Does your contractor insurance in Covid-19 times give you the coverage you need? Your circumstances may have changed. Projects may be on hold temporarily. They may be moving slower than planned due to various restrictions. Some may have stopped altogether. Let’s look at why you may need to review your insurance and how you should go about it.
Why review your insurance?
In the normal course of business it is important to review your insurance regularly, at least on an annual basis. Your needs could have changed. Maybe you are now operating in a new location. Your company could have grown and with more employees. You could have bought additional equipment and tools. Your business could even have gotten smaller and you have coverage you longer need.
Contractors insurance in COVID-19 times
If your construction projects have changed as a result of the pandemic, your insurance may need to change too. This is especially true of insurance like Builder’s Risk. A Builder’s Risk policy has a beginning and an end date. There can also be clauses for when it ends, for example if a project is stopped.
It is important to read your policy wording to see if it has been impacted in any way due to these changes. Our agents at Contractors Liability are available to answer any questions and provide you with assistance.
What insurance do you require in construction?
Now is a good time to reassess the risks that your business faces and if you can transfer some of this risk to another party. This is the classic purpose of insurance. In construction, the insurance that is typically required includes general liability insurance, workers compensation, property coverage and auto insurance.
- Contractors Liability- this is general liability insurance. It protects you from damages if you cause harm to a third party. This includes bodily injury, property damage, personal damages or damages from advertising/marketing.
- Workers Compensation- this insurance assists with medical care costs and loss of income if an employee is injured at work. Liability insurance does not provide coverage for this.
- Builder’s Risk Insurance- this is property coverage that pays replacement costs if listed perils occur. It is one shot insurance tailored per project and covers loss events like fire, theft, vandalism and adverse weather.
- Commercial Auto Insurance- this covers the vehicles that you use in your business. In construction there are a variety of vehicles required for transporting workers and equipment, and moving things on the site itself.
How To Reassess Your Contractors Insurance in Covid-19 Times
To begin, review the insurance that you currently have. Consider if it protects you from the risks you face. Our agents at Contractors Liability are available to assist. Workers Compensation and Contractors Insurance is mandatory, and we can review it for you.
We can talk you through any gaps that you have in your insurance and provide expert advice on how to optimize your protection. Let us help you get any discounts applicable and find you the lowest rate for your coverage. Call Contractors Liability on 866-225-1950.