Contractors’ operational coverage comes in many different forms. From building to plumbing, a contractor’s insurance policy covers potential risks that could delay a project and cause it to miss its deadline. E.S.T.I.R. Inc. of Bloomfield, NJ, provides expert guidance to help clarify the coverage needed for your business.
On and Off-Site Operational Coverage
A contractor’s operational coverage protects a policyholder from general risks arising from their business operations. The insurance policy covers actions that occur at the office or off-site workplace.
All claims are classified as general liability. The coverage applies to mishaps that injure contracted workers and innocent bystanders. Additionally, it covers accidental damage to your client’s property. Contractors’ operational coverage is temporary and typically ends shortly after the project is completed.
Extend Contractors’ Operational Coverage
Experienced contractors often extend their operational coverage after a project’s completion to address potential legal claims from their staff or clients. The insurance policy’s liability protection serves as a safety net for your business.
For example, it protects you from legal action if a remodeled structure collapses shortly after the project is completed. Another potential liability lawsuit could arise from a water pipe bursting shortly after plumbing repairs are completed.
In each scenario, the policy covers physical damage to the client’s property, including the cost of repair materials. Furthermore, the liability component of the contractor’s operational coverage protects against design errors that may result in project delays or missed deadlines.
Contractors’ operational coverage is a vital insurance tool for shielding a business from financial instability. It provides liability protection against project delays caused by workers’ errors, which can often extend the deadline. The team at E.S.T.I.R. Inc. in Bloomfield, NJ, has the experience to design a policy that meets your insurance needs. Call us today to schedule an appointment.
