Whether you’re a specialty contractor, general contractor, handyman, or otherwise, you need more than just a handshake agreement with your client.
1. Per Project Aggregate Coverage
Per project aggregate coverage is designed to protect your business from one project to another. At times, it’s extremely difficult to cover your entire business under a few policies (inland marine, equipment breakdown, etc.)
Instead, you can purchase per project aggregate insurance that will protect the site, materials, tools, and much more. In this way, you can:
- Assign specific values to tools, equipment, and materials
- Ensure that values for each project match that project exactly
- Set limits for each project that would be easily exceeded if every project was covered under a singular policy
2. Pollution Liability
Pollution liability coverage is more important than you believe. Remember, there was a time when pollution was not as much of an issue as it is now. Your business might have operated for many years without any pollution concerns, but there will come a time when a:
- Client
- Municipality
- Business
- Concerned group of citizens
…might claim that you’re polluting the environment. This insurance policy protects your business from those claims, offers legal support, covers fines, judgments, and settlements, and much more.
Don’t take this coverage lightly, and never assume that a battery of policies and procedures will solve your problems alone. You must work with an insurance expert who can help you choose the best insurance for your situation.
3. Cyber Liability
Cyber liability insurance may not sound like something a contractor should purchase, but the majority of your business is managed online. What happens if your networks are breached, your website is taken down, or critical information is stolen?
You need a policy that will cover:
- Network breaches
- Data losses
- Data recovery
- Investigations
- Required notifications
- Legal support
- Fines, fees, judgments, and settlements
You don’t want your business to go viral due to a hacking attack only to find that you don’t have insurance to cover your expenses.
On a related note, business income or interruption insurance will also be helpful because, as your business shuts down in the aftermath of the attack, you need to know that you can replace the income you’ve lost.
Contact Strategic Insurance for Information on Contractor’s Insurance
Contact Strategic Insurance today when you want to learn more about contractor’s insurance. You can change the face of your business, protect against unseen threats, and avoid issues that could prove to be quite costly in the future.
