February 11, 2019
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Sean Mulhern

The Comprehensive Coverage That Every Smart Contractor Needs

Here are some of the basic policies every serious contractor should have in place.

Construction always comes with a unique set of inherent risks, and this means that a robust policy is needed for almost every project in order to ensure the long-term survival of the business.


When looking for the right kind of construction insurance policy, it is important to find a broker who has the knowledge to assess the risks associated with every project before you go in.


In addition, it is important to have a sturdy foundational policy in place so that your bottom line is protected, no matter what.


Here are some of the basic policies every serious contractor should have in place.

1. Commercial General Liability Coverage

This type of policy is designed to protect the basic insurance needs of almost any type of business. Commercial General Liability Coverage can be particularly useful to have in place in any kind of construction endeavor.


General insurance will ensure that you are protected from any kind of claims, including bodily injury, property damage, personal injury, and other types of damages that tend to arise in day-to-day operations. And, in construction, it is absolutely crucial to have this kind of policy in place due to the high risk involved in these projects.

2. Professional Liability Insurance

Professional liability insurance is designed to insulate your business from the costs of any lawsuits that may arise, including defense costs. This will cover you if an administrative error is made by you or your employees, including lawsuits involving business partners or any lawsuit for incomplete or negligent work.


Even the most conscientious contractor can’t control everything, and this is why it is absolutely essential to have a robust professional liability insurance in place.

3. Worker’s Compensation

Worker’s Compensation provides wage replacement and medical benefits to any employee who is injured on the job. Once again, due to the high-risk nature of the construction industry, a robust Worker’s Compensation policy is absolutely essential to protect your bottom line.

4. Commercial Hired and Non-Owned Auto Insurance

Both of these types of policy should be in place to protect any kind of general contractor. Commercial auto insurance covers any damage to automobiles used for business purposes, including accidents involving commercial trucks and company cars.


Hired and non-owned auto insurance will cover any damage to you and your employees while doing any kind of driving for work, including driving vehicles that are not owned by the company.

5. Cyber Liability

Cyber liability is now a must for any business with an online presence. This type of liability will protect against hacking, stolen laptops or information, viruses, and more. It will also cover unforeseen slander lawsuits, which can be all too easy to create when using social media.


If you are searching for a broker who is committed to understanding exactly what contractors need to protect their bottom line, I am uniquely dedicated to knowing industry standards inside and out, in addition to forging strong relationships. As such, I am committed to understanding you, your business, and your needs in a way that ensures you will get exactly the coverage you need to protect your valuable assets.


Contact me online today to discuss your policy.

Author
Sean Mulhern
Commercial Insurance Broker
Sean@thebusinessprotectionteam.com