In most states, Plumbing Contractors must be licensed, and as such, they are typically required to have Commercial General Liability insurance. Unfortunately, having liability alone will not offer the financial protection for your business if an employee is injured on the job. Knowing that employment related accidents are unavoidable, the plumbing contractor needs to have a package of coverages to place a hedge of liability around your business. Tools and equipment may be lost or stolen, and trucks and vans are at risk of damage going to and from the job site. The professional plumbing contractor can rely on Fairbanks Insurance Brokers to provide the coverages needed at affordable prices, and keep you and your business financially protected from your everyday risks in the workplace. We recommend a package of coverages that consists of General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bonds.
Contactors General Liability will be the foundation of protection for your carpentry business. The coverage will respond if you or your employees are found liable for bodily injury or property damage. The coverage also covers defense costs for your business to respond to any lawsuits brought by a third party.
Many states will require carpentry contractors to provide workers’ compensation coverage for their workers in order to work in their state. Accidents happen at job sites that can result in an employee becoming injured and missing work. Your workers’ compensation coverage will provide financial assistance for medical and lost wage expenses.
Many states and customers may require carpentry contractors to offer a license or surety bond before you are allowed to bid on a job or begin working. Your bond is a financial guarantee to your state’s licensing department and your customer that you will complete the job according to your bid.
Typically, carpentry contractors will have multiple vehicles that require commercial auto insurance to make certain their vehicles can be repaired or replaced in the event of an accident, vandalism, or theft.
Also known as Inland Marine Insurance, this policy will provide for reimbursement for expenses to repair or replace tools and equipment. Your tools represent a major part of your livelihood, so we always encourage carpentry contractors to consider this valuable coverage.