Working as a contractor, you are used to taking matters into your own hands. You know the ropes of your industry, and no two days are ever quite the same. Whether you are taking on a complex project or hiring out subcontractors, there are a lot of moving parts in your occupation. With changing job sites, different tasks, and unexpected complications to deal with, you need customized insurance solutions on your side. At Vanyo Insurance Group, we can help you find comprehensive protection against a wide range of general contracting risks so you can minimize your financial vulnerability to loss.
Vanyo Insurance Group is made up of independent agents who understand the danger you face each day and the types of coverage necessary to mitigate your financial risks. We offer individualized service and protection, along with the support and attention you expect from a local agency. We will work to understand your preferences and provide insurance solutions that will adapt to your changing needs and business growth.
General Contractor Risks
As a general contractor, your job is multifaceted. Though you may not carry out every single task in a complicated or large project, it is ultimately your responsibility to make sure they are completed on time and correctly. You oversee the intricacies of each job and inspect every last detail to ensure your duties are carried out responsibly and efficiently. If even one thing goes wrong, it could damage the integrity of your entire project, potentially creating expensive damages and even liabilities. Whether you are sued for damaging a client’s property, your heavy equipment is stolen from your work site, or one of your workers is injured on the job, make sure your business is well-protected against the potential for financial loss.
Coverage Types
General contractors are often responsible for purchasing several different types of commercial insurance protection – some mandatory and some optional. At Vanyo Insurance Group, we can help you sort through your coverage options and determine which ones may be right for your business model. Our goal is to close coverage gaps and prevent the types of losses that might otherwise force your business into financial insolvency. Whether you work alone or have an entire team of employees working for your contracting business, let the team here at Vanyo Insurance help you select coverage types and amounts that fit the needs of your niche both now and in the years to come.
Your general contractor’s insurance may include coverage for:
General Liability
Also known as GL, this type of coverage helps protect you against the expense of litigation if you are accused of negligence that leads to third-party injuries or property damages. You can rely on your general liability insurance for help paying for legal defense fees and court costs regardless of whether you win your case. It can also help pay for penalties, judgments, and settlements outside of the courtroom, with maximum coverage amounts contingent upon the limits of your policy. Considering the potential for lawsuit damages that reach six figures or more, we generally recommend high limits for your general liability insurance policy. Otherwise, you may pay excess damages out of pocket.
Workers Compensation Insurance
If you have employees on your payroll, you are probably required to purchase workers compensation insurance. This coverage helps protect your business by reducing the likelihood of a lawsuit after an employee is injured on the job. Instead, workers compensation automatically provides compensation for an employee’s medical bills and lost wages, regardless of who was at fault for the accident.
Commercial Vehicle Insurance
As a contractor, you use vehicles to move from job site to job site. You may even own multiple trucks for different purposes depending on the size of your business. Be sure to talk with your agent about your commercial vehicle coverage options. Choose a policy that protects you against accident-related liability and also covers your vehicles for collision and non-collision damages.
Employee Dishonesty Coverage
Background checks can tell you a lot about a worker’s past, but they cannot predict how an employee will behave in the future. Talk with your agent about employee dishonesty coverage that can help protect your business against fraud and other dishonest practices that could incur losses for your business.
Professional Liability Coverage
Professionals are people with unique skills and experience in their respective industries. General contractors are considered professionals and therefore may need professional liability insurance. This coverage can help protect you against errors and mistakes you make that result in a client’s property damage, injury, or other types of loss.
Commercial Property Insurance
Though the bulk of your work is carried out at various job sites, you may also have a home base from which you work, whether it is a shop or office. Commercial property insurance can help protect the structures your business owns, as well as the equipment and other contents inside them. This coverage typically protects the things you own against a wide range of physical loss events, such as fire, theft, wind, and falling objects. From your computers and desks to your signs and fences, commercial property insurance could safeguard you against the devastation of a total loss.
Tools and Equipment Coverage
It would be difficult to complete a job without the equipment you need to do it. Though your tools and equipment may be covered against many perils under your property insurance, this may not follow you in transit or while on the job site. Talk to your agent about coverages that can help compensate you for the loss of or damage to your specialty and heavy equipment.
Builders Risk Coverage
There is a period of time between the beginning and completion of a project when builders are vulnerable to damaging events that can wipe out weeks of construction progress. From lightning strikes and fires to theft and high winds, a lot can happen during the timespan it takes to complete a large project. For these scenarios, you may need builders risk insurance to protect you against unexpected losses that occur before project completion.
Excess Liability Insurance (Commercial Umbrella Coverage)
Even after purchasing general liability insurance and other coverage types, your policies could still come up short of meeting your financial responsibilities after a lawsuit. Commercial umbrella insurance can help supplement your liabilities with millions of dollars in additional protection that kicks in when you have exhausted the limits on your primary coverage.
Contractors Insurance Quotes in Scottsdale, Arizona
If you work as a general contractor in the greater Scottsdale area, we want to help you succeed in business. Contact our office to request more information about general contractors insurance and to find out how much an independent agent can help you save on the coverage you need. We look forward to serving you soon.
