Contractors in New Jersey enjoy a tri-state work environment that supplies both firms and individuals with the markets they need to succeed. Contractors sign on for projects of all sizes, across every industry sector. Opportunities exist for cooperation with government agencies, as well as the always-lucrative NJ homeowner market.
Clouding those clear New Jersey skies, however, is the ever-present threat of injury, damage or regulation enforcement ending a career. For the individual contractor, an uninsured on the job injury can mean lifelong loss of income. For a company employing several contractors, failure to carry the proper insurance can result in lost licenses and reduce a company’s competitiveness for most large projects.
Today contractors face threats from aggressive litigation by NJ lawyers eager to recoup losses from contractors when something goes wrong. Contractor insurance is your and your company’s protection against massive liability claims. A simple mishap could result in liability to environmental fines, violation of contract terms or worse—injury.
Contractor insurance is a cost prudent companies won’t shy away from. No amount of attention to safety and best practices can fully eliminate risk for contractors. Any contractor’s risk management strategy must include a quality insurance policy that meets all legal requirements as well as the individual needs of the contractor.
A contractor that has the equipment and training to handle hazardous materials, for example, should have insurance that does the same. When choosing a policy, think carefully about the work you or your company does. Some risks that you consider part of the job may not be included in a basic policy.
Just as standard home owner’s insurance does not include flood insurance, contractor insurance may come with gaps that will require additional policies to fill. Look closely at the scope of work you perform, and take some time to ensure that the policy you purchase has you covered in all contingencies.
By the same token, it is worth your time to make sure a policy does not include coverage you don’t need. Read the fine print, and be sure to ask your insurance agent plenty of questions. Plumbing contractor insurance is a worthwhile investment, and like any other investment, research will give you better returns.
Cutting unnecessary coverage is just one way to lower the cost of insurance. When possible, pay for longer periods of coverage rather than shorter—you’ll almost always get a better rate. Compare the offers of several companies, and when in doubt, consult an expert.
Franchino Insurance specializes in electrical contractor, plumbing contractor, flood insurance, electrical bond, plumber bond, commercial insurance and business insurance in New Jersey and the surrounding areas.