The Specialty Contractors Insurance Guide
Specialty Contractors Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Specialty Contractors Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Specialty Contractors Insurance policies they might need to do business.
Learn about Specialty Contractors Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Specialty Contractors Insurance Types
Click on the links below to learn more about Specialty Contractors Insurance types and coverages:
- What Is Specialty Contractors Insurance?
- Asbestos Abatement Contractors Insurance
- Bridge, Tunnel, And Elevated Highway Construction Contractors Insurance
- Builders Risk Insurance
- Building Equipment Erection And Installation Contractors Insurance
- Burglar, Fire Alarm and Safety Equipment Company Liability Insurance
- Carpentry Work Contractors Insurance
- Concrete Work Contractors Insurance
- Construction And Environmental Testing Laboratories Insurance
- Contractor Controlled Insurance Plan (CCIP) aka Contractor's Wrap-Up
- Contractors Design And Build Insurance
- Contractors Equipment Insurance
- Contractors Pollution Liability Insurance
- Crane And Rigging Contractors Insurance
- Demolition Contractors Liability Insurance
- Electricians Insurance
- Elevator Maintenance Contractors Insurance
- Environmental Contractor Bonds
- Environmental Remediation Contractors Insurance
- Excavation Contractors Insurance
- Fire Protection Industry Contractors Insurance
- Fireworks Displays Contractors Insurance
- Floor Laying And Other Floor Work Contractors Insurance
- Garage Door Installation Contractors Insurance
- General Contractors That Build Apartments And Condominiums Insurance
- General Contractors That Build Industrial Buildings And Warehouses Insurance
- General Contractors That Build Nonresidential Buildings Insurance
- Glass And Glazing Work Contractors Insurance
- Heavy Construction Contractors Insurance
- Highway And Street Construction Contractors Insurance
- Homebuilders Insurance
- Installation Floaters
- Land Improvement Contractors Insurance
- Lead Paint Removal Contractors Insurance
- Lead-Based Paint Renovation, Repair And Painting Insurance
- Masonry, Stone Setting And Other Stonework Contractors Insurance
- Material Handling Contractors Insurance
- Owner Controlled Insurance Plan (OCIP) aka Owner's Wrap Up Insurance
- Owners And Contractors Protective Liability Insurance
- Painting - Exterior Contractors Insurance
- Painting - Interior And Paper Hanging Contractors Insurance
- Pier And Dock Contractors Insurance
- Plastering, Drywall, Acoustical And Insulation Work Contractors Insurance
- Plumbing, Heating And Air Conditioning Contractors Insurance
- Power And Pressure Washing Contractors Insurance
- Radon Mitigation Contractors Insurance
- Residential Remodeling Contractors Insurance
- Roofing, Siding And Sheet Metal Work Contractors Insurance
- Scaffolding Contractors Insurance
- Snow Removal Contractors Insurance
- Storage Tank Installation And Removal Contractors Insurance
- Structural Steel Erection Contractors Insurance
- Surety Bonds For Small Contractors
- Swimming Pool Contractors Insurance
- Terrazzo, Tile, Marble And Mosaic Work Contractors Insurance
- Utility Systems Construction Contractors Insurance
- Water Well Contractors Insurance
- Truck Servicing Operations Insurance
- Welding Insurance
- Wrap-Up Insurance
- What Does Specialty Contractors Insurance Cover & Pay For?
What Is Specialty Contractors Insurance?
Specialty contractors insurance is a specific type of insurance coverage that is designed to protect specialty contractors from a variety of risks associated with their work. Specialty contractors are those who perform specific types of work, such as plumbing, electrical, or HVAC, and may require specialized insurance coverage to protect against the unique risks associated with that work.
Specialty contractors insurance typically includes liability coverage, which can protect the contractor from financial losses if they are held liable for damages or injuries caused by their work. For example, if a plumber installs a faulty pipe that causes a flood in a client's home, the plumber may be held liable for the damages caused by the flood. Liability coverage would help to cover the costs of any legal fees or settlements related to the incident.
In addition to liability coverage, specialty contractors insurance may also include coverage for property damage and loss. This can include damage to equipment and tools, as well as any materials or supplies that are lost or stolen while on the job. For example, if a contractor's tools are stolen from a job site, the contractor may be able to make a claim for the cost of replacing those tools.
