|
By the term contractors, we are referring to those involved in "Construction":
- Industrial
- Institutional
- Residential
who do new construction or renovations and/or additions to existing structures, and of course landscaping.
Both general contractors, who bid on and then manage a job, and sub-contractors, often with fewer personnel and a particular skill or trade, are included in this group of contractors for insurance purposes.
Insurance for Contractors
By the nature of their work, contractors have a number of unique risks that they face. Contractors typically have transportation as part of their daily work - transporting tools, equipment, employees and supplies to and from, and between job sites. Equipment and supplies are often stored both off and on-site.
In order to even bid on some jobs, or certainly in order to win them, various bonds are often required. A variety of types of liability insurance are required, in the event that any of a number of things doesn’t go as well as they should and someone or something else incurs a loss.
The specific types of insurance or related assistance that contractors need include:
Bonds of various types including:
- pre-qualification letters
- bid bonds contractors
- surety bonds
- commercial general liability, and extensions to umbrella liability
- design/build errors and omissions
- environmental impairment liability
- builder's risk, while work is in progress
- rented contractors equipment
- fleet coverage for the various vehicles
- certificates of insurance, delivered expeditiously on request
For more information, contact a Timmerman Insurance Broker today!
|
