Importance of Commercial Auto Insurance in Canton and Ballground, Georgia

Posted by payneinsuranceduplicate on August 10th, 2022

Contractor insurance covers third-party liability, business property, and equipment for contractors, such as builders, electricians, and plumbers.

It covers losses or damages to equipment owned by contractors and used in their business, such as backhoes, forklifts, and air compressors. Additionally, contractor's insurance covers frequently moving equipment from one job site to another.

How Contractor Insurance Works:

Contractor's insurance in Ballground and Woodstock, Georgia, protects them against liability claims and property losses caused by workplace accidents and fires. The general liability policy protects contractors against third-party claims, while the property policy covers any damage to property owned by the business. A contractor can select liability and property coverage separately or combine them. Small and medium-sized business owners' policies provide these coverage options for contractors.

Types of Contractor Insurance:

Among the insurance coverage options available to contractors are general liability, commercial property, and equipment insurance. Contracting businesses using cars or trucks for their operations may benefit from commercial auto insurance in Canton and Ballground, Georgia. On the other hand, worker's compensation insurance is mandatory by law for employers who employ workers.

General Liability Insurance:

Contractors need to have general liability insurance to protect themselves from claims and lawsuits by third parties. This includes claims for property damage, bodily injury, and advertising injuries. An injured customer, an employee of another contractor, or a public member, may sue a contractor for damages.

For a small additional premium, some insurers provide a "contractor's extension endorsement" that applies to general liability and business owner's policies. In the endorsements, contractors may find coverage options they need, such as liability coverage for equipment that has been borrowed.

Worker's Compensation:

Most businesses that employ workers are required by law to carry workers' compensation insurance. Workers injured on the job can receive benefits such as medical treatment and loss of income under this coverage. Employers must provide benefits regardless of whether the employee was injured on the job. Worker's compensation insurance can be purchased from an insurer for most employers but from state funds for those operating in Ballground and Woodstock, Georgia.

Professional Liability:

A contractor's professional liability insurance policy covers contractors and building professionals for errors in construction. Professional liability insurance for contractors, also called CPL insurance, covers both mistakes made by contractors and errors committed by third parties hired by contractors, including engineers, architects, and other vendors.

Umbrella Liability:

If a large claim exceeds the current insurance policy's limits, umbrella insurance provides additional coverage. Generally, it extends coverage to auto, general liability, and other types of liability insurance.

A liability umbrella policy covers claims not covered by other policies. Generally, umbrella coverage covers general liability, auto, and employers' liability. The policy covers large claims that exceed the cap. The umbrella policy will cover the balance left over after the original policy has expired.

There is no standalone umbrella insurance policy available. The umbrella policy must be purchased in conjunction with other insurance policies. When an insurance package includes general liability, auto, and employers' liability, it is often grouped with different types of insurance.