Would Like To Locate Contractors Insurance In Bryan Texas?

Your Very Best Source for Contractors Insurance is Service Insurance Group

Call 979-300-7345!

The functionality of a general contractor is crucial throughout the home building community. 

Due to the importance of this job, it is equally extremely important to get Contractors Insurance in Bryan Texas to ensure each incident - both common and unusual - certainly will not bankrupt your company. 

Just what are the things that could happen to place a company at risk of encountering not satisfied clients - or even a court action?

• Waivers signed by customers and personnel really do not handle all things!
• Personal injuries at the job to workers, clientele, and witnesses!
• Being held answerable for any neglectful or malevolent actions of a workman!

There are numerous comparable events that a general contractor can encounter - that is exactly why looking for Contractors Insurance in Bryan Texas is crucial to the success or lack of success of a assignment.  If you are puzzled and do not appreciate recognize how to know which Contractors Insurance meets your requirements, you will want to look for an insurance firm in Bryan Texas that understands just what you don't comprehend about Contractors Insurance and can steer a person in the correct direction. 

You have to have the assistance of the professionals at Service Insurance Group!

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Just what are some of the best explanations that any general contractor may want to consult with the workers at Service Insurance Group while looking in Bryan Texas for Contractors Insurance?

• We are right here precisely where you will need us - not off in a faraway area!
• We've been serving clients with Contractors Insurance for 27 years - we are familiar with insurance plans!
• We wish to assist you to face the dangers with the building field - that is certainly our area of expertise!

Insurance plans is quite a specialized area - being familiar with all you should understand to pick the Contractors Insurance in Bryan Texas is not attainable. 

Let the welcoming and knowledgeable personnel with Service Insurance Group become your initial and most suitable choice for Contractors Insurance - ring us today!  

Plan To Obtain Contractors Insurance In Bryan Texas?

Allow Service Insurance Group Discover The Policy Your Contracting Operation Requires!

Call 979-300-7345!

FAQs

Contractors perform a lot of services when a building is under construction – and here are some of the questions that are typically asked in regards to the insurance they need to carry!

Why do contractors need insurance?

Whether your client is a homeowner who wants to add more storage to their attic or a large corporation that needs renovations done on their offices, you're likely going to be responsible for any accidents with regards to bodily injury. Contractors insurance will protect you and your business in case one of your employees or subcontractors is injured on the job. Plus, if someone is hurt as a result of an accident at your place of business such as slips and falls, general liability insurance will cover those claims also.

What does contractors insurance cover?

Different contractor policies can vary greatly in terms of coverage, but insurance for a general contractor's employees will usually include the basics: liability protection from any injuries or property damage your company might cause that is covered by your policy; workers' compensation insurance to cover medical costs and lost wages for any injuries your employees might sustain on the job; and employer's liability insurance, which covers legal fees and any judgments against you if an employee makes a claim against your company.

It also covers bodily injury or property damage that may result from activities of anyone whom you hire to help with your business. If they cause harm to others, your insurance will cover any costs incurred by the victim.

These are usually known as umbrella policies because they "drop down" on top of more specific policies that provide workers' compensation or property damage insurance.

Is contractors insurance required for general contractors in Texas?

No, there is no law requiring contractors to have their own insurance. However if you are found to be negligent in business you will likely lose your assets and future income. If the contractor was uninsured or under-insured, you could collect damages from driving up insurance premiums for other consumers.

However, homeowners may require contractors to show proof of insurance before work begins.

Are there state requirements in Texas for general contractors who work for public employers?

Yes. Because public employees are part of the public trust, some states have passed laws requiring contractors who work on public projects to carry liability insurance for their employees while they are working on public property. This requirement is meant to protect the taxpayers in the event that a contractor or its employee causes damage or harm due to negligence while performing services for a governmental entity.

According to the Texas Department of Information Resources, contractors who work on public projects in Texas must show proof that they carry insurance for bodily injury and property damage. This type of insurance is known as an "umbrella" policy because it provides coverage above other policies the contractor may have in place for their employees or subcontractors.

What is the cost for contractors insurance based on?

Contractors insurance rates are based on your location, the risk of damage in your area, claims history, loss prevention measures you take to reduce risk and many other factors. Automobile liability coverage is usually lower because trucks, trailers and equipment are covered under commercial auto policies.

What type of contractors insurance should I get?

Although it can vary depending on your specific situation, a general contractor should look for an insurance policy that has liability protection, workers' comp coverage and employer's liability y insurance. It can also include property damage insurance, which covers damage caused to other people's property while you are working in their home or business. Umbrella policies provide additional liability off of your homeowners policy.

How do I get contractors insurance?

Most general contractors work with an insurance agent to find the policy that's right for their business. Agents review your company's risk profile and help you choose a policy that fits within your budget. But if you are strapped for time, consider working with an independent contractor who works with several different carriers to find the best policy for you.

