The contracting industry can be a risky business unless you can anticipate mistakes or unfortunate situations that may pose a threat to your business, and secure the type of contractor insurance that covers your most inherent risks. You may assume that by having contractor insurance then you are “covered”, but what if you are faced with a claim from a customer and your insurance carrier states, “you are not covered for this” and as a result, have to pay for the claim out of your own pocket? Have you considered the following additional coverage options that are available under your Alabama contractor insurance policy?
Being in the contractor business, you understand how diverse and skillful your responsibilities are, but the insurance that provides significant coverage while minimizing risks is of utmost importance before you ever step foot on any job site. Your existing contractor business owners policy may include the typical Alabama coverage options, but what about some other add-ons that you may not have considered, but should factor adding?
Contractors Errors and Omissions (E&O)
This may also be referred to as “faulty workmanship” coverage and is designed to protect you against claims of negligent work. In your field of expertise, sometimes things go wrong, regardless of how careful you are. If you are faced with a claim from an unhappy client claiming the work performed is inadequate, late, over budgeted, or faulty, you may need to consider adding this type of coverage.
Personal and Advertising Injury Claims
Personal and advertising injury means injury that results from claims of slander/libel, malicious prosecution, or privacy invasion. You may wish to contact your local Alabama independent insurance agent to discuss whether your particular contractor business needs this type of coverage.
If you are in the business of building new construction or installing fixtures and equipment to an existing structure, you may need to consider this type of additional coverage. It may depend on how many people have an insurable interest in the construction, so it’s recommended you discuss this with your local Alabama independent insurance agent.
This endorsement is worth considering if you own a lot of tools and equipment that are utilized for your contractor business. If you are using tools and equipment, then you are probably storing and transporting them regularly and that means you run the risk of having your tools/equipment stolen or damaged. Also, this add-on can help pay the costs to accelerate a project that is off schedule as the result of a covered loss to your equipment.
Without equipment that works, you will experience a set back in your contractor business. You depend on your equipment to perform jobs at the work site and if there is a mechanical breakdown, you will suffer loss of business, incurred expenses to repair or replace the needed equipment, and upset employees who will experience loss of income as a result. Contact your local Alabama independent insurance agent to see how this additional coverage can benefit your contractor business.
Minimize Risks for a Small Fee
It’s important for you to consider all of your business coverage needs to safeguard your contractor business from the many risks inherent to this industry. The good news is that Burkett & Associates Insurance understands how hard you have worked to establish your business and have been insuring contractors since 1991. Call us TODAY at 256-704-7400 to discuss any additional coverage options, for a nominal fee, that you may need to properly protect your Alabama contractor business.