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Contractors in New Jersey
DID YOU KNOW...An average of 4,821 workers were killed on the job in 2014 according to OSHA statistics.as far as injuries OSHA refers to “fatal fours” meaning falls,electrocutions,struck by object or caught in between.
Construction,Roofing,Siding,Excavation,Landscaping are just some of the few business’s that are high risk because the types of claims that occur today that you would have never imagined, because of that we have put together some of the most common Q&A that may be useful to you.
What type of policy does a Contractor need ?
For the most part, most contractors need General Liability,Workers Compensation and Commercial vehicle. At times some may need Professional liability if they are doing work for Banks or Government jobs. Some projects may require a Bond insurance policy. It is always recommended that a contractor carries an Umbrella insurance policy which covers the contractor for additional cost in case of a claim.
If, I am a Subcontractor ,Do I need to get my own insurance?
Yes, Everyone that has a business or is going to do work must get their own insurance policies.
I am a subcontractor and the General Contractor asked me to add them as additional insured to my policy , What does that mean?
The intention of the General Contractor is to have coverage under the subcontractors policy in case a claim occurs. The subcontractors policy will take 1st place when a claim is being filed. This coverage is only valid if the General contractor has a signed contract by the subcontractor. Also, it’s important that you know if this coverage is for ongoing or completed operations.
What is Primary and Noncontributory coverage?
This is an additional coverage required by many General contractors in addition to the additional insured, What it says is that not only does the subcontractor's policy is going to pay for the claim first but it also implies that the subcontractor does not have to be completely liable.
What is Waiver of Subrogation?
This coverage waives the right of the subcontractor to pursue reimbursement if found not liable or not completely liable for the claim.Basically, You are assuming all responsibility for any claims that may occur on the project.
What does my Liability limits cover?
It is important to understand that your liability limits include Attorney defense, which means if your case takes a long time, part of the liability limits is to cover the attorney’s cost. At times there is not enough coverage for both the attorney expenses and to pay out the claim. It is urgent that you have high liability limits and add an Umbrella policy to cover all expenses incurred by a claim. This is crucial especially when you are adding things like Additional insured, Waiver of Subrogation,Primary and Noncontributory coverage. The more you ask the insurance company to pay the higher your liability limits should be.