What Does Contractor Insurance Not Include?

As a construction company, understanding your insurance needs is crucial as it shields you from lawsuits, damage costs, and other unplanned scenarios. At E.S.T.I.R. Inc., for clients in Bloomfield, NJ, we aim to provide insurance coverage that is tailored specifically to your needs. However, it is equally vital to comprehend what is not covered under your contractor insurance policy.

What Your Contractor Insurance Might Not Cover

Contractor insurance is unique and might be more intricate than standard insurance policies. Be sure to scrutinize the contract specifics; your policy may not cover damages to your own property, incidents related to electronic data, worker’s compensation, and more. It’s thus pivotal to have detailed discussions with your agent to understand your policy better and plan for any unexpected challenges that may impact your business. For example, if you sign a contract or an agreement of another sort where you assume liability in the event of damages or injuries, your contractor insurance won’t cover this. 

Procuring Contractor Insurance at E.S.T.I.R. Inc

Ready to safeguard your construction business from potential lawsuits? At E.S.T.I.R. Inc., we cater to the Bloomfield, NJ area and beyond, providing businesses with the coverage they require. Contact our team to speak with someone about getting started with a quote. We will be happy to walk you through the process.

What Is Contractors Insurance and How Does It Work?

Running a contracting business in Bloomfield, NJ, will keep you busy. Amidst the heavy workload, you need to find time to handle essential paperwork for your company, and some of that paperwork includes insurance.

Did you know that there is specific insurance just for contractors? It’s available through E.S.T.I.R. Inc., and it’s worth taking a quick minute to learn more.

Who Uses It?

Contractor insurance is designed specifically for construction businesses. If you own a company that builds places from the ground up, that counts. If you remodel bathrooms, that also matters. Any business in the field of construction applies.

The insurance itself is designed to handle an array of issues, including equipment damage, injuries, property damage, and liability. It’s an essential insurance package for anyone who owns a contracting company.

How Does Coverage Work?

Specifically, the insurance policy is designed to protect the business itself. Policies vary, but common coverage would include instances where damage occurs on a customer’s job, construction materials are stolen, or the company is sued over the quality of work done. There is a variety, but most contractors cover the basics.

It’s important to understand that New Jersey has contracting insurance requirements. Your business needs a minimum of $500,000 in general liability insurance. That coverage can come from a specific liability policy, or you can get it from different insurance policies — including contractors’ liability.

You get an insurance bundle for your business that groups everything you need, including liability, earnings protection, and workman’s compensation.

If you want to explore these options for your Bloomfield, NJ, business, contact your agent with E.S.T.I.R. Inc. today.

Four Reasons to Update Your Commercial Insurance Policy

If you’ve had a commercial insurance policy for a while, it may be time to update it. In the Bloomfield, NJ area, E.S.T.I.R. Inc. can help. We understand that insurance is a vital part of operating a business and that the needs you have for your company can change over time. That’s why updating your policy matters. Here are four of the biggest reasons to update your commercial coverage.

1. You Moved to a New Location

The policy you have covers where you are, and if you move, you’ll want to let your agent know. That’s especially true if you own the building where your company is located because the coverage amounts may change based on the new location.

2. You Took on More Employees

Having more employees may mean more liability and risk. The same is true for many added equipment or larger amounts of inventory. There’s no reason to put your company at risk when you can easily update your coverage for the protection you need.

3. You Changed the Nature of Your Business

Sometimes, businesses change how they operate or what they do, and if that’s the case with yours, it’s time to update your insurance policy. Working with your agent will give you the help you need to get that done.

4. You Changed or Added Ownership

Anytime a business is bought or sold, or a person is added to or removed from ownership responsibilities, updating your policy is the right choice. If you’re in the Bloomfield, NJ area and need to update your commercial insurance policy, contact us today at E.S.T.I.R. Inc. Our trusted agents can help you make the changes you need to ensure you’re fully protected.

