This is a short list of common coverages contractors may want to consider. Click on the red hyperlinks for more detailed descriptions and additional information.
General Liability: Provides coverage for bodily injury and property damage to a third party caused by your negligent acts. This does not pay you or your company. You should consider concurrent limits with Automobile Liability and Workers Compensation.
Workers’ Compensation:There are few exceptions to the statutory requirement that all employers be insured for Workers’ Compensation. The absence of a statutory requirement to insure does not mean that you are exempt from liability for injuries to employees. We recommend concurrent limits with General Liability and Automobile Liability.·
Business Auto: This is where you are most likely to have insurance claims in Florida. Even if you already have auto insurance, you may need a “Business Auto Policy”. In some cases you can have your personal auto policy endorsed to cover your “business” exposure too. Needed whether you have owned, non-owned or hired vehicle. We recommend concurrent limits with General Liability and Workers Compensation.
Pollution Liability:Your General Liability and Automobile policies exclude coverage for most costs related to pollution losses. If you are liable for pollution, the cost can be staggering for cleanup. Even bankruptcy cannot shield you from liability.
Your Tools and Equipment (Inland Marine) – Your tools and equipment are not covered under your GL and very little if any coverage is afforded to you under your Business Auto policy. If you trucks have lots of expensive equipment that would need to be replaced if the vehicle was stolen, then you are strongly urged to consider this coverage.
Installation Floater – This covers your materials on the job site before they are installed. This can be used to cover both equipment and materials and can protect you from theft.
Professional Errors and Omissions: The standard General Liability coverage is triggered by an occurrence caused by a covered peril. Professional coverage is used to pay for costs that result from your legal obligations to make good faulty work, materials, products or design caused by a negligent act, error or omission made while performing your services.
Employment Practices Liability: Provides protection against lawsuits by employees alleging wrongful discharge, discrimination, or other employment related exposures.
Property Coverage: For your real, personal property, and property of others in your custody.
Electronic Data Protection (EDP): Your standard property policy has a very limited if any coverage for your computers, laptops, and tablets. Remember that contractors are purchasing more and more electronics for the job site. Protect yours!
Crime Coverage: This coverage insures against loss of money and securities, forgery or alteration, employee dishonesty, computer fraud, extortion, kidnap or ransom.
Flood Coverage: The only policy that covers flooding is FLOOD. Property insurance excludes damage by flooding to your building and contents. Flood coverage will provide protection for damage due to rising water.
Builders Risk: This policy provides coverage for a building under construction for which you may be responsible. It may also include materials on the job site not yet installed.
Umbrella coverage: This policy provides higher limits of liability protection.
Named Insureds: Are you aware that you must report any new Joint Ventures or entities in order for coverage to apply? And if you wish coverage for any past operations, report their names also. Please note that the first named insured on your policies is responsible for premium payments and is the only one who has the authority to make changes or cancel coverages?