Insurance for Fort Lauderdale Contractors
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Business Insurance for Contractors in Fort Lauderdale, Florida
Fort Lauderdale, located in the vibrant state of Florida, is a city bustling with construction activity. From residential projects to commercial developments, contractors in Fort Lauderdale play a vital role in shaping the city’s landscape. However, with the inherent risks involved in the construction industry, contractors must have comprehensive insurance coverage to protect themselves and their businesses.
In this article, we will delve into the various types of insurance policies that contractors in Fort Lauderdale should consider, including General Liability Insurance, Workers’ Compensation Insurance, Commercial Auto Insurance, Builder’s Risk Insurance, Inland Marine Insurance, Commercial Umbrella Insurance, and ACORD Certificates. We will explore the coverage provided by each policy, the associated costs, as well as any exceptions and exclusions.
General Liability Insurance for Contractors in Fort Lauderdale, Florida
General Liability Insurance is a must-have for contractors in Fort Lauderdale. This policy offers protection against financial losses arising from third-party claims involving bodily injury, property damage, and personal or advertising injury that may occur on the job site. It is important to note that General Liability Insurance does not cover professional errors or damage to the contractor’s own property.
The cost of General Liability Insurance in Fort Lauderdale can vary depending on several factors, including the type of construction work, the size of the business, and the number of employees. On average, small businesses can expect to pay between $500 and $1,200 annually for this coverage.
Workers’ Compensation Insurance for Contractors in Fort Lauderdale, Florida
Florida law mandates that all construction businesses, including general contractors, carry Workers’ Compensation Insurance if they employ one or more individuals. This policy provides coverage for medical expenses, lost wages, and rehabilitation costs in the event of a work-related injury or illness. However, it does not cover injuries resulting from intoxication or intentional self-harm.
The cost of Workers’ Compensation Insurance in Florida is determined by the classification of the work being performed, the company’s claim history, and the company’s total payroll. Premiums can range from $1.00 to $7.00 per $100 of payroll.
Commercial Auto Insurance for Contractors in Fort Lauderdale, Florida
Given the nature of their work, contractors in Fort Lauderdale often rely on vehicles for transportation. Commercial Auto Insurance is essential to protect against accidents, damage to vehicles, and bodily injuries caused to third parties. However, it is important to note that personal use of company vehicles is not covered by this policy.
The cost of Commercial Auto Insurance in Fort Lauderdale can vary based on factors such as the type and number of vehicles, the driving history of operators, and the chosen coverage amount. On average, contractors can expect to pay between $1,200 and $2,500 per vehicle annually.
Inland Marine Insurance for Contractors in Fort Lauderdale, Florida
As contractors in Fort Lauderdale often transport tools and equipment across the city or even state lines, Inland Marine Insurance is necessary to safeguard against damage or loss during transit or at job sites. This policy protects contractors’ equipment and tools from unforeseen events.
The cost of Inland Marine Insurance depends on the total value of the tools and equipment, as well as the associated risks during transportation and use. It is important to note that this policy does not cover damage or loss resulting from normal wear and tear or unexplained disappearances.
Builder’s Risk Insurance for Contractors in Fort Lauderdale, Florida
Builder’s Risk Insurance is a crucial coverage for contractors in Fort Lauderdale due to the abundance of construction projects in the city. This policy provides protection for buildings under construction and materials, whether they are on-site, in transit, or temporarily stored elsewhere.
The cost of Builder’s Risk Insurance typically represents 1-4% of the total construction cost. However, this can vary depending on the specific project details and coverage limits. It is important to note that Builder’s Risk Insurance does not cover losses due to employee theft or normal wear and tear.
Commercial Umbrella Insurance for Contractors in Fort Lauderdale, Florida
Commercial Umbrella Insurance provides additional liability protection beyond the limits of other insurance policies. Given the potential high costs associated with claims in the construction industry, this extra layer of coverage can be crucial.
A $1 million Commercial Umbrella Insurance policy in Fort Lauderdale typically ranges between $400 and $600 annually in premiums. However, it is important to note that this policy does not cover liabilities expressly excluded from underlying policies.
ACORD Certificate for Contractors in Fort Lauderdale, Florida
ACORD Certificates are standardized forms that verify a contractor’s insurance coverage. These certificates summarize the critical details about insurance policies, including terms, conditions, and duration. Contractors receive ACORD Certificates free of charge when they secure an insurance policy.
ACORD Certificates are not only beneficial records for contractors but also crucial documents for clients, lenders, and other parties involved in construction projects. These certificates serve as tangible proof of insurance, assuring stakeholders that the contractor has the necessary coverage to protect against unexpected incidents or accidents during projects. Therefore, maintaining updated ACORD Certificates and understanding the information they present is essential for responsible business operations for contractors in Fort Lauderdale, Florida.
Make sure you’re covered in Fort Lauderdale, 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 Fort Lauderdale, 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 Fort Lauderdale, 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 Fort Lauderdale vehicle, you need to have Comprehensive and Collision coverage. Commercial Auto Collision Insurance in Fort Lauderdale, FL covers any collision, and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in Fort Lauderdale, 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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