Another important aspect of specialty contractors insurance is workers' compensation coverage. This type of coverage is designed to provide financial support to employees if they are injured on the job. This can include medical expenses, lost wages, and other benefits related to the injury. For example, if a plumber is injured while working on a client's home, workers' compensation coverage would help to cover the costs of medical care and lost wages.
Specialty contractors insurance can also include other types of coverage, such as umbrella liability coverage, which provides additional liability protection for the contractor. It also includes professional liability coverage, which can protect the contractor from financial losses related to errors or omissions in their work. This can include mistakes made while designing or installing a system, or failure to properly maintain equipment.
In conclusion, specialty contractors insurance is a type of insurance coverage that is designed to protect specialty contractors from the unique risks associated with their work. It typically includes liability, property damage, and workers' compensation coverage, as well as additional coverage options like umbrella liability and professional liability. With the right insurance in place, specialty contractors can feel secure in the knowledge that they are protected against financial losses related to their work.
What Type Of Insurance Do Asbestos Abatement Contractors Need?
At one time, many public buildings, offices, and school buildings used asbestos materials in their construction because of their ability to reduce the spread of fire. Those once-touted products have since been found to be extremely toxic. As buildings that contain asbestos are remodeled, remediated, or demolished, contractors must first remove or contain any asbestos material in them before starting any other construction activities. Liability insurance coverage on specialized asbestos abatement contractors is extremely difficult to place.
What Type Of Insurance Do Bridge, Tunnel, And Elevated Highway Construction Contractors Need?
Contractors working on bridges, tunnels, and elevated highways work under very dangerous conditions while operating extremely heavy and expensive equipment. These projects are long-term so stability of coverage is vital. Mistakes made at any stage of construction can be deadly and expensive.
What Is Builders Risk Insurance?
Builders risk coverage forms insure buildings and other structures that are under construction. They are available for a single structure or multiple structures. Premiums can be paid at inception or be based on a deposit premium and periodic reports of value accompanied by premium payments. Coverage is usually for "all risk" perils or causes of loss and may include earthquake, flood, and collapse. Endorsements are used to broaden, limit, or customize coverage as needed. Deductibles are required.
What Type Of Insurance Do Building Equipment Erection And Installation Contractors Need?
Contractors that install equipment in buildings may work on a jobsite for as little as a day or for more than a year, depending on the nature of the work and the equipment being installed. While they don't manufacture the equipment, they install it and must be certain that it is in proper working condition before the job is complete. The installation floater, general liability, and workers compensation exposures are extensive.
What Is Burglar, Fire Alarm and Safety Equipment Company Liability Insurance?
The insurance industry strongly encourages its clients to purchase a variety of safety equipment, but few insurance companies are willing to insure safety equipment providers. Manufacturers, distributors, and businesses that install and service fire extinguishers, burglar alarms, sprinkler systems, and ventilation hoods with extinguishing systems for restaurants often find that only specialty markets can arrange coverage for their unique exposures and needs.
What Type Of Insurance Do Carpentry Work Contractors Need?
Carpenters erect the structural portion of dwellings and commercial wood frame buildings. If their work is faulty or not done correctly, all work that follows is also faulty.
What Type Of Insurance Do Concrete Work Contractors Need?
Concrete contractors pour the foundations and basements that are the start of any building. A mistake in the concrete can result in a new building being torn down after cracks or faults begin to appear. Concrete work contractors also build sidewalks, driveways, and many other projects that involve concrete. The mix-in-transit concrete trucks are top heavy resulting in a significant automobile liability and physical damage exposure.
What Type Of Insurance Do Construction And Environmental Testing Laboratories Need?
Contractors, consultants, and engineers need the services of special testing laboratories to sample and analyze ground water, waste, waterways, air quality, soil, and hazardous waste. These laboratories may be independent contractors or may operate in connection with environmental consultants or engineering firms. Some labs are mobile and are transported to construction sites. Separate insurance programs are available for testing laboratories involved in acoustics and vibration, biological, chemical, construction materials, electrical, geotechnical, asbestos, mechanical, and thermal testing. Professional liability and pollution liability coverage is available.
What Is A Contractor Controlled Insurance Plan (CCIP) aka Contractor's Wrap-Up?
