractor doesn’t pay it on time.

Builder’s risk

You may be unsure what builder’s risk insurance actually is. This type of property insurance covers any additional risks your business may face while building a new property. This type of insurance is often required by government regulations or contractual arrangements. It protects your business from lawsuits caused by damage or theft of building materials, equipment, and other property. Here are some tips for choosing this type of policy:

First, look for a policy that includes “Soft Costs.” This type of insurance will help you cover soft costs related to building and renovating properties. It will also pay for any legal fees you may incur. Also, soft costs such as demolished buildings and damaged structures can be covered by a builder’s risk insurance policy. You should also check for “delay in opening” coverage. These kinds of policies also cover loss of business income or rent.

Equipment insurance

The policy for equipment for contractors in Denver usually offers a wide range of coverage. Some policies include specific items only, such as scaffolding, or exclude cranes or equipment of a certain size. Other policies exclude employee tools and clothing, or certain kinds of damage. However, most policies offer blanket coverage, and can cover all kinds of equipment. Some coverage options include additional expenses, expediting costs, and pollution and clean-up costs.

In addition to equipment insurance for contractors in Denver, there are other types of insurance that small businesses may need. These include business owner’s insurance, which is an important choice. Though it may be expensive, it could prevent lawsuits from injured customers or employees. In Colorado, businesses must also carry workers compensation insurance, which protects them against costly lawsuits later. If your business has more than three employees, you must carry this type of insurance.

Owner’s and contractors protective liability

Purchasing Owner’s and Contractors Protective (OCP) liability insurance in Denver is crucial for the protection of your company. OCP insurance protects you against claims brought by third parties arising out of negligence by your subcontractors. It is important to note that OCP is separate from a general contractor’s liability insurance policy. This type of insurance policy is often required by a contract between a general contractor and property owner.

The types of insurance policies available to construction contractors vary, but generally cover building, earthquake, and flood damages. Other types of coverage include legal liability for real property, contractors’ equipment, goods in transit, and installation floaters. These policies also cover employment-related practices liability and environmental impairment liability. Some policies also cover stop-gap liability and cyber liability. For a comprehensive understanding of your options, contact IPA Risk Management, LLC to get a free quote.

Visit Us Now Also