Unique Coverage for Contractors
Contractors represent a unique risk for an insurance company. We will focus on several coverage’s that are often added to a basic general liability policy to help cover contractors from costly losses.
Failure to complete a contract – What happens if you can’t complete a contract due to an unforeseen loss? A general liability policy will not step in and pay damages or fines on your behalf if you can’t complete a project because of a covered loss.
Learn more about breach of contract.
Valuable Papers – This is an extremely important coverage for contractors who are working from custom plans. Replacing custom plans can be expensive. Valuable Papers coverage will provide coverage to remake custom plans or other valuable papers.
Money – What happens if you or your sub-contractor gets robbed while taking a deposit to the bank? Most carriers will offer coverage for stolen money, typically around $5,000.
Let one of our licensed agents help you today.
Tools and Equipment – The most important thing to remember when you insure tools and equipment is to know that equipment has wheels, ex: wheel barrel, lawn mowers, snow blower, etc. and tools do not. This is a good rule of thumb to go by when determining if your property is considered a tool or equipment. For a more specific definition see the IRMI (international risk management institute) website here.
Extra Expense – Losing your tools or equipment could be costly, but your time can be even more valuable. Insurance companies can repay you for your lost time. Erie will cover up to $10,000 of Extra Expense (by endorsement).
Voluntary Property Damage – We call this “oops” coverage. For example: if you are hanging cabinets and the cabinets fall and break the counter-top below…oops.
Errors and Omissions – Contractors are human too. Even skilled, experienced contractors make mistakes. By adding errors and omission coverage you can walk away from every job feeling confident.
Why Work With AW Insurance
We have several years of experience working closely with contractors and writing their insurance. We have contractors of all trades and sizes and we work with the very best companies in the industry. We utilize a top-of-the-line insurance software that allows us to create certificates of insurance in a snap, so we don’t waste your valuable time. We are also registered with the national council of compensation insurance to keep up with your work comp insurance.
We are dedicated to Edwardsville.
We love this town, it’s our home. We look forward to being here for a long time and partnering with you. Let one of our independent agents help you today.