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Raleigh Contractors InsuranceContractors need to be aware of the risks and hazards that can occur in their line of work. They also need to know how to protect their business from lawsuits. Many dangers exist on a worksite that can lead to accidents or injuries involving employees and the loss of equipment. Different types of coverage can be purchased to ensure that contractors are protected from financial disaster. Let's have a look at some of them.

Professional Liability Insurance

There is an important distinction between commercial general liability insurance and professional liability insurance that every contractor needs to understand. A general policy only covers liability arising from bodily injury or tangible property damage and does not cover economic damages. Economic damages can be the result of errors or omissions caused by a professional service. If a contractor subs out professional services, the sub may have their own insurance, but if they go out of business or their policy limits are not adequate, the contractor could be financially responsible.

Environmental Insurance

Construction sites can be vulnerable to accidents that cause environmental damage, such as water or soil contamination. In these situations, employees can also be exposed to fumes or other hazardous materials. If a contractor is sued to cover the cost of cleanup or medical bills, this specialty environmental insurance policy will provide the necessary protection.

Workers Compensation

Because of the risky business of construction, this type of insurance is critical. Workers compensation insurance is required for employees and contractors in almost every state. This type of insurance protects both the worker and the homeowner if liability claims are filed. If a contractor is injured while working for a homeowner, the owner is protected against future liability.   It also protects the contractor from civil litigation involving employees and their family in the event that an employee is injured or killed on the job.

Course Of Construction Insurance

During the course of a project, buildings, materials, fixtures, or equipment may require repairs or replacement for a number of reasons, including fire, wind storms, theft, and vandalism. This type of insurance will cover these costs in case this kind of damage occurs. 

Contractors General Liability Insurance

This insurance is purchased to protect a contractor from liability caused by injury and damages or contractual liability and, in most cases, needs to be in place before a contractor can start a job. When purchasing this insurance, contractors should consider some of the following factors: the complexity of the project, income and salaries, and requirements for subcontractors to have general liability.

When reviewing  types of Raleigh Contractors insurance policies, consider consulting with a professional for better understanding. Please give ACF Insurance Services, Inc a call at 919-878-7786 to discuss these policies.

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