Insurance for Cape Coral Contractors
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As a thriving city on Florida’s Gulf Coast, Cape Coral offers a unique landscape for general contractors. Working in a city crisscrossed with canals and exposed to a variety of weather conditions demands comprehensive insurance coverage. This article provides an in-depth look into the crucial insurance policies for general contractors operating in Cape Coral, Florida, including cost, exceptions, and exclusions.
General Liability Insurance for Contractors in Cape Coral, Florida
Every general contractor in Cape Coral needs to secure General Liability Insurance. This policy safeguards contractors from financial losses resulting from third-party claims involving bodily injury, property damage, and personal or advertising injury that could occur on the job site. However, it’s important to note that this insurance does not cover professional errors or damage to the contractor’s own property.
In Cape Coral, the average annual premium for General Liability Insurance typically ranges from $500 to $1,200 for small businesses. Premiums can vary widely depending on the specifics of your operation, including the type of construction work, the size of the business, and the number of employees.
Workers’ Compensation Insurance for Contractors in Cape Coral, Florida
Florida law mandates that all construction businesses, including general contractors, who employ one or more individuals, carry Workers’ Compensation Insurance. This policy is designed to cover medical expenses, lost wages, and rehabilitation costs if an employee sustains a work-related injury or illness. However, it does not cover injuries that result from intoxication or intentional self-harm.
The premiums for Workers’ Compensation Insurance in Florida can range from $1.00 to $7.00 per $100 of payroll. The cost is determined by the classification of the work being performed, the company’s claim history, and the company’s total payroll.
Commercial Auto Insurance for Contractors in Cape Coral, Florida
Given Cape Coral’s unique geographical layout, Commercial Auto Insurance is essential for general contractors. This policy provides coverage for damage to your vehicle or third-party property and bodily injuries in the event of an accident. However, it doesn’t extend to personal use of company vehicles.
Commercial Auto Insurance costs in Cape Coral typically range from $1,200 to $2,500 per vehicle annually. The premium is influenced by factors such as the type and number of vehicles, the driving history of operators, and the amount of coverage chosen.
Builder’s Risk Insurance for Contractors in Cape Coral, Florida
Builder’s Risk Insurance is crucial coverage for general contractors in Cape Coral, a city where construction projects abound. This policy protects buildings under construction and materials, whether on-site, in transit, or temporarily stored elsewhere.
Builder’s Risk Insurance premiums usually represent 1-4% of the total construction cost, although this can vary depending on project specifics and coverage limits. Importantly, this policy does not cover losses due to employee theft or normal wear and tear.
Inland Marine Insurance for Contractors in Cape Coral, Florida
As general contractors in Cape Coral often transport their tools and equipment across the city or even state lines, Inland Marine Insurance is necessary. This policy protects contractors’ equipment and tools while in transit or at a job site.
The cost of Inland Marine Insurance depends on the total value of the tools and equipment and the risks associated with their transportation and use. It’s important to note that this policy does not cover any damage or loss resulting from normal wear and tear or from unexplained disappearances.
Commercial Umbrella Insurance for Contractors in Cape Coral, Florida
Commercial Umbrella Insurance provides additional liability protection beyond the limits of your other policies. Given the potential high costs associated with claims in the construction industry, this extra layer of coverage could be crucial. A $1 million policy in Cape Coral typically ranges between $400 to $600 annually in premiums. This policy, however, does not cover liabilities expressly excluded from the underlying policies.
ACORD Certificates for Contractors in Cape Coral, Florida
ACORD Certificates are standardized forms that verify your insurance coverage. They summarize the critical details about your insurance policies’ terms, conditions, and duration. Contractors receive these certificates free of charge when they secure an insurance policy.
ACORD Certificates are a beneficial record for contractors and a crucial document for clients, lenders, and other parties involved in construction projects. These certificates serve as tangible proof of insurance, assuring the contractor has the necessary insurance coverage to protect against unexpected incidents or accidents during the project. Therefore, maintaining updated ACORD Certificates and understanding the information they present is essential to responsible business operations for Cape Coral, Florida, general contractors.
Make sure you’re covered in Cape Coral, Florida
If you want to get the best coverage now, from the best carriers and at the lowest price, call us at (866) 225-1950 or click for a free quote. We can assist you and answer all your questions 24/7!
Frequently Asked Questions (FAQ)
Get answers to your most common questions from Contractors Liability
For General Liability Insurance in Cape Coral, you need $1,000,000 per occurrence and $2,000,000 aggregate almost 100% of the time. 99% of all General Liability policies we sell in Florida are $1,000,000/$2,000,000.
For Commercial Auto Insurance in Cape Coral, you need $1,000,000 CSL, meaning $1,000,000 Combined Single Limit for Bodily Injury and Property Damage to the other party combined. To protect your Cape Coral vehicle, you need to have Comprehensive and Collision coverage. Commercial Auto Collision Insurance in Cape Coral, FL covers any collision, and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in Cape Coral, you need $500,000/$500,000/$500,000 in general. This covers your workers in the event of a claim where the owner is liable up to $500,000. In 99% of cases, the owner is not liable, and coverage for workers’ compensation is unlimited.
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