General Contractors Insurance Made Easy

As a general contractor in Bloomfield, NJ, you are busy working at job sites, finding new projects to take on, and dealing with clients and their construction needs. The last thing you need to worry about is your insurance policy. Purchasing an insurance policy depends significantly upon the type of general contractor you are. 

For help to understand general contractor insurance, reach out to E.S.T.I.R. Inc. for additional information. 

What Is a General Contractor? 

A general contractor is a manager employed to oversee the construction of a project and is responsible for the overall coordination of jobs related to the project. Essentially, the general contractor is the person in charge of a construction project. 

What Is a Paper General Contractor? 

Paper general contractors are those who manage construction projects but do not do any physical work. Instead, these contractors hire subcontractors to do all the work for their clients. 

What Is a Working General Contractor? 

A working general contractor works in the field, only subcontracting jobs he is not certified or trained to complete. Most of the work is conducted by the working contractor’s company, 

Why Do I Need General Contractor Insurance? 

As a general contractor who hires subcontractors, you still need to get insurance coverage. Your general contractor insurance protects you from the many things that can happen when hiring subcontractors for jobs. Though subcontractors carry their insurance policies, your insurance covers you should anything happen on the job site, including theft and injury. 

Working general contractors need to carry liability insurance, which includes worker’s compensation. The insurance company bases general contractor premiums based on the risk, so working general contractors generally have a higher premium payment than paper contractors. 

Bloomfield, NJ contractors need to research and understand which insurance coverage is required for their type of work. The experts at E.S.T.I.R. Inc. are knowledgeable in contractor insurance and can help create the perfect plan for your needs. 

What to Consider when Purchasing Commercial Insurance

If you are a business owner, then commercial insurance is crucial. There are many facets to consider when purchasing commercial insurance, so let E.S.T.I.R. Inc. serving the Bloomfield, NJ area, help you!

The best place to start when looking to purchase commercial insurance is to establish clearly what sort of business you are in. Are you in retail? Manufacturing? Childcare? Are you a working professional?

What are your assets and liabilities? Which of your assets are most at risk and need the most protection? Similarly, which part of your business is most at risk? For example, a retail business may be stock-heavy, and adequate coverage will be needed. 

Do I have employees? What insurance is available to me for my employees? Do they work in a dangerous environment or operate heavy equipment?

Do I have customers and suppliers on my premises? Will I need liability insurance?

Are natural disasters a regular occurrence? If yes, then what insurance is available for me? Is commercial insurance sufficient, or do I need additional insurance? Is there business interruption insurance included in my commercial insurance if I need it?

Do I own the building where my business is situated, or do I lease the building? What are the insurance requirements according to the lease? If the building has a glass storefront, is glass insurance included in my commercial insurance?

There are many areas to consider when purchasing commercial insurance. It is important to be very clear about what your business is and what your insurance needs are. E.S.T.I.R. Inc. serving the area of Bloomfield, NJ is there to help you find the most comprehensive insurance for your needs. Contact them today!