What are contractor's insurance claim limits?

Claim limits are the maximum amount of money your insurance company will pay out in damages for one occurrence. For example, if someone alleges that your employee was negligent and damaged their property during a renovation project, it may result in a $250,000 claim against your insurance company. This is why it's very important to have high claim limits in case something unfortunate happens on the job site.

What are the most common policies for general contractors in Texas?

The National Association of Insurance Commissioners (NAIC) suggests you consider the following policy options:

• Commercial Property insurance to protect your tools and equipment, and cover costs associated with business property that may be damaged or destroyed due to fire, theft or other perils. This can also include coverage for debris removal and clean-up costs after a loss.
• Commercial Auto insurance to cover vehicles owned by your business, including trucks and trailers. This is especially important if you hire independent contractors or subcontractors who use their own vehicles on the job site.
• General Liability insurance provides protection if someone claims your business was negligent during a project that led to bodily injury or property damage. These claims can include accidents that happen on the job site, damage to homes or businesses where your company is working, and injuries sustained by your employees while they are performing work duties.
• Workers' Compensation insurance which covers medical costs for employees who are injured while on the job, including rehabilitation services. It also covers lost wages in some cases when workers can't go back to their jobs after a work-related accident.

Do I need builder's risk insurance as a general contractor?

As a general contractor, you may need builder's risk insurance if you are building or making major alterations to someone else's property.

What does builder's risk insurance cover?

Builder's risk insurance covers the materials and equipment you need to complete a job and protects them from theft or damage. It also covers your own employees while they work on site, in some cases.

What is Commercial Auto Insurance?

Commercial auto insurance provides coverage for vehicles owned by your business including trucks and trailers. It's especially important to add these vehicles to your policy if you hire independent contractors or subcontractors who use their own cars, trucks or other vehicles on the job site.

Do I need commercial auto insurance coverage?

Commercial auto insurance is considered one of the most important contractors insurance policies for contractors because it provides coverage for any vehicles, such as trucks and equipment trailers, that your company owns. It's important to add these vehicles to your insurance policy because if you don't and they get in an accident, the at-fault party could sue your business for damages.

What is Course of Construction insurance?

Essentially, this type of policy covers the costs associated with time delays on construction sites if your project encounters them. For example, say you are building a new 6-story office complex and it's nearing completion after months of work. While you get ready to move in the first tenants, an accident happens that damages some equipment and stalls the project for a few weeks. Even if the equipment was not your responsibility to maintain, you still have to pay damages out of pocket when something like this happens because it's directly related to your job site.

Is Course of Construction insurance different than Builder's Risk Insurance?

No, Course of Construction insurance is often confused with Builder's Risk Insurance. However, the two are very different policies that provide coverage for accidents that might happen on your job site during construction.

Builder's risk provides coverage for injuries to people and damage to property resulting from one particular accident. For example, if a worker falls off a roof while trying to fix shingles and injures himself, builder's risk insurance would cover the medical costs.

Course of Construction covers time delays on a project site caused by certain types of events such as weather conditions or accidents involving tools and equipment on-site. So, in the example of the office complex, Course of Construction insurance would cover additional costs associated with time delays resulting from the accident.

As a general contractor, am I liable for the work of my subcontractors?

Yes, you are considered legally liable for the work done by your subcontractors. If there is a problem with the work performed, it could result in legal action against your business.

What insurance will protect me if I am liable for the work of my subcontractors?

Besides general contractor liability insurance, there are other types of specialized subcontractor's insurance that you should consider purchasing. These policies offer coverage for errors and omissions, which means claims resulting from your subcontractors' work.

What is EPLI Insurance?

EPLI stands for employment practices liability insurance. This type of contractors insurance protects businesses from claims resulting from wrongful termination, sexual harassment and discrimination in the workplace.

If a former employee files a claim against your company for actions that took place while they were under employment, EPLI insurance would cover any legal costs or damages awarded by the court.

Do I need subcontractor errors and omissions insurance?

You may want to consider subcontractor errors and omissions insurance if you hire independent contractors that use their own cars, trucks or equipment on the job site. This type of policy covers damages resulting from things like vehicle accidents, tools being stolen or damaged during work-related tasks.

What is a surety bond?

A surety bond is a type of insurance issued by a surety company that provides financial guarantees. It's a three-party agreement, typically involving a principal (the person who needs some sort of protection), the obligee (the intended beneficiary) and the surety bond provider.

The most common reason for obtaining a surety bond is to complete a job and get paid, which is why it's sometimes called a construction bond. The principal offers the surety bond as financial assurance that they will honor their contractual agreement with the obligee. This type of project-specific contractor insurance provides protection to the obligee if the principal defaults on their obligations such as not completing work according to specifications or going out of business.