Business InsuranceCEIS Operations
As a business owner, it can be overwhelming to determine the kinds of insurance coverage that your contractors require in order to their job with as little risk to you or them as possible. At Contractor’s Edge Insurance Services, finding you the perfect coverage you need at the best price possible is our top priority. Read on for a brief look at some of the aspects of insurance for businesses.
Business Owners’ Policies
In most circumstances, general liability coverages can be bundled together for a business owner’s policy, which will typically cover the risks small businesses will face as well as providing a discount. If your business has 100 employees or fewer, and earns less than $5 in revenue per year, then it will likely be defined as a small business.
General liability provides two different types of protection to your contractors, protecting you against both bodily injured and property damage caused by you or your contractors and will cover any legal fees or settlement amounts.
On top of general liability, coverages that can be bundled with a business owner’s policy include:
Commercial vehicle insurance, which will protect any company vehicles you own for business purposes.
Property damage insurance protects you against any buildings you may rent or own for your business, from office buildings, to garages and warehouses.
Business income insurance protects you from losing income for up to 12 months if your business is interrupted due to a covered loss.
What About Professional Liability Insurance?
If your business typically provides clients with professional advice, consulting, or if your state just requires it, then you’ll probably want professional liability insurance, also known as errors and omissions, or simply “E & O.”
E & O coverage will protect you against any mistakes you or your contractors make that lead to a client incurring financial losses. If necessary, this insurance coverage will provide legal defense and claims settlements.
Also, if your business employs subcontractors, they may not be covered by general liability, so you may want to ensure that they have professional liability insurance.
If you’d know to know more about the insurance plans and types of coverage available to you as a business owner to protect you and your contractors, just contact us and we at Contractor’s Edge will be happy to help.