At Safeguard Insurance, we have provided insurance coverage for contractors since 1998. We understand how important the construction industry is to our local and national economy. Our goal is to make sure your construction business has the right insurance coverage, at the right price.
There are many types of insurance coverage that contractors should consider. Here are 4 specific types of coverage that are of particular importance to contractors, and why you should consider them.
- Inland marine or equipment floater. Your tools and equipment are expensive and, unfortunately, easy for thieves to steal. Inland marine coverage can be written on a “blanket” or “scheduled” basis, or a combination of the two. Equipment over $1,000 in value should generally be scheduled, or itemized, on an equipment floater policy. Smaller hand tools can be covered on a blanket basis, with a coverage limit that reflects the total value of all the items. Contractors often assume equipment floater coverage is very expensive. The truth is this coverage is very affordable, with policies starting around $500 per year.
- Business property coverage. If you have an office, shop, or warehouse consider buying business property and/or building insurance. The cost to replace your office furnishings, computers, materials and supplies could be very expensive. Business property insurance is very affordable and can often be combined with an equipment floater policy.
- Workers compensation. Do not make the mistake of assuming you do not need workers compensation coverage, even if you subcontract your work, or only have independent contractors. The workers compensation laws in Nevada are very strict and consider any sub or independent contractors to be statutory employees of the prime contractor. If you have workers in a construction field, be certain they are covered by workers compensation insurance.
- Commercial auto insurance. We often see smaller construction firms buy vehicles in the name of the owners, insure them under a personal auto policy, and then allow employees to operate them. This scenario presents numerous coverage issues, especially the business use exclusion found in nearly every personal auto policy. Vehicles driven by employees should be titled to the business and insured under a commercial auto insurance policy.
Lastly, make sure you work with an agent that understands construction insurance. At Safeguard Insurance, we work with several “A” rated providers of construction insurance including Acuity, Liberty Mutual, and Western National. We have excellent pricing for general liability, workers compensation, builders risk, pollution, commercial auto, and surety bonds of all types. Contact us at 702-638-0022 for more information on insurance coverage for contractors, or any type of business!