There are several issues that must be addressed when it comes to insurance for contractors in Clifton New Jersey. There are many aspects of the different types of coverage required in the state for all types of businesses, and contractors have to set their insurance goals apart due to their particular line of work. For example, their pay scale is often quite different and therefore requires different employment practices. They also require a variety of bonds to bid on jobs as well as supplemental bonds to ensure the work is done accordingly.
We would like to take some time to share the array of insurance concerns for contractors and give an overview of what to expect when speaking to an insurer.
Basic coverage needs for most contractors
Workers compensation: Contracting businesses often use independent contractors or part-time workers rather than relying on full-time employees. However, that doesn’t make them exempt from having workers compensation insurance in the event that one of their workers gets injured while on the job. Having workers compensation coverage is one of the most important parts of a contractor’s insurance package.
Product liability: This varies from contractor to contractor and depends on what the contractor specializes in, but the end result of a job can leave the contractor liable for what he or she creates in terms of safety issues or problems which may arise down the line. Any issues with the product can create problems, including lawsuits, which could result in a loss of business and a damaged reputation. Product liability coverage provides financial protection for lawyers’ fees and any compensation that may be required.
Equipment coverage: The equipment involved in construction can be much more specialized, and therefore even harder to replace if damaged. Mechanical failure or breakdown can cause lengthy delays, so having the right insurance to protect it is a wise investment.
Bonds: while not exactly insurance, bonds provide some necessary financial protection when it comes to upholding a contract. While clients ensure that a contractor upholds his or her responsibilities, a bond also guarantees the contractor gets fully compensated for his or her efforts.
Protect your business from all the ways that those risks and concerns can cause financial losses, along with the workers that keep your business on its feet. Purchase insurance for contractors in Clifton New Jersey for the peace of mind that you deserve.