Contractors today face more risk than ever before. Insurance is a great tool for transferring risk but it also represents a significant expense to contractors. Contractors should seek to avoid and manage risk to protect their profit and their business. We can help. We assist our clients with avoiding risk, and potential claims to reduce their insurance premiums and losses.
Since our inception, Guardian Brokers, Ltd. has been committed to the insurance for the construction industry, serving general contractors and subcontractors.
Our Contractor’s Insurance Practice focuses on:
- Alternative Energy
- Drywall & Plaster
- General Contractors
- Steel Erectors
And many more…
To find out more about our construction insurance program and what we can do for you, contact us today!
While contractors may consider many types of insurance coverage the following are typical insurance types carried by contractors.
General Liability Insurance
General liability insurance is exactly what it sounds like: insurance that protects you from general work-related claims. These claims could be due to injuries on-site, property damage, or more. This is the best way to protect yourself from general, day-to-day work.
Tools and Equipment
The job can’t be done without some tools. However, general wear and tear is bound to happen. If a tool breaks on the job or is stolen for whatever reason, our Tools and Equipment insurance will cover it.
Inland Marine insurance also protects your equipment, but only if it’s damaged while being moved across land or stored in a warehouse/other storage solution.
This type of insurance will also cover collision damage, as well as equipment damage for assets stored in transporting vehicles.
Builders risk insurance protects against any claims that occur during the construction of a building. Say an in-progress building sets on fire or is damaged due to weather. Builders risk insurance protects against that, on-site material theft, and vandalism, among other things.
If you’re constructing a building, our builder’s risk insurance is exactly what you need.
Our workers compensation insurance is exactly what it sounds like: it protects your employees from work-related injury claims, medical costs, death, and more.
Should one of your workers get injured on the job, be it via an equipment malfunction or a product harming them, this type of insurance will help cover the hospital bills. Your workers will feel much safer with this insurance under your belt.
Business Auto Insurance
Personal auto insurance protects your vehicle from any damages caused off the worksite. However, those policies generally don’t cover workplace-related disfigurement.
Business auto insurance is necessary if you’re driving around the construction site. If an employee is damaged by your vehicle, or you accidentally run into some worksite equipment, our policies have you covered.
Payment and Performance Bonds
Payment and performance bonds are two similar contracts that generally go hand-in-hand. They’re usually used for contractors working on construction projects, and essentially ensure that those under contract will fulfill their duties, as well as pay the appropriate parties involved, such as subcontractors or material providers.
On top of this, these bonds basically ensure that all payments will be made following the regulations and laws of the state in which the work is being done.
While the former ensures that the work will be done, the latter ensures all participating parties will receive payment. This also takes the obligation off of your hands, those parties would make claims against you if they couldn’t get funds from the initial contractor.