A contractor can face the threat of litigation anytime in his career. There is a possibility that he or his employees may unintentionally cause damage to some person or property, while at work, and a lawsuit against him during such times may cause a serious fall in the business. To face such unforeseen circumstances, the contractor should have proper liability insurance. But, not all contractors are aware of the types of insurances available to him. So, to get proper guidance he should approach a good insurance broker. A contractor may think of approaching an insurance company. But, insurance brokers would be the right choice, as they are aware of the different types of liability insurances available in the market, and will offer one of the best choices which would suit the particular contractor based on the business he does.
Types of Contractor’s Insurance, Insurance Brokers Deal with!
The cContractor’s insurance offered by brokers usually covers a whole lot of things and it is usually considered as a group insurance. These are mainly offered to avoid job related risks like injuries, damage, accidents, etc. for which usually the contractor is held responsible. Here are the few different types of liability insurances which insurance brokers usually deal with.
• General Liability Insurance
General liability insurance, as the name suggests, covers a lot of liability issues that may occur generally during a project. This kind of insurance covers property damage, which is nothing but, damage caused to any property during work. This also covers personal injury coverage, which is nothing but, coverage for injury happened to some third party during the work in progress.
• Auto Liability Insurance
This insurance is usually suggested by insurance brokers for a person whose business owns a vehicle or a fleet of vehicles for transportation of workers and materials. This insurance actually covers damage caused to the workers or property, by the company vehicle while driven by the owner or an employee.
• Umbrella Coverage
This is an excess coverage on the general liability insurance. Insurance brokers suggest this for people on per-project basis or as a blanket for any particular project.
• Workers Compensation
This kind of insurance is suggested to business owners who have a lot of workers working under them. This insurance actually covers for the injury caused to workers during work or for an illness caused to a worker. This insurance not only covers medical expenses, but also compensates the employee for the loss in work-time.
These are a few important contractors’ insurances which are dealt by insurance brokers.
This Article was written by Rocky Guiliani. Visit our site at insuranceindustry and insuranceindustry.info/category/commercial-insurance for more details.
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