Insurance for Tallahassee Contractors
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As a contractor in Tallahassee, FL, it is crucial to have comprehensive insurance coverage to protect your business, employees, and assets. Construction projects can be unpredictable, and accidents or damages can occur unexpectedly. The right insurance policies will provide you with peace of mind and financial protection. In this article, we will explore the various insurance options available to contractors in Tallahassee, 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 delve into each policy’s costs, exclusions, and exceptions.
General Liability Insurance for Contractors in Tallahassee, Florida
General Liability Insurance is a fundamental policy that every contractor in Tallahassee should have. It offers protection against financial losses resulting from third-party claims, including bodily injury, property damage, and personal or advertising injury that may occur on the job site. However, it is essential to note that General Liability Insurance does not cover professional errors or damage to the contractor’s own property.
The average annual premium for General Liability Insurance in Tallahassee typically ranges from $500 to $1,200 for small businesses. However, the specific cost of the premium depends on factors such as the type of construction work, the size of the business, and the number of employees.
Workers’ Compensation Insurance for Contractors in Tallahassee, Florida
Florida law mandates that all construction businesses, including general contractors, who employ one or more individuals, carry Workers’ Compensation Insurance. This policy covers 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.
Workers’ Compensation Insurance premiums in Tallahassee can range from $1.00 to $7.00 per $100 of payroll. The classification of the work performed determines the cost, the company’s claim history, and the total payroll.
Commercial Auto Insurance for Contractors in Tallahassee, Florida
Given Tallahassee’s vast geographical layout, Commercial Auto Insurance is essential for general contractors. This policy covers damage to your vehicle or third-party property and bodily injuries in the event of an accident. However, it does not extend to personal use of company vehicles.
The cost of Commercial Auto Insurance in Tallahassee typically ranges from $1,200 to $2,500 per vehicle annually. Factors such as the type and number of vehicles, the driving history of operators, and the amount of coverage chosen influence the premium.
Builder’s Risk Insurance for Contractors in Tallahassee, Florida
Builder’s Risk Insurance is crucial coverage for general contractors in Tallahassee, 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. However, this can vary depending on project specifics 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.
Inland Marine Insurance for Contractors in Tallahassee, Florida
As general contractors in Tallahassee often transport their tools and equipment across the city or state lines, Inland Marine Insurance is necessary. This policy protects contractors’ equipment and tools 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 is 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 Tallahassee, 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 Tallahassee typically ranges between $400 to $600 annually in premiums. However, it is important to note that this policy does not cover liabilities expressly excluded from the underlying policies.
ACORD Certificates for Contractors in Tallahassee, 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 beneficial records for contractors and crucial documents 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 Tallahassee, FL, general contractors.
Keep Your Tallahassee Company Covered
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Frequently Asked Questions (FAQ)
Get answers to your most common questions from Contractors Liability
For General Liability Insurance in Tallahassee, 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 Tallahassee, 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 Tallahassee vehicle, you need to have Comprehensive and Collision coverage. Commercial Auto Collision Insurance in Tallahassee, FL covers any collision, and Comprehensive Commercial Auto Insurance covers anything but a collision.
For Workers’ Compensation Insurance in Tallahassee, you need $500,000/$500,000/$500,000 in general. This covers your workers in 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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