Finding the right Houston TX Contractor Insurance policy can be difficult if you’ve never purchased this insurance. This is why the professional team at Texas Insurance Agency is here to help. We help each client find the right insurance policy for their business!
Texas Insurance Agency has been providing thousands of Houstonians with insurance solutions since 1999. Moreover, we only partner you with the best of the best in the insurance industry. Our team’s sole mission is to help you find the right policy so that you can stay afloat when unexpected and difficult situations come up.
If you are currently searching for the right contractor’s insurance policy, consider contacting our team of experienced agents. We have the expertise to recommend the best insurance companies and help you find the policy that covers your business in times of strife.
What is Contractor Insurance?
Contractors tend to be individuals who own a small business but operate primarily by performing services at the homes of their clients. For instance, plumbers, electricians, and construction workers are often contractors.
As a contractor, one is hired to perform a specific job under the stipulations provided in a contract. These might include the cost of the job, a detailed description of the job, and the amount of time it will take to complete the job.
So, why do you need contractor’s insurance? Imagine for a moment, you are working on the plumbing at a client’s home. In a split second, with a single mistake, a pipe you are working on bursts, causing the kitchen and surrounding rooms to flood with water.
As the contracted plumber, you could be held liable for the property damages caused to the client’s home. They could even file a lawsuit if they feel like compensation amounts are not enough or that they have been wronged when it comes to the settlement.
For this reason, you will want to retain contractor insurance policies. There are many different types of contractor insurance policies that are meant to provide coverage for different aspects of your work. Keep reading to find out more!
Types of Contractor Insurance policies to consider:
If you own a company that provides a service to clients, chances are you have several employees that help you. There are, after all, some jobs that cannot be done single-handedly.
For instance, a construction job should not be performed alone for safety reasons. Not to mention, a better result will come from teamwork. Worker’s compensation provides support and coverage for your employees when they sustain an injury, disability, or death. In this particular instance, construction insurance is also a great consideration.
Without a worker’s compensation insurance policy, you will be faced with the liability of paying any financial settlements, legal fees, and medical expenses associated with an employee accident.
Inland Marine Coverage
There are many different types of contractor insurance plans to consider. However, not all of them will fit your specific job or industry. Some will offer irrelevant coverage, and others will offer too little coverage.
For instance, a contracted trucker might consider purchasing inland marine coverage. This type of policy protects the business in the instance where the goods they are hauling are stolen or damaged.
This type of insurance policy covers any property damage or injury dealt with by a third party as a result of negligence on the part of you or your employees. General liability insurance coverage gives you financial assistance for medical expenses, some legal fees, and settlement claims.
Imagine for a moment that you are a roofer and have been careless about dropping nails on the ground. If the homeowner or one of their family members steps on one of those nails and is injured, you could face medical expenses.
Moreover, if the customer is not satisfied with the compensation, they could file a lawsuit. The financial and reputational damage this could do to your company is significant. Therefore, purchasing a general liability policy can help you cover accidents that happen to a third party or their property while you are on the job.
If you are a general contractor, chances are you use your vehicle for personal and commercial purposes. In this instance, it is a good idea to consider the purchase of a commercial auto insurance policy.
This type of policy has all the benefits of a regular auto policy, with the added benefit of being cheaper. Your vehicle is the lifeline you count on to get to and from work in the morning, so don’t leave that asset vulnerable when the unexpected happens!
Things to Know:
Who Needs Contractor Insurance?
If you are a contractor that completes jobs and services from the homes of clients, purchasing contractor’s insurance is a necessity. In some states, it might be required by law.
Furthermore, whether you are a plumber, electrician, or mobile auto repair guru, there are several different insurance policies you should consider. Talk with your knowledgeable insurance agent to learn more about which specific policy is useful for your needs!
Preventing a Claim Means You Need a Safe Work Environment
One of the preventative measures you can take to keep accidents from happening is to educate your employees about safety on the job. As a result, asking a safety officer, or human resources agent, to host a safety class is a great idea for spreading this kind of awareness.
Elements that Influence the Cost of Your Coverage
There are going to be many different factors that affect the cost of your contractor’s insurance policy. For instance, location, number of vehicles and employees, general coverage requirements, and claims history will all be elements that your agent takes into consideration.
Houston TX Contractor Insurance
Don’t hesitate to contact Texas Insurance Agency for your Houston TX Contractor Insurance needs!
Houston, TX Fun Facts:
- There is a tunnel system beneath Downtown Houston.
- Houston receives its name from the Texas Revolution hero, Sam Houston.
- The Port of Houston is one of the busiest in the nation.
- For more information about Houston, TX, visit the city’s website!