Construction sites, home remodeling jobs, and city planning developments are hard to miss because of all of the construction equipment on site. Bulldozers, forklifts, and cranes are commonplace on most city streets, and these large pieces of machinery are essential for getting most building projects done. For contractors working for a business, municipality, or private employer, along with other professionals like masons and landscapers, contractors equipment insurance is an important aspect of taking part in a redesign, building, or restoration project. For excavators, loggers, and others in need of contractor’s insurance, or contractors looking to change or add coverage to their current policy, an independent business insurance agent can be of assistance.
Equipment Floaters for Contractors
Typically, contractors equipment insurance covers items like bulldozers, pavers, compressors, and graders. When buying coverage, it can be important to know that a machinery manufacturer, or retailer may also be insured under a policy, along with cities or other government entities. One of the first things an independent insurance agent will want to know is if, besides a contractor or other worker, another person or entity should be named as loss payee under a contractors equipment insurance policy or additional insured under the liability policy.
In working with contractors or others looking to buy or change their contractors equipment insurance, an independent commercial insurance agent will probably discuss how equipment or tools covered under a policy may be owned by the insured, but that they might also be rented, or leased from another company or individual. Also, an independent agent will probably mention that contractors equipment insurance is typically offered through what is called a “floater” policy because it can cover equipment while it is used at one job site, and then “float” along with the machinery or tools to another locale. An independent insurance agent will also mention that most policies cover contractors’ equipment in case it is stolen or vandalized, damaged because of bad weather, or lost in a flood or earthquake. He will ask what steps are taken to prevent theft.
An experienced independent business insurance agent will probably ask a contractor or other individual or business buying contractors equipment coverage whether they have a builders risk insurance policy, since contractors equipment insurance is often included with that kind of coverage. If not, depending on the circumstances, he may recommend that both are purchased at the same time, and through the same insurer, which can be more affordable and provide more extensive coverage in case of a claim.
In discussing coverage with an independent business insurance agent, individuals buying contractors equipment insurance can expect that he will mention that they should work together to draw up a schedule, or list of equipment to be covered under a policy. He will probably note that more expensive machinery should be documented individually, while smaller items like hand tools might be able to be listed together. He will probably mention that most insurance providers pay out the actual cash value of equipment if there is a claim, but that this will depend on the policy selected, and the particular insurer. He will review deductible options.
An independent insurance agent might mention that if a contractor, carpenter, or roofer with a contractors equipment insurance policy buys any new tools or machinery, they should report this to their insurance company, since some policies do not automatically expand coverage to newly purchased items. These and other factors that are important to understand when buying contractors equipment insurance might not be obvious without the guidance offered by a trusted independent insurance agent. With coverage through an independent commercial insurance agent, if a hammer, power shovel, or hoist is damaged, or lost, contractors, painters, or other professionals know that although they may be faced with a claim, they can rely on their contractors equipment insurance policy.
Commercial General Liability Insurance for Manufacturers and Contractors
For manufacturing that occurs at a business’s warehouse or other facilities, or construction projects in various locations, company owners should safeguard their organization in case of a claim resulting from damage, injury, or other harm to a person or property. In the course of manufacturing goods, businesses often use powerful equipment. Employees may operate powerful machinery, wield a variety of tools, or have access to sharp, heavy, or otherwise dangerous materials. Likewise, for contractors performing construction, installation, and other projects, similar risks related to the resources used by employees in the course of their work, along with the locations where such work is performed, can subject contractors to the possibility of a claim as a result of an injury or accident at a job site. They need the protection of worker’s compensation coverage.
To shield themselves and their company from being held financially or legally responsible in the event of an incident involving the public, business owners should have manufacturers and contractors commercial general liability coverage as a part of their business insurance policy.
An experienced independent insurance agent can guide local business owners through the process of choosing a commercial general liability insurance policy that includes manufacturers and contractors coverage including completed operations566. Depending on the provisions of a particular policy, manufacturers and contractors liability insurance can cover claims arising from contracting operations, or manufacturing by a business, and can cover those engaged in the construction, or manufacturing jobs. An independent insurance agent can also explain exclusions and limitations found in most manufacturers and contractors liability insurance, including those for damage to property as a result of a collapse or explosion, harm resulting from the actions of a subcontractor, and auto insurance coverage.
In meeting with business owners concerning manufacturers and contractors general liability coverage, or commercial general liability insurance in general, a seasoned independent insurance agent will likely ask about the structure of a company, including the number of workers employed, how operations are managed, and the functions performed by employees. An independent insurance agent may also inquire about the kinds of manufacturing, construction, or installation projects performed by a business, and whether a company’s clients are usually residential or commercial. Using these and other factors, an independent insurance agent can determine the options for manufacturers and contractors general liability insurance that are best suited to the commercial insurance needs of a particular business.
With the assistance of an independent insurance agent, company owners seeking coverage for construction, manufacturing, and installation projects related to their business can choose commercial insurance that is right for their company. They can get answers to their questions about purchasing a policy, or supplementing existing coverage, and buy a commercial general liability insurance that includes manufacturers and contractors coverage to keep their operations running smoothly, and their finances secure.
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