If you own a construction business, you’re likely wondering about how to file a construction insurance claim. You may be surprised to know that a contractor’s insurance policy will cover many different things, from vandalism to damaged tools and equipment. However, this type of coverage does not cover general wear and tear. In this article, we’ll go over some of the most important things to look out for.
A contractor’s insurance plan will protect your business against liability, including vandalism and stolen tools. It also covers the costs of lost wages and medical expenses caused by accidents. It is important to note that the policy must continue in order to be valid, and a failure to continue coverage can result in penalties, disciplinary action, and license suspension. At BearStar Insurance Services, we understand the importance of contractors’ insurance coverage.
While it may seem like overkill, Contractors’ General Liability Insurance is a necessary component of a contractor’s insurance policy. This coverage protects you in the event of a lawsuit. Whether you are sued by a customer or a neighbor, Contractors’ General Liability will protect you in the event of a lawsuit. Fortunately, the policy also covers Defense Costs, which are incredibly costly.
If you were hurt on the job, you may not be covered by your employer’s worker’s compensation insurance. In such a case, you may be able to pursue a third-party settlement. A skilled workers compensation attorney can help you make this claim. Read on to learn more about the types of benefits you may be eligible for. Also read on to learn about what you can do if you were injured.
Whether you’re working for a general contractor or a construction company, workers’ compensation is required by law. You may be required to provide proof of insurance for subcontractors working for your company. If you don’t, you’ll be responsible for paying an additional premium to your insurance company, and the general contractor may sue you for the difference in compensation. These penalties can be so expensive, you might find yourself out of business!
Tools and equipment insurance
While general liability insurance protects business owners against most forms of liability, tool and equipment insurance is important to keep up with the latest construction risks. Unlike general liability, tool and equipment coverage protects assets against common risks while in storage, transport, and on the jobsite. Contractors and construction professionals frequently transport tools and equipment on a regular basis. Tools and equipment insurance provides coverage for these items, so they are not left exposed to the risks of theft, fire, and other common accidents.
Contractors and other construction businesses must also obtain general liability insurance. This insurance covers expenses arising from client injuries and property damage. Similarly, builders’ risk insurance protects against vandalism and damage to structures while construction is in progress. Tools and equipment insurance for construction companies is available from Insureon and can be started within 24 hours. Listed below are a few benefits of contractor tools and equipment insurance:
If you’ve never heard of a surety bond for construction insurance in Irvine, California, you’re not alone. This type of bond is often required for public works projects and most of the time, the City of Irvine requires that the contractor obtain a performance bond for half of the total contract price. These bonds are a form of insurance that requires the contractor to reimburse the surety company for any claims that may occur.
The construction industry is under immense pressure due to the current economy. Some general contractors have gone out of business, leaving their subcontractors stranded. They have little recourse against the owners of the project. To seek compensation, they must initiate a lawsuit within two years of the bond’s expiration date. Moreover, claim procedures can take months or years, and the payment on bonds is usually first-come-first-served.