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Contractors |
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You know your business is your greatest asset. But did you know your business can be a deadly liability, too? Did you know that it can cost you more money than you have right now? It's important that you know what to look for to protect your business. Here are a few terms to get you started:
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General Liability |
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Generally protects you from most claims that arise from day-to-day operation of your business. This includes "slip, trip, or fall" type accidents on the premises, as well as accidents occurring as a result of day-to-day business activity. |
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Products Completed Operations |
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Products - damage or injury resulting from a product you have sold and/or installed. You may be held liable even if the manufacturer is at fault. This coverage will pay the injured party and then claim against the manufacturer. Completed Operations - damage or injury resulting from the workmanship, repair or service you provided. |
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Scheduled Equipment |
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This coverage will protect your larger tools and equipment such as welders, generators, nail guns and other expensive portable equipment. |
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Small Tools |
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Hand tools are normally covered on a blanket basis with no list or schedule. No item can exceed $500 in value. |
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Electronic Data Processing (EDP) |
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This coverage will protect hardware from mechanical breakdown, electrical power surge and all special form causes of loss. The software and information stored in the computer are protected from sabotage and accidental destruction. |
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Builders Risk - C.O.C (Course of Construction) |
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| Physical damage insurance for property under construction. Lenders will require it before issuing construction financing. They will usually require this coverage before funding remodeling projects as well and some policies can be endorsed to include the structure being remodeled also. For a Free Quote click here. |
| Bonds |
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A bond is a promise made by a bonding company (the surety) to pay a third party (the obligee) on your behalf. If you(the principle) fail to live up to an obligation or promise that you made. |
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Workers' Compensation |
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Contractors are responsible for providing this coverage for employees but may also have the exposure because of subcontractors who have not provided workers' compensation insurance for their employees. This exposure can be avoided by insisting that subcontractors carry appropriate workers' compensation insurance. For more information about W/C see Useful Information. |
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Business Auto Insurance |
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| Personal auto policies exclude autos used for Commercial and Business purposes and would therefor require coverage on a policy designed for such use. If you use your automobile in business be sure you have the right policy and coverage is not excluded. |
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| Artisan Contractors, For a Free liability insurance quote click here: |
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At Mikkelsen Insurance we have General liability, Equipment, Workers' Comp., Bonding, including license bonds for most artisan contractors. Call us today to discuss your needs and how to best protect your business. "Service You Can Count On."
 1-800-444-3199 (California only!)
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