Tom's Blog
As a contractor, you hold a lot of responsibility in the palm of your hands; but if something goes wrong, will you have the right kind of insurance protection you need and deserve? At the drop of a hat, an accident can occur that could damage your building, business personal property, one of your employees, or a customer’s property, leaving YOU vulnerable to a financial disaster. Being aware of 10 important coverage options for contractors may lead to a greater peace of mind that is priceless.
Beware of Hidden Dangers!
It is time to expose some risks involved in the life of a contractor. Your standard business insurance policy does indeed provide coverage for many things, such as personal property of others in your care, general liability, and your building, to name a few, but there are many hidden risks that may not be covered or not covered sufficiently. Your N.C. independent insurance agent can assist you with the potential risks and can recommend endorsements for a nominal fee that can expand your coverage and provide a custom insurance policy designed to protect you and your contracting business.
Below are 10 important risks that you should be aware of, as a contractor:
- Unintentional damage you cause to personal property of others, while in your care, custody, and control
- Employee dishonesty, which may lead to theft of money, business supplies or business property
- Additional business expenses you may incur to continue business operations while your property is being repaired or replaced after a covered loss
- Loss or damage to business equipment and tools away from your business
- The cost to recreate damaged/destroyed valuable records and documents
- The cost to replace goods, belonging to a customer that are destroyed while installing, transporting or storing
- Not having enough business personal property insurance during your peak season, leaving your financial security at risk
- Not having your liability limits applied to additional sites without reducing limits at the first site
- The loss of accounts receivable after being destroyed/damaged as a result of a covered loss
- Fines that you may incur when a covered loss prevents you from meeting the obligations outlined in a contract
Your N.C. independent insurance agent offers affordable endorsement coverage options for a small fee while providing HUGE protection for your business needs.
Contact us at 866-869-3335 for all of your business needs TODAY!
