Looking for Contractors Insurance in Miami Beach?
Toscano Insurance Group is your local Contractors Insurance expert! We insure many different types of contractors from Landscapers, Electricians, Carpenters, and many more!
Who Needs Contractors Insurance?
There are many types of independent contractors who all need independent contractors liability insurance and other coverage to match their specific risks. Some of the professionals that need contractors insurance include:
Independent construction contractors
Plumbers, carpenters, electricians and painters
House and carpet cleaners
Freelance writers, editors and graphic designers
Independent hair stylists, and salon professionals
Horse or dog trainers
Don’t underestimate your risk
Getting the right independent contractors liability insurance in place can protect you from lawsuits, mishaps and third party property damage that can devastate your business.
Normally, you will need a few different categories of coverage for complete liability protection:
The specific independent contractors liability insurance coverage you need will be unique to your business. By working with a knowledgeable agent, you can ensure that you don’t have critical gaps in coverage that could leave you exposed to expensive legal claims.
Do you need a Business Owners policy?
The contractors general liability coverages can often be bundled with a few other coverages to create a business owners policy, or BOP.
This serves two purposes. It expands the policy to cover risks that small business owners face, and also typically results in a discount on the cost of your insurance.
Normally, this coverage will make sense for you if you have employees. A small business is basically defined as a business that has up to 100 employees and generates about $5 million or less in annual revenues.
Some of the additional coverages that can typically be bundled with a BOP include:
Property damage: This insurance covers your owned or rented property if it is damaged. This includes office buildings, storage facilities, warehouses, workshops, or garages. It does not cover commercial vehicles.
Commercial auto: Insures your cars, trucks, vans, specialized trucks or any vehicles used for business purposes.
Do You Need Workers
As an independent contractor, you may or may not need to have workers compensation insurance. Workers Compensation regulations are mandated state by state. If you are in business for yourself, and you do not have employees, you are most likely not required to buy workers comp. However, in some states you need to purchase workers comp even if you don’t employ others. If you are a contractor who employs other workers, your state will most likely require you to carry this insurance. This policy protects workers from job-related illness, injury or death. It will also reimburse workers for lost wages if they cannot go back to work. The benefit to you, as the employer, is that this coverage can help to prevent losses from employee lawsuits.
Should You Consider Professional Liability Coverage?
When you are looking for the right contractors insurance for your business, you will have many choices, including whether to buy professional liability insurance, also known as “errors and omission” insurance or “E & O.”
E & O is a liability policy that protects you if you make a mistake that causes a financial loss to a client. Similar to general liability, it will provide legal defense and claims settlements, if necessary.
You may want or need this coverage under the following circumstances:
If you utilize subcontractors, it is a good idea to make certain they are insured with professional liability as well, as they may not be covered by your policy.
How to get started on your quote
To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!