General contractors may purchase liability and workers compensation insurance for all operations on a specific construction project, including those performed by subcontractors. Many states have criteria for approving such programs and they must meet certain contract cost requirements. The use of wrap-ups brings all construction insurance costs and coverages into a single workers compensation policy and a single CGL policy, which can eliminate gaps in coverage and non-concurrency of limits and policy language.
What Type Of Insurance Do Contractors Design And Build Need?
The design and build concept of construction contracts consists of a contractor and architect under the construction firm's management being responsible for the project from its inception through the design process, during construction, and until it is completed. The construction firm may have its own design capability, own a subsidiary design firm, or hire an independent architect and engineering firm. One important feature of this coverage is professional liability for the construction firm that has both design and build functions.
What Is Contractors Equipment Insurance?
This inland marine coverage insures contractors' equipment on a scheduled or blanket basis. For many contractors, their major assets are equipment, such as cranes, power shovels, tractors, and bulldozers. Large items can be specifically scheduled, while a blanket limit may be used for smaller items. Tool coverage, including employee tools, can also be provided. Coverage is often based on all risk-type perils or special causes of loss and is tailored to suit the individual insured's needs. A deductible sufficient to eliminate smaller, petty pilferage losses is preferred. Special limitations on crane usage are common.
What Is Contractors Pollution Liability Insurance?
This coverage provides both sudden and gradual pollution coverage for contractors. This insurance is off-premises coverage at job sites where the contractor is working for others. It covers both third-party damages and cleanup costs.
What Type Of Insurance Do Crane And Rigging Contractors Need?
Crane operators and riggers are high-risk businesses. Huge bodily injury losses that could financially ruin a large operation if uninsured or inadequately insured are possible. Exposures also include damage to property, such as destruction of a building, bridge, or train track. There is also the consequential loss of use to utility customers if utility lines are damaged. High liability limits are necessary and commercial liability umbrellas should be used to provide additional limits. Crane and derrick contractors, rigging, and millwright contractors are eligible.
What Is Demolition Contractors Liability Insurance?
Demolition operations are extremely hazardous, especially in urban settings. The use of explosives and the ever-present danger of building collapse during demolition present significant liability exposures to the general public and to adjacent structures that are not being demolished.
What Type Of Insurance Do Electricians Need?
Electricians frequently work under extremely hazardous conditions. The type of equipment involved and the structures where they perform operations determine the degree of hazard. When a fire occurs, the electrical work and the electrician who did it are usually the first suspects. The workers compensation exposure is also significant, particularly for those working on commercial projects. These companies understand and write this class of business:
What Type Of Insurance Do Elevator Maintenance Contractors Need?
Elevator maintenance and repair contractors are difficult to insure because of the serious losses that may result from an elevator failure. Special programs are available that include commercial general liability and completed operations liability coverages. Excess liability coverage is also available. Property damage liability deductibles may be required.
What Are Environmental Contractor Bonds?
Bid and performance bonds for contractors engaged in pollution cleanup and other environmental work are available from specialty insurers. These bonds supplement the pollution liability, commercial general liability, and auto liability coverages available to these contractors. Surety limits are provided on a per-job basis and can be substantial.
What Type Of Insurance Do Environmental Remediation Contractors Need?
Environmental remediation contractors clean up contaminated properties. Their liability exposures include inadequate or incomplete remediation; spread of contaminated soil during remediation or excavation; atmospheric emissions from remediation activities; contamination of aquifers; rupture of underground utilities or pipelines; spills or leakage from contractors' tanks; mixing of incompatible materials/wastes that results in fire, explosion or release of hazardous vapors; and improper tank installation. General liability, pollution liability, and professional liability policies can be written on a blanket basis or on a specific project.
What Type Of Insurance Do Excavation Contractors Need?
Insurance for excavation contractors can be difficult to place because all excavation work is inherently dangerous. There are liability issues related to the creating of ground instability on the property when working along-side neighboring locations. There are significant workers compensation concerns when working at building sites to remove basements, pilings, and concrete piers that previously supported buildings that were demolished. There are also equipment concerns because of the potential of equipment turning over or being damaged, Coverages available include commercial general liability and completed operations liability. Coverage for underground, collapse, and explosion hazards is very important and is usually available for an additional premium charge. Contractors' equipment coverage is also difficult because of the potential for equipment to overturn.
