Artisan contractors face a lot of unique risks in every facet of their business. Not only do they were in a field where physical injury can be prevalent, but those injuries can extend to their employees, clients, and onsite visitors both during the services and long after the work has been completed. Because of this, many contractors run the risk of exceeding the limits of their insurance coverage and risk facing bankruptcy or legal action.
What areas of excess and surplus insurance coverage should your contractor clients consider?
- Contractors should prepare for general commercial liability claims. As more and more studies come to light about the negative health effects of previously used construction materials, such as asbestos, artisan contractors are being hired to replace the dangerous materials. But even the service of removing them and reconstructing the buildings can introduce dangerous elements to the environment, and their business needs enough coverage to both respond to claims and address suits.
- Contractors also need professional liability coverage, especially if they contract to larger construction companies. Construction companies are hiring more and more third parties to handle technical construction work. Because specialty fields such as electrical work, plumbing, and even specified areas of construction are becoming areas of expertise, your clients need additional protection regarding the services they render or technical advice they give.
The way that contractors and small businesses interact with larger companies is constantly changing, and that can blur the lines between coverage and responsibility. Make sure your clients are covered to handle longer legal conflicts and claims with excess coverage.
Go to Prime Insurance Company to find out more about our coverage plans and options.