Insurance for Orlando Contractors
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As a contractor in Orlando, Florida, you face unique challenges and risks in your daily operations. It is essential to have the right insurance coverage to protect your business, employees, and assets from unforeseen accidents and liabilities. In this comprehensive guide, we will explore the various types of insurance that contractors in Orlando should consider, including general liability insurance, workers’ compensation insurance, commercial auto insurance, builder’s risk insurance, inland marine insurance, commercial umbrella insurance, and the importance of ACORD certificates.
General Liability Insurance for Contractors in Orlando, Florida
General liability insurance is a crucial form of coverage for contractors in Orlando. It provides protection in case your operations cause property damage, injuries to employees or third parties, or other accidents. This insurance helps mitigate the financial impact of legal bills, medical expenses, and property damage costs.
Not all general liability insurance policies are the same, so it’s essential to understand what claims they cover. Common types of claims covered by general liability insurance include false advertising, slander, and property damage caused at a job site.
Workers’ Compensation Insurance for Contractors in Orlando, Florida
Contractors in Orlando are legally obligated to have workers’ compensation insurance. This insurance protects employees who suffer from illnesses or injuries while on the job by covering their medical expenses and lost wages. It not only ensures that your staff can maintain their livelihoods while receiving treatment but also safeguards your business from potential lawsuits associated with workplace injuries.
When acquiring workers’ compensation insurance, carefully evaluate coverage limits and ascertain whether the owner is responsible for any claims. In most cases, the owner is not liable, and coverage for workers’ compensation is unlimited.
Commercial Auto Insurance for Contractors in Orlando, Florida
Commercial auto insurance is essential for contractors in Orlando who use vehicles for their business operations. Just like personal car insurance, commercial auto insurance provides protection for cars, trucks, and vans used for business purposes. It includes adjustable protection levels, deductibles, and policy limitations.
If your business frequently uses vehicles like trucks, plows, or delivery vans, having commercial auto insurance is crucial. It covers both property damage and bodily injury liability, ensuring that you are protected in the event of an accident.
To determine the amount of commercial auto insurance you need, consider the Combined Single Limit (CSL). This refers to the total amount of coverage available for bodily injury and property damage to the other party combined.
Builder’s Risk Insurance for Contractors in Orlando, Florida
Builder’s risk insurance is a specialized form of coverage designed to safeguard construction projects underway in Orlando. It provides comprehensive protection against a variety of potential risks associated with construction projects.
The areas of coverage offered by builder’s risk insurance include damage from lightning strikes, protection against fire damage, coverage for damages caused by explosions, safeguards against acts of vandalism, protection against theft incidents, and coverage for acts of nature like hurricanes, tornadoes, and floods.
It’s important to note that property damage occurring during construction is not included in this coverage. Builder’s risk insurance should encompass all parties with a financial stake in the project, including the landlord, lender, general contractor, architects, and subcontractors.
Inland Marine Insurance for Contractors in Orlando, Florida
Inland marine insurance provides coverage for tools, equipment, and other commodities while they are in transit or kept off-site. This type of insurance is crucial for contractors in Orlando who often work off-site and utilize various tools and equipment. It covers mobile property, tools, equipment stored at job sites, valuable objects being relocated, and property given to or temporarily placed in your care.
The construction industry heavily relies on tools and equipment, making inland marine insurance essential to protect business operations.
Commercial Umbrella Insurance for Contractors in Orlando, Florida
Commercial umbrella insurance provides additional protection for contractors in Orlando when the claim amount exceeds the limits of other liability insurance policies. It can save your business from financial liability if your regular liability insurance policies do not adequately cover the damage, medical bills, or legal costs.
Commercial umbrella insurance covers expenses such as medical bills, legal costs, and damage to public or other people’s property that may have been caused by your business operations.
ACORD Certificates for Contractors in Orlando, Florida
An ACORD certificate of insurance is a one-page document that serves as proof of insurance coverage for your company. It provides information about your general liability insurance coverage and is often required when working with clients or bidding on projects.
ACORD certificates help reduce confusion and promote consistency in the industry by using standardized forms. When obtaining insurance coverage, make sure to request an ACORD certificate to provide evidence of your insurance coverage.
Make Sure You’re Covered in Orlando, 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 Orlando, 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 Orlando, 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 Orlando vehicle, you need to have Comprehensive and Collision coverage. Commercial Auto Collision Insurance in Orlando, FL covers any collision, and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in Orlando, 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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