If you are in the contractor business, you understand how situations can arise that may jeopardize all you have worked for in a split second. Your business is a risky business that requires very specialized insurance coverage to minimize these inherent risks. You have invested time and money, while exercising your skills as an artisan contractor, but without the right business solution in place, you may be at risk for losing all you have worked hard for. There are certain coverage endorsements that contractors should consider to optimize coverage and success.
Explore Your Options to Avoid Contractors Insurance Coverage Gaps
A typical N.C. business owners policy has policy provisions, conditions, and exclusions that may exclude coverage for some situations where you need it most. Because of this, you can review your current business policy with your N.C. independent insurance agent to see which endorsements to consider so that you won’t fall into any coverage gaps that may lead to financial dismay because you thought you had coverage.
Below are just some of the more common coverage add-ons (endorsements) you may need to consider adding to your current N.C. business owners insurance policy:
- Employment Practices Liability- Otherwise known as EPL, this endorsement can add protection to your current business owners insurance policy for employee claims brought against you that may include harassment, discrimination, or hostile work environment, to name a few. Without this coverage add-on, you would be responsible for any legal fees along with any claim payout that was founded.
- Builders Risk- As a contractor, you realize there are many things that can go wrong when dealing with building and/or installation. Whether you are doing an add-on to an existing building, building new construction, or installing fixtures or equipment, you may be faced with unfortunate and unexpected situations that can create a significant potential for claims brought by the client(s). This endorsement adds the protection you may need for those unfortunate situations that may otherwise cost YOU a pretty penny.
- Faulty Workmanship- This added coverage is sometimes referred to as Errors & Omissions coverage and safeguards you against claims of faulty workmanship or error(s) when performing your specialized job. Regardless of how careful you are or how many times your work is perfected, accidents and neglectful acts still happen. You are typically hired based on your work performance and reputation, so when you are found negligent, you can be sued for the damages and without the proper coverage, you could have to pay out of your own pocket for the damages/claims.
- Contractors Tools and Equipment- If you are a contractor, you understand the importance of your tools and equipment. You carry them in your work vehicle to all the various job sites, but what if these tools are stolen or get damaged? If this happens, you will suffer the loss of business income because you can’t perform the jobs, on top of the cost to replace these tools/equipment. With this type of endorsement, you would be compensated for the cost to replace the stolen or damaged tools along with the additional expense to get the delayed job back on track.
You can’t take your contracting business insurance coverage lightly when you have worked so diligently to build your N.C. contractor business. One mishap can end up having a negative impact on your business, assets, and reputation, so why not secure the right type of business owners policy that can be as specialized as your contractor skills?
Twin City Insurance is here for you to discuss any and all the risks that potentially pose a threat to your existing N.C. contractor business and wants to optimize your business insurance coverage at a fee that is agreeable with you and your budget. Call us TODAY at 828-464-2643 for all of your contractor business insurance needs.