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Insurance Information for Building a Contracting Business – Insurance Business News

Contractors may be at possibility of being victimized by robbers and/or committing criminal offenses. Your company might be targeted by employees, or people who are trying to commit theft or fraud. If the business you run is injured by criminal activity criminal acts, commercial crime insurance could help you recover compensation.
Pollution Liability Insurance

It’s the contrary of what people think: pollution liability covers the environmental damages that is caused by the construction site. Transporting fuel tanks or chemicals into a site of construction as an asphalt drive or concrete construction company for refilling equipment constitutes a possible pollution risk. General liability insurance will not cover pollution liability. An endorsement is available to give a certain amount of protection. They typically provide substantially less coverage than a separate standalone pollution liability insurance, so you must determine your risk level is critical to ensuring you’re adequately covered. Talk to your risk advisor in order to find out if it’s possible to combine pollution and professional liability coverage into one.

Indemnity Insurance to cover errors or Obstructions

even although general liability insurance offers comprehensive protection in most instances however, it does not cover suspect professional negligence. For this, errors and omissions insurance is necessary. The independent contractors who give advice may be held accountable in the event that the advice is not followed. This could be similar to what happens with employees of physical equipment who communicate with customers at their home or at their workplaces. Independent contractors who act as advisors or consultants should always carry error and omissions insurance. This kind of insurance will pay for damages as well as your legal costs in the event that clients sue you for having suffered losses or injury due to your guidance.

Business Income Insurance

Find business insurance if are an electrician who is building your own contractor company and you need insurance for the duration when your company isn’t able to function due to property damage.


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