Contractors Insurance in Vermont
Contractors around Vermont provide many services for homeowners, corporate clients, small businesses, cities, and towns. On a daily basis, they are taking risks working at heights, with heavy equipment, lifting, and other tasks. In this line of work, accidents happen. However, if an accident occurs on a job site, your contracting business could be held liable for the injuries and damages that result. Contractors insurance can help cover these and other expenses to financially protect your business.
Vermont Contractors Insurance
While you try to run a safe contracting business, the job is inherently risky. Regulations set forth by Vermont and federal organizations can help to keep your employees as safe as possible, but even if you follow all the rules, your business can be legally liable for damages that occur. In addition to injuries to your employees and bystanders, you must also be concerned with theft, fire, and storm damage. Contractors insurance can provide a broad range of protection for these and other risks.
Contractors Insurance Coverage
Contractors can perform a variety of jobs, including building, roofing, plumbing, and more. To account for this, there is no one insurance policy that can provide full and comprehensive coverage for a contracting business. Rather, your insurance agent can help you develop a contractors policy, combining the coverages your business needs most. By tailoring it to your needs, you can better get the coverage you need while staying within the budget you can afford. Some policies you may need include:
- General Liability Insurance
- Property Damage Liability
- Business Owners Policy
- Bodily Injury Coverage
- Workers Compensation Insurance
- Disability Insurance
- Business Interruption Insurance
- Commercial Auto Insurance
- Inland Marine Coverage
- Equipment Floaters
- Product Liability and Completed Operations/Product Coverage
- Professional Liability
- Pollution Insurance
To get the right coverage, you should be prepared to discuss with your agent your employees and subcontractors, types of projects you work on, and equipment you own. This will help your agent to understand the scope of your business and guide you towards the coverages that will be most valuable to you.
Because of the scope of the projects many contractors take on, subcontractors can be a valuable addition to the team. By providing expertise in a specific area, the work can be completed quickly and to a higher standard than you may have otherwise produced. However, hiring subcontractors introduces additional risks, as you may be taking on responsibility for their errors and injuries they cause.
All employees in VT must be covered by workers compensation insurance, to help cover medical expenses and salary reimbursement for workplace injuries. Your workers comp premiums are based on the risk profile for each employee you hire, which can include subcontractors. To avoid this expense, you should try to only hire subcontractors who carry their own workers compensation insurance, as well as other relevant insurance policies.
If a subcontractor makes an error on your job, you may be held liable and be forced to pay for any injuries or damages. If you plan on hiring subcontractors, you may want to add independent contractor liability to your contractors package. This policy helps to cover the work done by your subcontractors.
Contractors provide a valuable service to many across Vermont. However, the job is not without risks. Whenever injuries or damages occur, you could be financially liable to pay for them, putting your business’s finances in jeopardy. Purchasing a contractors insurance package can provide comprehensive protections for your business against the financial losses associated with injuries, damages, and other losses that may occur.