What Type Of Insurance Do Fire Protection Industry Contractors Need?
These are service contractors that sell, service, install and repair fire protection and suppression systems such as sprinklers, extinguishers, fire extinguishing systems, grease cleaners, and wet chemical fire suppression. Package programs are available that cover general liability, products liability, and errors and omissions. Some also cover incidental alarm installation.
What Type Of Insurance Do Fireworks Displays Contractors Need?
The inherent danger that explosives present, coupled with the catastrophe exposure to large numbers of spectators over whom the sponsoring organization exercises little control results in this being a difficult coverage to place. Shopping centers, municipalities, and civic and fraternal organizations will arrange fireworks displays to attract the public and contract with a fireworks specialist. The contractor purchases specific insurance for each display. Small contractors are especially difficult to place because the receipts they generate do not support their paying a significant premium.
What Type Of Insurance Do Floor Laying And Other Floor Work Contractors Need?
Contractors that install floor coverings may be party to any lawsuit brought by an individual who slips and falls on the installed floor covering. Floor coverings must be installed so that the floor can be traversed without tripping. Environmental problems can arise from the adhesives Contractors finishing chemicals used. A serious problem to consider is the removal process for any existing asbestos-backed linoleum or tile. Installation floater, general liability, and workers compensation coverages are all important.
What Type Of Insurance Do Garage Door Installation Contractors Need?
Garage door installation is extremely dangerous because of the need to precisely attach and adjust the spring mechanism. An employee can be severely injured during the installation. The garage owner can sustain a significant bodily injury and/or property damage if the spring installation should release unexpectedly.
What Type Of Insurance Do General Contractors That Build Apartments And Condominiums Need?
General contractors that specialize in apartment and condominium building construction often perform the carpentry portion but subcontract out the remaining operations. This class of business is increasingly difficult to place, particularly in the West and Southeast, due to mold and construction defect claims.
What Type Of Insurance Do General Contractors That Build Industrial Buildings And Warehouses Need?
General contractors involved with industrial and warehousing operations must work closely with the building owners to develop plans for heavy equipment installations. These projects can be of a long-term duration and may depend on the dates the equipment is manufactured. Subcontractors perform most of the actual building and the general contractor supervises them. Some builders risk exposures can be significant.
What Type Of Insurance Do General Contractors That Build Nonresidential Buildings Need?
General contractors that construct other types of commercial buildings often specialize based on the project's size. Smaller projects may be strip shopping centers or retail-type buildings while others may specialize in high-rise office complexes. The exposures vary based on the scope of the project. However, most general contractors provide only jobsite supervision on work that subcontractors perform.
What Type Of Insurance Do Glass And Glazing Work Contractors Need?
Glass and glazing contractors face exposures based on the types of jobs handled and the work performed. Installing windows in high-rise buildings presents a much greater potential for both general liability and workers compensation losses than repairing or replacing automobile windshields. The vehicles these businesses use are specially designed to transport glass safely. Installation floater exposures can be substantial.
What Type Of Insurance Do Heavy Construction Contractors Need?
This class applies to commercial contractors not considered artisan contractors and not otherwise classified. Most have significant equipment values and workers compensation exposures, with liability exposures based on the type of work performed.
What Type Of Insurance Do Highway And Street Construction Contractors Need?
These contractors have serious workers compensation and liability exposures because they are involved with the public. In addition, many use specialized and expensive equipment to perform the necessary work. Insurance on long-term highway projects may be written in wrap-up programs.
What Type Of Insurance Do Homebuilders Need?
Homebuilders are general contractors that specialize in residential 1-4 family dwellings. Some have no employees and use only independent contractors while others employ framing crews and use independent contractors only as needed. Construction defects claims are a major concern that has caused many carriers to significantly restrict coverage for defects or eliminate defect coverage entirely. Other coverages most homebuilders need are property/inland marine, builders risk, employee benefits liability, crime, auto liability and physical damage, and umbrella liability. When homebuilders employ crews, workers compensation coverage is also needed.
What Are Installation Floaters?
