How much contractor insurance should i buy?

If you are in the contracting business, you are likely to face financial loss in case of an accident or a disaster. A contractor insurance policy offers coverage against financial obligations resulting from unexpected or unprecedented events. If you are a Bloomfield, NJ resident, feel free to talk to our E.S.T.I.R. Inc. agents who will guide you on what you to include in your contractor insurance policy.

What is contractor insurance?

Contractor insurance offers two forms of coverage: liability insurance and property insurance.

Liability insurance

  • Body injuries

While every organization has put in place safety measures and work ethics, accidents could still occur in the workplace resulting in injuries. Mishandling of tools and materials often exposes employees and third parties to accidents. Contractor insurance protects you against the financial obligation arising from lawsuits as a result of injuries happening in the workplace.

It is crucial that you disclose to our E.S.T.I.R. Inc. agents about all the possible accidents you are likely to experience at your workplace.

  • Copy right claims

When developing a new product to challenge the competition, you are likely to be sued for copyright infringement. Contractor insurance bears the obligation of settling such matters in a court of law.

  • Product claims

If you are in the equipment selling industry, your equipment is likely to cause destruction of company products resulting in legal battles. The insurance company bears the cost of such lawsuits and cost to repair damaged products.

Property insurance

The construction industry faces the risk of property or equipment damage. In some instances, depending on the activities of your company, other structures near your business premises cannot be utilized. The insurance company bears the financial obligation arising from such circumstances.

How much contractor insurance should you bear?

The amount of contractor insurance to purchase is dependent on the risks associated with your business. Kindly give our E.S.T.I.R. Inc. agents at Bloomfield, NJ a call to analyze with you the best policy for you or visit our website for more information.

Does a Service-Based Business Need Commercial Insurance?

The agents of E.S.T.I.R. Inc. understand how important it is to maintain sufficient coverage on your business. Without having the right amount of commercial insurance on your service-based business, Bloomfield, NJ residents leave themselves open to a variety of liability concerns that may eventually cost them their livelihood. Purchasing a commercial insurance policy for your service-based business should be considered an essential purpose.

Commercial Liability

Commercial liability covers many different types of loss ranging from personal injury accidents to property damage caused by storms. Commercial insurance also covers loss caused by theft, defective product claims, and poor workmanship. It is up to you as a business owner to protect yourself from liability issues. Providing top quality workmanship and products are good ways to maintain a positive reputation. Commercial liability insurance and umbrella insurance are often purchased together.

Separating Personal insurance from Commercial Policies

Insurance agents often stress how important it is to keep your personal insurance policies and your commercial insurance policies separate. Commercial liability can devastate your personal financial situation. With a commercial policy protecting your business, you won’t have to worry about an accident or liability issue affecting your family’s future.

Business owners who live and work in the Bloomfield, NJ area can contact E.S.T.I.R. Inc. to find out all of the benefits of having a commercial insurance policy in place. The ultimate goal of any commercial insurance policy is to protect your business and its assets without affecting your personal security. Contact your insurance agent today and discuss your commercial insurance options. You will be able to find the perfect policy that will protect your service-based business and keep it on track financially.