Specialty contractors are usually responsible for one specific job as part of an overall project. These contractors are experts in their subjects and must accept much responsibility. A lawsuit can have a devastating effect on a contractor, which means that insurance for specialty contractors is critical.
As an insurance producer, providing insurance for specialty contractors gives your clients the risk protection they need to thrive. At the same time, offering this insurance ensures that you can write more business and stay competitive. Specialty contractors can work with challenging risks, so it is important to partner with the right insurance company.
Prime Insurance Company offers insurance for specialty contractors based on your client’s specific needs and their risk exposure. Even if they have been turned away by other companies or are worried that they might be, we are here to help. We take a critical look at each potential insured and use our flexibility and experience to customize a solution for them.
Why Specialty Contractors Need Insurance
Specialty contractors represent a large variety of skill sets and specialties, including electrical, lighting, plumbing, and other installation skills. Contractors may also be responsible for work like maintenance or repair, during which they need the right insurance coverage. Options for specialty contractors include general and professional liability, covering injuries, property damage, and errors and omissions.
Owners and contractors protective (OCP) liability insurance is often a necessary coverage for anyone acting as a subcontractor. Property owners and general contractors want to know that specialty contractors have their own insurance in the event of negligence. For your clients to get work, insurance is a must-have.
Specialty contractors using automobiles, rented equipment, and tools, or other inventory, should be insured in all of those areas. Commercial auto insurance, equipment rental liability, and property coverage insurance will protect their assets.
For the utmost protection, completed products insurance for specialty contractors ensures that coverage extends after the contract is finished. Any injury or property damage claims that arise after completion would fall under the umbrella of this insurance.
Lawsuits involving contractors are frequent and often costly. Whenever a project goes wrong, everyone involved tends to look for someone to hold accountable for damages. For example, in New Orleans, many contractors and subcontractors are named in a lawsuit focused on the collapse of a partially built hotel. The owner of the project filed suit against the general contractor and 18 subcontractors alleging negligence. The city itself also filed suit against the developers and contractors.
In Dallas, a hospital nurse filed suit against an elevator maintenance contractor after sustaining a critical injury when the elevator malfunctioned. She sought more than $1 million in damages, including medical expenses, physical impairment, loss of earnings, pain and suffering, and mental anguish.
In Pensacola, Florida, construction company Skanska is in the news after numerous barges caused a massive amount of damage. That damage includes an incident that put the Pensacola Bay Bridge out of service for at least half a year.
Insurance for Specialty Contractors vs. Worker’s Compensation
It is important to understand that insurance for specialty contractors is not the same thing as worker’s compensation. To be clear, Prime Insurance Company does not offer worker’s compensation coverage. Suppose a person is injured while working on a specialty contracting job. In that case, there must be separate worker’s compensation measures in place.
Working with Prime Insurance Company for Insurance for Specialty Contractors
We recognize that every contractor has its own risks and exposures. As such, our risk mitigation team plays an important role for insurance producers and their clients. Experts within the industry, this in-house team carefully evaluates and researches every element of risk to provide guidelines and recommendations to specialty contractors.
As an insurance company, our goal is to mitigate risk as much as possible, providing peace of mind to each insured and reducing the potential for costly claims. Of course, if a claim does arise, we are equally adept at fairly handling the situation. We offer direct service, with efficient and frequent communication with policyholders.
Perhaps you are working with a specialty contractor whose risk is not explicitly highlighted within any listed coverage. That is not a problem. Our team at Prime Insurance Company is willing and able to investigate further to find a solution. If it is possible to place a client’s risk, we will do so.
Get in touch with Prime Insurance company to learn more about our specialty contractor insurance or use our online application today. You can also call Prime at 800-257-5590 or email us at firstname.lastname@example.org. Insurance producers and clients can also check out Facebook, Twitter, YouTube, LinkedIn, and Instagram to keep up with our team.