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Building an Insurance Program for Contractors

If you are a contractor, you are most likely aware of the need for insurance. But knowing you have a need doesn’t mean you know all the ins and outs of insurance. When looking for New Jersey contractors insurance, search for a company that can handle all of your policies by building an insurance program specific to your industry.

Many contractors are familiar with the names of different policies but don’t always know their purpose or which ones are the most beneficial to their company. A general liability policy covers many things but it has its limitations. Knowing what it does and doesn’t cover can help you choose which policies are best for your business. A general liability policy often covers contract issues, third-party injuries, independent contractors, business property, product issues and defense coverage if a lawsuit arises. This is the basic component of most insurance programs. A pollution liability policy can help cover the costs associated with restoration and cleanup as well as any injury expenses. Builders risk, umbrella insurance, business interruption insurance, workers compensation, and surety bonds are some of the supplemental insurance policies that can be added to your program.

Looking through New Jersey contractors insurance policies can be daunting. You may still be unsure which policies are necessary to your business and how much coverage is really needed. With a little background information, Insurance specialists can tailor a program specific to your company. Having a comprehensive program can protect your business if issues occur.