Contractor’s Insurance

This coverage can provide a wide array of coverage on one policy. Typically when a tradesman is first starting out they are told by the general contractor to get liability insurance. But just getting liability coverage may not cover all of your needs.

In addition to having liability coverage should you or your employee cause bodily injury or property damage to others there are other coverages that can be needed.

Some of the options would be:

Tool & Equipment Coverage

This protects you from theft, fire and other risks. You can elect a blanket tools limit. Allowing you to estimate the total tools coverage needed and select one limit. Typically a standard tools rider will have a per tool limit of $1,000, $2,500 or $5,000. You need to check what the per tool limit is on the policy.

For tools in excess of the per tools limit you can insure those items by scheduling/listing them and the value on the policy.

This lists a description and a value of each high value item. Tools coverage covers you at home, in your vehicle, on the job site etc. Tools coverage typically does not cover, Wear and tear, change in temperature, pollution damage and dishonest acts.

Installation floater

This will cover stock that is damaged or stolen that’s not yet installed on the job. An example of this is a plumbing contractor has a furnace and all the copper pipe needed for the job has been delivered until it has actually been installed it is the plumbers insurance that would cover any possible covered loss.

Let’s say all the doors and windows have been delivered to a job site. Before these are installed they get vandalized and destroyed one night.
No installation floater no coverage.

Many policies throw in some coverage for business personal property. That does not cover loss away from the shop or where you have listed as your insured location.

Hired and Non owned Auto Liability

The Hired portion of this endorsement can cover you in the event you rent a truck or car for the business.

The Non Owned Auto covers you in the event an employee using their own vehicle for any work related task gets in an accident.

Example: Your book keeper takes their own vehicle to the bank to make a deposit, or you send a laborer to Home Depot to buy some materials. If they get in an accident the first thing the employees insurance is going to ask is; where were you going. If it is established that the employee was doing work tasks the company will look to the business to pay for the entire loss. This rider covers liability only. You can add physical damage coverage for these risks. This insurance is very inexpensive.