Contractors Insurance in Modesto, CA
Do you have contractors insurance?
Contractors provide essential services and play integral roles in many projects and jobs. However, regardless of how experienced or responsible they may be, these professionals must also account for potential mishaps.
Accidents, errors and other unexpected hurdles could have far-reaching financial ramifications for contractors, their clients and other stakeholders involved in a project. With this in mind, securing appropriate insurance is critical.
What Does it Cover?
This type of insurance typically requires multifaceted coverage to account for the many risks and exposures relevant to those in this sector.
In some cases, some insurance companies may offer prearranged coverage packages that address many perils and incidents common to contractors; however, even these targeted products may require adjustments and enhancements to address a business’s unique circumstances.
In many cases, an adequate contractors insurance portfolio should likely at least include the following coverages:
- General liability insurance
- Commercial property insurance
- Business interruption insurance
- Builders risk insurance
- Workers’ compensation insurance
- Inland marine insurance
- Commercial auto insurance
- Errors and omissions insurance
Why Do Contractors Need Insurance?
Whether they are a general contractor in charge of a larger project or a subcontractor providing specialty services, these businesses should consider adequate coverage a top priority. Even a slight error could cause serious accidents, potentially leading to significant damages, extended delays and costly financial losses.
Without adequate insurance, these losses could need to be paid out of pocket, potentially devastating a contractor’s fiscal stability.
Furthermore, contractors may need to secure adequate loss control measures to even be eligible for certain opportunities. In many cases, developers and project owners may require contractors to carry specific types and levels of insurance before allowing them to bid on a job.
Similarly, customers and clients may also mandate surety bonds, which can provide a way to recoup financial losses if a contractor cannot fulfill their obligations.
We’re Here to Help
To get the best contractors insurance and bonds, businesses should work with a qualified agency, such as Goal Auto Insurance Services Inc.. Contact one of our knowledgeable agents today to learn more about your options or to get a personalized contractors insurance quote.