Posted on: December 22, 2016 by Goodrich & Watson
As a Virginia contractor, you face on-the-job risks every day. The nature of your business presents unique risks that other businesses don’t face. Virginia Contractors Insurance Programs are designed to protect you from these exposures. Depending on the size and type of contracting business you operate, you can benefit from one or all of the following insurance contractors coverages.
Contractors including plumbers, drywall installers, landscapers, and masons face unique risks. Property insurance is a standard contractor’s insurance coverage option that protects your buildings and out structures, and your property when it’s on your premises or in the field. Another standard coverage is commercial general liability coverage, which insures your business if something you or your employees does causes someone to be injured, or causes someone’s property to be damaged. If you work with hazardous materials, you may benefit from adding Pollution Liability coverage to this policy. If you’re involved in the design phase of a project (providing input for the layout of a new construction’s HVAC system, for example), errors and omissions coverage can protect you if you’re accursed of negligence or of making a costly mistake.
You probably use one or more trucks in your business, and a business auto policy will protect your vehicle, your portable equipment, and your tools that are inside the vehicle. Contractors can also benefit from equipment breakdown insurance – if your equipment fails, this coverage will provide funds to fix it. Clearly, as a contractor you face myriad risks; insurance will protect you financially.
Not only is insurance necessary to protect yourself, it’s often necessary to win business. According to The Homeowners & Trades Resource Center, there are several compelling reasons for consumers to insist that any contractor they hire carry general liability insurance. The reason is simple: If a consumer hires a contractor who lacks insurance, he or she could be held liable for injuries or property damage that occurs during the job. If you compete with other contractors for jobs, you may lose out if you can’t prove that you are adequately insured.
If you’re concerned about your risk exposures as a contractor, contact us at Goodrich & Watson. Our independent insurance agency serves residents and businesses throughout Virginia. When you turn to us to protect you and your home, automobiles, and personal valuables or your business property and assets, you can depend on our expertise, experience and attentive service.