Florida state law requires general contractors to carry additional insurance as part of their small business insurance coverage to protect themselves and their clients in the event of an accident. You may need this coverage if you work in construction, commercial cleaning, plumbing, carpentry, landscaping, electrical work and several other service-oriented professions. As an independent insurance representative for Oyer, Macoviak and Associates, it’s my job to find you the best policy or bundle available.
Small Business Insurance Coverage vs. Contractor Coverage
Most business owners, whether they are a general contractor or not, need business owner insurance to protect their employees, customers, and assets. Typically, this includes the following:
- Business and buildings personal property coverage protects against financial loss by providing replacement cost coverage for these types of assets. This coverage is voluntary for general contractors.
- General liability insurance pays claims if you or an employee causes bodily injury or property damage to a customer through your actions or lack of actions.
- Loss of income and additional expenses coverage pays your average net income and business expenses for a pre-determined time period if your business is destroyed or severely damaged.
Most business owner insurance policies also offer ad-ons, such as specific coverage for identity theft, employment practices, electronic equipment and data, and many others.
Contractor insurance also provides general liability coverage, but it is specific to the job site and may also have a dollar limit. Your policy may also extend to include protection for the property owner while your crew completes the project. Additional insurance coverage options for general contractors include protection against faulty workmanship claims, replacement cost of business and personal property, and several others.
Talk to Us About General Contractor Insurance Policies
Oyer, Macoviak and Associates understands that the insurance needs of general contractors are as different as the people who operate these businesses. Please contact us to schedule an appointment soon. I will research all options before we meet so I can put together a policy that offers the best protection at the most affordable price.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.