Four mistakes to avoid when it comes to contractor insurance

Carrying insurance coverage is essential if you run a contracting business in Bloomfield, NJ. Protect your business with a contractor insurance policy from E.S.T.I.R. Inc.

Unfortunately, contractors sometimes make costly mistakes when it comes to insurance coverage. Here are four mistakes to avoid when it comes to contractor insurance. 

Failing to purchase adequate coverage

Business owners who own contracting businesses need to make sure their policy includes an adequate amount of coverage. If your contracting company faces a lawsuit, the resulting expenses could put you out of business if you don’t invest in enough coverage. 

It’s always best to err on the side of caution and invest in extra liability coverage to protect your company in the event of a lawsuit. 

Being unaware of legal requirements

In New Jersey, contractors are legally required to carry insurance to register with the state. Ensure that your contractor insurance policy meets all your municipality’s legal requirements. 

Thinking that subcontractors who work for you will be covered under your policy

Contractors can’t assume that their insurance policy will cover their hired subcontractors. You need to look into your contractor insurance policy details if you work with subcontractors.

Neglecting to reevaluate your coverage needs periodically

If your contracting business grows or starts taking on new projects, you might need to adjust your insurance policy accordingly. Contractors need to update their coverage periodically to ensure their policy is adequate for their needs. 

Insurance your contracting business in Bloomfield, NJ with a policy from E.S.T.I.R. Inc. Give us a call, and we can provide you with a quote on a contractor insurance policy that meets your company’s needs.

Ways Commercial Insurance Products Can Protect You Against Lawsuits

Commercial insurance is a critical safeguard for businesses, and one of its key functions is protecting against lawsuits. At E.S.T.I.R. Inc., serving Bloomfield, NJ, we want to help you learn how commercial insurance products can shield you and your business from legal actions and financial and legal repercussions.

General Liability Insurance

General liability insurance is the foundation of commercial insurance coverage. It protects your business from claims related to bodily injury, property damage, and advertising injury. If a customer slips and falls in your store or if your product damages someone’s property, this insurance steps in to cover legal costs and potential settlements.

Professional Liability Insurance

Professional liability insurance, also called errors and omissions insurance, is a must if you provide services or professional advice. It shields your business from claims of negligence or mistakes in your professional services, ensuring you’re protected against costly legal actions.

Employment Practices Liability Insurance (EPLI)

EPLI protects your business from lawsuits that may be related to employment law. This may include topics such as discrimination, harassment, or wrongful termination. In today’s litigious society, EPLI is crucial for businesses, providing legal defense costs and settlements coverage.

Commercial insurance products offer a comprehensive shield against lawsuits, helping you navigate the complex world of legal actions. Whether it’s general liability, professional liability, employment practices liability, or cyber liability insurance, having the right coverage in place is essential for protecting your business’s financial stability and reputation in the face of legal challenges. If you aren’t currently protected or want better protection, the team at E.S.T.I.R. Inc., serving the greater Bloomfield, NJ area, can help. Contact us to discuss how we can help protect your business against lawsuits. 

Contractors Insurance 101: Protecting Your Business and Projects

If you’re a contractor in Bloomfield, NJ, you know the value of protecting your business and projects. One way to protect your business from the unexpected is by investing in contractors insurance from E.S.T.I.R. Inc.

What is Contractors Insurance?

Contractors insurance is a type of insurance that covers the risks associated with a construction project. It’s important to note that not all contractors insurance is created equal, and there are different types of policies that cover different aspects of a construction project. For example, a general liability policy covers the risks associated with bodily injury and property damage, while a worker’s compensation policy covers injuries that occur on the job. We will help you find the right for your business.

Benefits of Contractors Insurance

There are many benefits to investing in contractors insurance, including:

  • Protection for your business assets
  • Protection for your employees
  • Protection for third-party claims
  • Access to legal representation
  • Peace of mind knowing that your business and projects are covered

What Does Contractors Insurance Cover?

As mentioned before, the coverage of contractors insurance varies depending on the policy you select. However, some common coverages include:

  • General liability: Covers third-party injury or property damage claims
  • Worker’s compensation: Covers injuries to employees while on the job
  • Builder’s risk: Covers damage to a property during construction
  • Professional liability: Covers errors or omissions made by the contractor or architects and engineers involved in the project.

As a contractor in Bloomfield, NJ, protecting your business and projects is essential. Contractors insurance is one way to do that, and it offers many benefits including protection for your business assets, your employees, and third-party claims. Contact E.S.T.I.R. Inc. today to get peace of mind knowing that your business and projects are covered.

Common Types of Commercial Liability

Regarding insuring your business, liability insurance might not come to mind, but it tops the most commonly purchased commercial coverage list. The broad term liability insurance includes many types of liability coverage, such as general liability, commercial auto, and professional liability.

At E.S.T.I.R. Inc., we want your Bloomfield, NJ business to have commercial coverage to protect it from financial loss. Let’s consider the most common types of commercial liability and which businesses need them. We can help you build a commercial insurance policy that provides coverage for your business needs.

Commercial Auto Liability

When you drive a vehicle only for business or mostly for business, you need to cover it with commercial auto insurance. This insurance consists of two types of liability insurance – bodily injury insurance coverage and property damage insurance coverage. The auto coverage ensures that if police find you at fault for an accident and the other party files a claim for damages, your insurance pays for damage to their vehicle and medical bills. Any business that owns a vehicle or fleet needs this type of liability policy, including pizza delivery restaurants, bakery deliveries, martinizing operations, businesses that provide a company car for executives or sales personnel, etc.

General Liability Insurance

Outside of auto policies, a business also needs general liability insurance. The general liability policy protects the business from financial loss when an individual incurs an injury or property damage while visiting the business, whether an office, home office, or storefront. Common claims against this type of coverage include trip and fall and slip and fall accidents. Any business with customers visiting its location needs this coverage, including grocery stores, clothing shops, doctors’ and lawyers’ offices, etc.

Commercial Property Insurance

Commercial property insurance protects your business in many ways. If another person damages your business, it pays for repairs. If a storm damages it, it pays for repairs. If you rent office space and damage it, it pays for repairs, keeping you out of trouble with your landlord. It covers more than liability but includes it.

Professional Liability Insurance

Doctors and lawyers carry professional liability insurance that protects them from financial loss when they make an error in a service or product. It protects against errors your business has made in the products/services it sells. Corporations that manufacture medical devices, makeup, skincare, hair care, auto parts, etc., carry this type of liability coverage.

Contact E.S.T.I.R. Inc. Today

Protect your Bloomfield, NJ company from financial loss through liability insurance. Call or email E.S.T.I.R. Inc. today to get your policy started.

Policies Included in Contractor’s Insurance

When you open a construction firm in Bloomfield, NJ, you’ll need a special type of commercial insurance called contractor’s insurance from E.S.T.I.R. Inc. The term contractor’s insurance refers to a set of insurance coverage types in a policy package, and it protects your business’s liability and employees.

What’s in Contractor’s Insurance?

This insurance package for construction contractors addresses four business needs. Typically, a contractors’ insurance package includes:

  • Workers Compensation
  • Builder’s Risk
  • Inland Marine
  • General Liability Insurance.

Most contractors require all four types of insurance. Let’s consider what each does.

Workers’ Compensation (Workers’ Comp)

As long as you employ other individuals, you must legally carry workers’ compensation coverage which protects your employees if they get hurt on the job or become ill due to exposure to chemicals on the job.

Builder’s Risk

Builder’s risk insurance provides liability coverage for you and your employees, plus the residents of a home in which you work. If an accident occurs while you work on your project relating to it, such as someone tripping and falling over lumber you piled outside the back door, then this insurance covers their medical costs for treatment.

Inland Marine

Inland marine insurance covers your transport of materials, especially those purchased by your client. It doesn’t involve Marines. The name stems from the advent of land transportation, such as trucking, as a supplement to oceanic transportation, hence the marine.

General Liability Insurance

Like all other businesses, a contractor needs to obtain general liability insurance. This type of liability protects your finances from various issues, including libeling someone and accidents in your office.

Contact E.S.T.I.R. Today

Contact us today to obtain your builder’s risk insurance policy. Let E.S.T.I.R. Inc. help you protect your Bloomfield, NJ, business.

What kind of commercial insurance does my business need?

When someone asks if your Bloomfield, NJ business has a commercial insurance policy, you might think there’s only one policy type. More than 25 types of commercial insurance exist, and this blog explains the specialized insurance policies needed by the different types of businesses, such as dentists, medical doctors, lawyers, dance studios, etc.

E.S.T.I.R. Inc. offers all types of commercial insurance, including business owners’ policies, called BOPs in the industry. Commercial insurance involves many coverage aspects, each with its own policy.

Business Vehicles

If you primarily drive your auto for business purposes, you need to cover it with commercial automotive coverage. This protects your liability for causing an accident and your vehicle if you choose full coverage. Obtain a fleet policy if your business owns or leases more than one vehicle.

Truckers, we also offer the commercial coverage you need, including trucking liability and bobtail insurance. Let us help you properly insure your truck’s cab, trailer, loads, and personal use.

Malpractice and E&O

Individuals in the medical profession need medical malpractice insurance to protect their liability. This type of coverage ensures that they’re insured if something goes wrong during surgery or they misdiagnose a disease. Errors and omissions (E&O) insurance covers their liability if a medical device they created does harm. Examples of this include dental braces, prosthetic limbs, and implants.

Glass Insurance

Stores with storefronts of plate glass require glass coverage. A dance studio would also need this type of coverage to insure its mirrors that line the rehearsal floor. Gyms and retail stores typically purchase this insurance, too. Both locations contain significant amounts of glass as windows and mirrors.

Lawyers Need Liability Coverage

Lawyers must also purchase special business liability coverage called malpractice, but theirs focuses on legal malpractice. Both lawyers and medical practitioners typically hire staff, so they also need workers’ compensation coverage.

Contact E.S.T.I.R. Inc. Today

With more than 25 types of commercial insurance to cover your Bloomfield, NJ business, only a consultation with E.S.T.I.R. Inc. via Zoom or in person can uncover the types of insurance you need.

Do Online Service Providers Need Commercial Insurance?

Any individual offering a product or service to the general public should have adequate commercial insurance. Anyone living in the Bloomfield, NJ, area can count on E.S.T.I.R. Inc. to provide the right commercial insurance to suit their specific situation.

Commercial Insurance Protection 

Commercial Insurance is a necessary tool for anyone operating a business. Commercial insurance is essential for individuals owning brick-and-mortar stores, mobile companies, and online businesses. Those operating in the online climate need the correct type of commercial insurance to protect them from various online risks and issues.

Our team can work directly with each customer to learn more about their specific business needs and then match them with top-quality insurance options with the highest coverage level.

The goal is to protect business owners and avoid gaps and coverage. We take the time to explain the fine print and ensure the customer understands the limits of their policy and what’s covered. We can assist with securing the policy, making any necessary adjustments during the policy’s lifetime, and even claim submissions. We strive to provide complete customer service to help you rest easy. 

Call Us Today 

Securing commercial insurance doesn’t have to be a hassle. We proudly offer a full range of services to make securing commercial and service hassle-free. E.S.T.I.R. Inc. is standing by to provide the residents of Bloomfield, NJ, with the support and insurance services they need to protect the things that matter most. Call or stop by our office today to schedule a consultation or get answers to questions about our range of services. Find out how to get the peace of mind you need.