High-valued installation floaters are written on extremely large projects that require the installation of large and/or elaborate and/or complex pieces of machinery and equipment. This work takes place at the customer's location and can last many months or even years. The owner usually does not accept the project until all required testing is completed successfully. The large sums of money invested in this machinery and equipment, the relative scarcity of such equipment and component parts, and the length of time required to complete the installation combine to make high-value installation floater insurance a specialty line few underwriters provide. This coverage is usually written on inland marine coverage forms.
What Type Of Insurance Do Land Improvement Contractors Need?
These contractors specialize in excavating, improving, and grading land sites to prepare them for development and eventual construction of buildings. Insurance programs for this class of business usually provide coverage for property and liability, automobiles, contractor's equipment, buildings, and contents. Umbrella coverage should be part of the program.
What Type Of Insurance Do Lead Paint Removal Contractors Need?
Lead additives were eliminated from paint used in residential and commercial applications in 1978. Many buildings painted before that date still have lead exposures because paint that chips exposes previous layers of paint. Lead paint removal contractors remove the lead paint so that it no longer poses a problem.
What Is Lead-Based Paint Renovation, Repair And Painting Insurance?
The Environmental Protection Agency (EPA) guidelines require contractors or landlords that renovate, repair, or paint structures built prior to 1978 to be certified. Any type of defined major activity must be performed within the EPA guidelines in order to prevent lead contamination. This coverage provides bodily injury and property damage caused by the lead contamination related to these renovation activities.
What Type Of Insurance Do Masonry, Stone Setting And Other Stonework Contractors Need?
These contractors finish building exteriors and also do interior work. The ones that do exterior work may do so at heights and this presents serious liability and workers compensation exposures and concerns.
What Type Of Insurance Do Material Handling Contractors Need?
This coverage is designed for contractors that have significant care, custody, and control exposures for property of others, such as crane, derrick, and dragline operators, rigging contractors, and millwrights. Insurance coverage forms and policies are available that provide commercial general liability coverage, including coverage for property of others in the insured's care, custody, and control for hoisting and rigging. Additional limits are available through umbrella liability as well as coverage for the insured's contractor's equipment.
What Is Owner Controlled Insurance Plan (OCIP) aka Owner's Wrap Up Insurance?
Building project owners may purchase liability and workers compensation insurance for all operations at their specific construction projects, including those performed by the general contractor and all subcontractors. Many states have stringent criteria for approving such programs and they must meet certain contract cost requirements. The use of wrap-ups brings all construction insurance costs and coverages into a single workers compensation policy and a single CGL policy, which can eliminate gaps in coverage and non-concurrency of limits and policy language.
What Is Owners And Contractors Protective Liability Insurance?
The OCP policy provides liability coverage for a named insured who is sued for injuries related to the actions of a contractor working on his or her behalf. The contractor purchases the coverage but the owner/contractor for whom the contractor works is the named insured. Coverage is limited to bodily injury Contractors property damage that results from operations of a contractor while working for the named insured. Coverage is limited to a specific project or contract and ends when the project is complete or the terms of the contract are fulfilled.
What Type Of Insurance Do Painting - Exterior Contractors Need?
The type of structure being painted and its location largely determines the loss potential for this class of business. Bridge painters must contend with traffic, wind, and working at heights. Commercial building painters must contend with traffic congestion and pedestrians. The type of paint used and exposure to its fumes are additional concerns. Paint overspray is always a concern but may not be insurable in every case.
What Type Of Insurance Do Painting - Interior And Paper Hanging Contractors Need?
These contractors work in residential and/or commercial settings and in both new and existing buildings. The type of paint and adhesives used and the amount of and height of scaffolding are important workers compensation concerns. Wallpaper costs can vary, especially if they are custom made, and can necessitate significant installation floater limits.
What Type Of Insurance Do Pier And Dock Contractors Need?
The water exposure is significant so these contractors must carry both land-based and ocean-based coverages. Coverages for injury to employees is especially difficult because the employer may be required to satisfy state workers compensation laws as well as federal laws such as the Jones Act and the Longshore and Harbor Workers Compensation Act. These contractors have significant general liability exposures but may also have protection and indemnity (P&I) exposures when they work on the water. In addition, many of them own watercraft from which they perform operations.
What Type Of Insurance Do Plastering, Drywall, Acoustical And Insulation Work Contractors Need?
