Contractors

Contractors have unique insurance needs that require an insurance broker who can provide them with personalized services and expertise to help drive their business forward.

At Salvatore Insurance, whether you own and operate a small contracting business or a large multi-lined group of companies, we work with you to understand your risk and operations so we can provide you with custom insurance solutions.

With our commercial expertise, our insurance companies are tailored to suit contractors. We dive deep into our operations to identify your risks and empower you to create a customized insurance policy that suits your needs and risk capacity.

FAQ Section for Salvatore- Contractor Insurance

What is contractors’ insurance?

Contractor insurance protects contractors against lawsuits or claims from property damage and bodily injury that may occur on a job site. The insurance covers construction areas and projects under the care, custody, and control of the general contractor.

What are the most common types of contractor’s insurance?

The Commercial General Liability Policy: creating a base for coverage, and other policies can then be acquired to coordinate coverage depending on the job or circumstances.
Umbrella Liability Coverage: most useful to a larger contractor who operates large construction sites.
Builder’s Risk: protecting the insured from certain incidents while the building is being constructed.
Professional Liability Insurance: traditionally, projects involving design, most of the professional liability rests with the design professional; however, an increasing amount of contractors are performing work as design-builders, in which case they assume responsibility for the design and any corresponding liability exposures.
Contractor’s Pollution Coverage: providing coverage for third-party claims for bodily injury and/or property damage along with costs associated with pollution incidents resulting from the operations.

Does my jobsite need insurance?

If you are an independent contractor or business providing general contracting services, you should have contractor’s insurance to protect your company. Not only will it help protect from financial loss, but it will also help to secure jobs.

What does “contractor’s insurance” cover?

Contractor’s insurance covers general liability, equipment & tools, pollution liability, builder’s risk, customer lawsuits, non-owned auto insurance, tenants’ legal liability, and leased/rented/borrowed equipment.

How much does “contractor’s insurance” cost?

Several factors will determine the overall cost of your insurance. Years of experience, type of trade, annual and projected gross revenue, number of employees and previous claims will all help determine the cost. Based on your trade, contractor’s insurance may well be required by law which will make it more important than ever to have an insurance broker that you can trust to help you make the best decisions. Cheap insurance isn’t worth it if your business is crippled by foreseeable issues and knowing that your jobsite has great insurance coverage is the best peace of mind there is!

If I have more than one jobsite, how does that work for my insurance?

If you work at multiple jobsites, general liability insurance could cover any third-party injuries during a project or property damage resulting from your actions. Equipment and tools insurance will provide coverage should they be lost, damaged, or stolen, and you should always confirm Builder’s Risk coverage is in place before you begin a project. As in any build situation a respected insurance broker like Salvatore Insurance can help you understand your risks and provide the insurance policy that best fits your needs.

Are subcontractors covered by the contractor’s liability insurance?

Contractor insurance provides coverage for full-time employees of a business. This policy usually does not include subcontractors; however, if needed, they can be added. For subcontractors, consider purchasing liability insurance to ensure you always have coverage, even when an employer can’t cover you.

Is contractor’s insurance mandatory?

No, having contractor’s insurance is not mandatory, but there are more reasons to have it then not to. There are many risks involved in a contracting project, like injury, equipment, or property loss/damage, which could lead to major financial loss if a client files a claim against you. For risk-management purposes, project managers and planners will often ask for proof of insurance before making a hiring decision. Having insurance may be the difference between securing a job or not.

Does Salvatore Insurance offer customized coverage tailored to my trade or jobsite need?

Yes! Salvatore Insurance will work with you to help you determine where your insurance needs lie. We work to understand your business so we can help keep it operating smoothly, reducing risk, and ensuring you are protected. One of the advantages of being a local firm, with decades of insurance experience, is the ability to understand what local businesses are going through. Our recommendations are also built around the details of your jobsite, and the local conditions that present an opportunity to reduce risk, or that need to be considered to make sure you are protected.
 


 

Coverage:

  • Contractors Equipment
  • Tool Floater
  • Installation Floater
  • Commercial General Liability
  • Bonding – In house capability
  • Pollution Insurance
  • Riggers/Hook Liability
  • Professional Liability
  • Directors and Officers Insurance


 

Brokerage:

  • Negotiate Terms and Conditions to suit risk
  • Contract Review for Insurance Liability Immediate
  • Issuance of Certificate of Insurance and Bonds
  • Personalized Insurance Brokerage Team
  • Claims Handling and Management
  • Claims Tracking and Loss Ratio Reports