Paradiso Insurance: Contractors Insurance Specialists
If you are not sure whether or not your business needs insurance for contractors, or if you would like to know what type of bond insurance contractors need, keep reading, as we will be addressing your concerns in this article.
Unfortunately, there is no way to get around the fact that you will need to take out insurance. You need contractors insurance if you run a contracting company or if the owner has entrusted critical choices to you. Paradiso Insurance Services In Connecticut assists contractors in preparing for the unexpected and creating unique contractor insurance policies.
What Is a Construction Insurance Policy?
A construction insurance policy provides business owners with necessary protection in the event of a dispute and will pay for certain lawsuits or incidents that might otherwise put your company in a financially tricky situation in return for the premium you pay for coverage. There are different types of construction insurance that contractors can choose from. Often contractors will need a combination of these types of insurance policies to insure proper liability protection.
Construction insurance is a contract between the insurance provider or insurance agent and the business owner. Business owners buy insurance coverage from an insurer to offer financial protection against employee injuries, work that results in bodily harm as well as theft or missing machinery or tools.
You pay a monthly premium to your insurance provider in return for coverage. When you have an insurable event, such as theft of equipment, you submit a claim with your insurance provider. For covered claims, the insurance company’s financial responsibility is to you, the policyholder.
A few of the different types of contractors insurance policies include:
- Commercial Property Insurance, which offers coverage for rented or owned property as well as any recently procured or constructed property, employees’ personal belongings, off-premises property and business interruption protection.
- Commercial Auto Insurance offers protection to you against lawsuits and other costs when someone else is injured or property is destroyed due to your company’s use of a vehicle and reacts when one of your covered vehicles is damaged.
- General Liability Insurance, offers coverage of certain costs associated with medical payments and bodily injury, property damage that is caused by accidents on the site, as well as other injuries occurring as a result of work.
- Professional indemnity is a type of insurance that covers contractors from negligence claims, dishonesty and more.
- Workers Compensation Insurance, also called employers liability, provides cover for lost loss of income, death compensation, workplace injury-related medical expenses and rehabilitation costs.
- Connecticut Bonds Insurance, is a type of insurance that deals with licenses and permits as well as ensuring that a job will be done as agreed.
- Inland Marine Insurance, that protects machinery, tools and equipment that form a necessary part of performing your work.
Paradiso Insurance: Contractors Insurance You Can Trust
At Paradiso Insurance, our independent insurance agents strive to provide you with peace of mind so you don’t have to stress about worst case scenarios and the impact such events might have on your contractors business.