These interior contractors perform most of their work in enclosed buildings or structures. The major exposure is workers compensation due to significant lung-related occupational diseases. Liability exposures are normally limited, but past problems have been associated with allergies and illnesses on the part of building occupants.
What Type Of Insurance Do Plumbing, Heating And Air Conditioning Contractors Need?
These contractors provide some of the basic services that nearly every building or structure needs. Their installation floater exposures are increasing because of the increase in the cost of metals. This also means extra security is often needed even after the installation is complete but before the entire job is finished and the contractor leaves the site. The contractor's size and the nature and scope of its projects determine market availability and the premium charged.
What Type Of Insurance Do Power And Pressure Washing Contractors Need?
Home and business exteriors require regular cleaning to maintain the property's appearance and to keep them from deteriorating. Pressure and power washers use high pressure streams of water to remove accumulated grime. These contractors' primary exposures are general liability, workers compensation, automobile and inland marine.
What Type Of Insurance Do Radon Mitigation Contractors Need?
This is professional liability coverage for contractors and laboratories that test for the presence of radon gas in the soil surrounding residential or other buildings. These contractors also provide services to remove or eliminate radon from the property.
What Type Of Insurance Do Residential Remodeling Contractors Need?
These contractors make one or more changes to residential properties. Some use their own crews to handle all the work. Others may subcontract some or all of the work to others. They supervise all work performed on behalf of the property owner.
What Type Of Insurance Do Roofing, Siding And Sheet Metal Work Contractors Need?
Most roofers are small contractors that tend to hire young and inexperienced persons who must work at elevated heights and/or on uneven surfaces. The use of hot tar on some roofs is an additional hazard. Workers compensation rates are high due to the nature of the activity and working at heights. These contractors also need liability coverage and bonds.
What Type Of Insurance Do Scaffolding Contractors Need?
Scaffolding risks present difficult liability exposures due to conducting operations at great heights. Workers compensation losses are a major concern. Liability exposures are due to tools and other objects dropped from scaffolds and onto other workers, pedestrians, or vehicles. In addition, incorrectly assembled scaffolding may collapse and injure workers and third parties. Loss control and carefully following safety rules is very important.
What Type Of Insurance Do Snow Removal Contractors Need?
There are different types of snow-removal contractors. Individuals add a blade to their pick-up or SUV and remove snow for neighbors and local businesses in order to provide service and obtain supplemental income. Other contractors provide the service as an extension of their landscaping or other seasonal type operations. These contractors may have employees and remove snow as a primary source of wintertime income. In either operation, the primary exposure is automobile liability and physical damage.
What Type Of Insurance Do Storage Tank Installation And Removal Contractors Need?
This is a special pollution liability policy available for contractors that remove, install, or maintain underground or aboveground petroleum storage tanks and systems. It insures against claims that involve sudden or non-sudden releases of petroleum products that cause environmental damage. Deductibles apply and are used.
What Type Of Insurance Do Structural Steel Erection Contractors Need?
Structural steel forms the skeleton of many commercial structures. Any errors in the construction process can violate the entire structure's structural integrity. Employees often work at heights. Cranes and other large, expensive contractor's equipment must be used. Substantial inland marine equipment schedules, significant liability exposures, and potential for serious workers compensation injuries make this a difficult class to insure.
What Are Surety Bonds For Small Contractors?
It can be difficult to find bond markets willing to write coverage on contractors just starting in business. A number of programs are available for contractors that have less than $500,000 in annual revenue. Coverage is available for performance, payment, and bid bonds for a variety of small and artisan contractors. Sureties examine the contractor's stability as well as its financial management. After a few jobs are completed successfully and without default, these risks improve substantially and the account can grow with the agent, who usually also writes the contractor's commercial general liability and commercial auto lines of business.
What Type Of Insurance Do Swimming Pool Contractors Need?
Backyard swimming pools are common and many home owners have permanent pools installed. Installation involves preparing the ground and installing concrete or wooden decks, piping, pumps, and filters. Other ancillary facilities in the pool area may be included, such as dressing rooms, showers, hot tubs, and slides. Using chemicals to purify the water or to eliminate mold or algae adds to the risk. Specialty contractors do the installation and maintenance. Liability exposures arise from swimmers who drown or are injured due to negligence in installation or maintenance work.
What Type Of Insurance Do Terrazzo, Tile, Marble And Mosaic Work Contractors Need?
