Comprehensive Coverage for Contractors & Developers
As a contractor, you put your blood, sweat, and tears into further developing our local residential and commercial communities. Developers encounter many risks as they plan, implement, and construct projects, even with years of industry experience. We offer comprehensive commercial policies to protect your interests so you can continue to build up our cities and support the dreams of business owners and homeowners alike.
Coverage for contractors and developers is tailored to your area of expertise. Some of the essential coverages specific to contractors and developers are:
- Business Income
- Contractors Liability
- Environmental Liability
- Errors & Omissions
- General Liability
- Surety Bonds
- Tools & Equipment Coverage
Negligence Coverage for Contractors & Developers
Developers often have many hoops to jump through before they can actually break ground. While you are going through the development process, your land will be sitting and could be a liability risk for you depending on the access and security of the property. General Liability is an essential coverage for developers to cover potential injuries or damages caused to anyone that steps onto your property. This coverage can protect you in the event of a lawsuit by paying for associated legal representation and a settlement for the claimant. It is highly recommended to opt for some kind of security to deter trespassers, including security systems, fencing, or even guard dogs. Investing in these deterrents are a great way to minimize your liability risk, but even so it is important to carry General Liability just in case someone does find a way onto your property and gets injured.
Contractors fall into many different specialties and areas of expertise. For many projects, multiple contractors come together to complete a job. As an individual contractor or a business operating with subcontractors, it is important to protect yourself against negligence. With so many moving parts, it isn't uncommon for mistakes to occur, and when they do, you certainly don't want to be left liable with no protection. Contractors Liability protects you and your business in the event something goes wrong in the course of the project. If your client feels the job was not done according to the promised standard, or if something critical is missing from the project upon completion, they may pursue legal action against you. Contractors Liability covers situations where you are responsible for issues with a contracted project including legal defense as well as injuries or damages caused by the work.
Contractors Liability also encompasses Error and Omissions coverage, which ties back into the issue of potential mistakes. It is commonly quoted that “to err is human,” so it is wise to plan for these inevitable pitfalls by opting for Errors and Omissions protection. This coverage extends to mistakes made by your company, yourself, and your subcontractors if they fail to include or use critical information. These errors could result in subpar workmanship, incomplete construction, or missing parts in the final project. By carrying Errors and Omissions, you can have the coverage you need to bounce back and prevent financial loss because of a simple mistake.
Many construction projects utilize heavy machinery and require molding or modifying land to support the build. It is important to make every effort to protect the environment from further damage through leaks, spills, or other accidents. In some situations, a project may inadvertently have a negative impact on the environment without your knowledge, or a burst or explosion could occur that causes harmful chemicals to seep into the land or local water supply. Environmental Liability fills the gap in liability protection to ensure that you are covered in case of a pollution event. If there is a spill or other contamination issue, this coverage will pay for the necessary clean-up and any associated legal expenses for property damage or injuries caused.
In addition to carrying standard insurance, it is important to also carry the necessary Surety Bonds as a contractor. Surety Bonds guarantee the work you have agreed to do as part of a contract. This means that if for some reason you cannot complete the project or cannot meet the terms you agreed to, another contractor will be brought in to finish the job. Contractors do not often accept a project with the intention of abandoning it, but life is unexpected, so it is always best to plan for the worst-case scenario to make sure your reputation, work, and clients are properly protected.
Property Protection for Contractors & Developers
Contractors rely on the use of many tools and pieces of equipment to get the job done every day. These tools often follow them from project to project, so it is important to make sure they are covered on every jobsite. Tools and Equipment coverage provides the necessary coverage for the tools and equipment used by an individual contractor, and can also extend to employees if specified. This includes coverage against damage from a covered loss like a fire or flood as well as theft and vandalism. It is important to note that this coverage does not apply to normal wear and tear and is for sudden and unexpected malfunctioning that makes the equipment unusable. Despite this, Tools and Equipment coverage is a must-have for any contractor so you can have the protection you need no matter where your next job takes you.
Concerned about how to protect your equipment or liability? Our team of commercial insurance agents has the experience and expertise to find the right coverage for any contractor.