General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Pollution Liability Insurance, also called Environmental Insurance, protects businesses against unanticipated pollution risks that aren't covered by regular casualty and property policies.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
A Fiduciary Bond (or Surety Bond) protects a fiduciary - someone who is granted power over another person’s interests or assets via a will or contract - from being sued for alleged fraud, embezzlement, or dishonest acts.
Why Residential Remodelers need insurance?
Customers hire remodeling contractors to complete various home improvement projects including renovations, additions, and other handyman projects. They trust you to treat their home repair project with integrity and create a result they are proud to show their family and friends. As a home improvement contractor, you need remodeling insurance to protect from lawsuits that can cause financial hardship.
Businesses that fall under this industry include remodeling construction, for-sale remodelers, remodeling design-build, and remodeling project management firms. Their services include additions, alterations, reconstruction, maintenance, and repair of residential buildings.
What are risks Residential Remodelers could face?
Going into customer homes increases the number and severity of the risks you face daily. A few of these risks include:
How much does Remodeling Insurance cost?
Insurance companies look at home improvement contractors differently. The majority will want to know your history in the field, previous claims history, safety precautions, and hiring procedures before quoting your remodeling contractor insurance. You can receive a quote online by completing the insurance quote form below. The following numbers give you a first average:
How can I reduce my risk as a residential remodeler?
Communicate with your client as often as possible. Without proper communication, you'll face being sued for not doing the job as requested. Make sure that your employees have adequate protection as one accident could result in thousands of dollars in medical fees. Also, make sure to have an insurance that covers all the liability risks that your remodeling project could encounter.
What does general liability cover for a construction company?
General liability cover for a construction company covers:
Cover for products-completed operations: This protects you if you damage rented commercial space or if an employee causes bodily harm or property damage. It protects you against reputation-related lawsuits that involve libel or slander. It also protects you if you’re slammed with an advertising injury lawsuit. Those involve either copyright infringement or false advertising.
Product liability: This ensures that your general liability protections against injury and property damage claims continue after you've complete the job.
What insurance covers poor workmanship?
Residential remodelers can defend themselves against charges of poor craftsmanship. When you add Poor Workmanship coverage to your CGL insurance, you may protect yourself and your clients from claims originating from faulty workmanship, materials, and products that would otherwise be excluded. The endorsement provides a high level of coverage at a very low price.