These contractors work inside and outside both residences and businesses. Most work requires scaffolding which increases both liability and workers compensation exposures and loss potential. High installation floater limits may be needed due to the value of the materials being installed. Having expensive materials on hand increases the potential for theft losses.
What Type Of Insurance Do Utility Systems Construction Contractors Need?
Contractors that build and maintain water and sewer systems, oil and gas pipelines, and communications systems are in the utility systems construction business. This requires that they use specialized equipment in their work. Projects are usually large and some of them can last several years. The size and complexity of these contractors requires underwriting and claims specialists and risk managers. Some of these projects are written in wrap-up insurance programs.
What Type Of Insurance Do Water Well Contractors Need?
Water well contractors drill for water. However, they may also monitor wells and drill for soil samples. There are liability exposures from the initial on-site drilling activity as well as continuing existence hazards if they have monitoring responsibilities. Drilling rigs present a significant property exposure because of their values, the potential of equipment being lost in the well, and the difficulty in obtaining proper equipment valuation. These rigs are often in undeveloped areas which can result in significant over-the-road and off-road potential for overturn and vandalism.
What Type Of Insurance Do Welders Need?
Welders are subcontractors that use arc welding techniques to bring together two pieces of material. The material is actually melted in bringing the pieces together. Additional material may be added during the melting to cause the joint to be stronger than the pieces. An improper weld can cause the equipment Contractors a structure to rip apart causing significant property damage and/or bodily injury. Coverage is needed for the equipment including tanks of welding material and the liability including the completed operations exposure.
What Is Wrap-Up Insurance?
General contractors Contractors project owners may purchase liability and workers compensation insurance for all operations on a specific construction project, including those that subcontractors perform. Many states have criteria for approving such programs and they must meet certain contract cost requirements. The use of wrap-ups brings all construction insurance costs and coverages into a single workers compensation policy and a single CGL policy which can eliminate gaps in coverage and non-concurrency of limits and policy language.
What Does Specialty Contractors Insurance Cover & Pay For?
Following are some examples of Specialty Contractors Insurance claims and the corresponding insurance coverages that can help pay for them:
1. Claim Example: A custom cabinetry contractor incorrectly measures and installs a set of cabinets in a high-end residential property. This results in significant property damage and requires a complete do-over of the installation, which incurs additional costs and delays the project. How Specialty Contractors Insurance Helps: Specialty Contractors Insurance can cover the costs associated with the damages. This includes the cost of removing and replacing the incorrectly installed cabinets and repairing any associated property damage. The insurance can also cover the legal defense costs if the homeowner decides to sue the contractor for the delays and the mistakes made.
2. Claim Example: An HVAC contractor inadvertently causes a gas leak while installing a new heating system, leading to an explosion that causes property damage and injures several people. How Specialty Contractors Insurance Helps: The contractor's insurance policy would cover both the property damage and the medical expenses of the injured parties. Additionally, if any of the injured parties decide to sue the contractor, the insurance policy would cover the legal defense costs and any settlements or judgments that might result from the lawsuit.
3. Claim Example: A roofing contractor fails to properly secure a work area, and a passerby is injured by falling debris. How Specialty Contractors Insurance Helps: The insurance would cover the medical costs of the injured party. It would also provide coverage for legal defense costs if the injured party decides to sue for negligence. If the lawsuit is successful, the insurance could also pay for the damages awarded to the injured party.
4. Claim Example: An electrical contractor installs wiring in a new building. Later, it is discovered that the wiring is faulty and poses a fire risk, requiring immediate replacement. How Specialty Contractors Insurance Helps: The insurance policy can cover the costs associated with replacing the faulty wiring and any associated property damage. If the building owner decides to sue the contractor for the faulty work and the risk it posed, the insurance can cover the legal defense costs and any potential settlements or judgments.
5. Claim Example: A plumbing contractor is accused of stealing expensive equipment from a job site. How Specialty Contractors Insurance Helps: If the contractor has a policy that includes coverage for theft, the insurance can cover the cost of the stolen items. If the property owner sues the contractor over the alleged theft, the policy can also cover the legal defense costs and any settlements or judgments.
Specialty Contractors Insurance - The Bottom Line
We hope that the Specialty Contractors Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp