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.