Contractors Business Insurance Altoona, Iowa
Densmore Insurance Strategies, Inc provides Construction Business Insurance to construction businesses in Bondurant, Ankeny, Altoona, West Des Moines, Johnston, Urbandale, and surrounding areas.
As a contractor, you need liability insurance. Construction business insurance plans often provide some measure of general liability coverage.
At Densmore Insurance Strategies, Inc. our insurance plans can help reduce the risk that your business will face costly lawsuits that could harm your business.
The U.S. Small Business Administration suggests that business owners discuss their specific risks with insurance providers to determine what type to get and how much coverage is necessary.
What Does Construction/Contractors Business Insurance Provide?
Densmore Insurance Strategies, Inc. coverage options for construction businesses include:
- Contractors General Liability– This coverage will protect you against third party claims of property damage and bodily injury. It will also provide coverage for products, advertisement injury, operations and premises, medical payments and personal injury.
- Commercial Property Insurance – This will provide you with coverage for buildings as well as personal property.
- Commercial Auto Insurance – Any vehicles that are used by your company to conduct business will be required to have this coverage. Personal auto insurance policies do not usually offer coverage for automobiles that are used for business purposes. Therefore, it is crucial that you have the right protection in place.
- Equipment Coverage or Inland Marine Insurance – This coverage will protect the equipment and large tools that you use during the course of conducting business, such as nail guns, generators, welders and other costly equipment.
Workers Compensation – As a construction contractor, you are responsible for offering this type of coverage to your employees. In addition, you may also need this protection against subcontractors who may not have this type of coverage for their own employees when working on your projects
- And much more …
WHY DO I NEED LIABILITY INSURANCE?
Good liability risk management can reduce the chances that your business will be sued, but it can never eliminate the risk entirely. You or a member of your organization can make a mistake that injures someone or damages property. Your mistake could harm the reputation or interfere with the privacy of a customer, client, competitor or member of the general public. When such injuries occur, you may be legally liable to pay damages to someone who suffers a loss due to your actions or inaction.
Depending on the degree of harm, the number of people injured and/or the value of property damaged, a lawsuit could bankrupt your business. Even if your organization is ultimately cleared of any wrongdoing, a determined plaintiff can keep you tied up in legal proceedings for a long time, resulting in significant costs to defend yourself. Liability insurance pays the cost of your defense and protects your assets.
HOW ARE LIABILITY AND DAMAGES DETERMINED?
Everyone in society has a duty to take reasonable care that his or her actions do not injure others. The same rule applies to business entities. Not repairing a pothole in a parking lot, not lighting a dark stairway, failing to train workers how to do their jobs safely and legally or failing to provide directions for the safe use of a product may constitute negligence if a client, customer or member of the general public is injured as a result. The legal meaning of negligence is a failure to exercise reasonable care.
If the parties do not agree to settle a liability lawsuit, there may be a trial. The parties may agree to use some alternative means of dispute resolution, such as arbitration and be bound by the arbitrator’s ruling.
The law of the state where the lawsuit is filed sets the rules for the determination of liability and damages. The amount of damages imposed in any particular case is, of course, in part a function of the economic losses the plaintiff can prove he or she has endured due to the defendant’s negligence. In some states, plaintiffs may also be awarded damages for pain and suffering, loss of consortium, etc.
WHAT KIND OF LIABILITY POLICY SHOULD I GET?
For small businesses, the most efficient and least expensive way to purchase liability insurance is usually as part of the Business Owners Policy (BOP) which combines property and liability insurance in one contract. Alternatively, a business may purchase a Commercial General Liability policy.
WHAT TYPES OF DAMAGES ARE COVERED BY THE BOP?
Your liability insurer will pay damages that you are legally obligated to pay as a result of bodily injury, property damage or personal and advertising injury, up to the policy limits and subject to your deductible. Punitive damages are generally not covered, although there may be some exceptions.
Bodily injury means injury, sickness, disease or death; it may include injuries that are emotional or mental, such as post-traumatic stress syndrome or humiliation.
Personal and advertising injury includes libel, slander or any defamatory or disparaging material or a publication or utterance in violation of an individual’s right of privacy; infringing the privacy or copyright rights of another in your advertisement; wrongful entry or eviction, or other invasion of the right of private occupancy; and false arrest or wrongful detention.
WHAT IS COVERED MEDICAL EXPENSES?
For the most part, your Business Owners Policy (BOP) coverage is for situations where a third party claims you were negligent and sues for damages. The medical payments coverage is an exception. It pays medical expenses for bodily injury to third parties that occur on premises you own or rent or as a result of your operations, regardless of fault.
People are less likely to sue you if they receive prompt medical payments to cover the costs of any injuries they have sustained for which they could claim your business or organization is liable. Medical Payments coverage compensates them without a lawsuit or d engaging in a protracted claims process. This coverage also allows your insurer to pay small nuisance claims without the need for costly legal expenses.
WHO IS INSURED?
Business Owners Policy (BOP) liability coverage provides insurance to a sole proprietor, partner or partners named in the policy “Declarations,” but only with respect to their duties on behalf of the business. The spouses of sole proprietors or partners are also covered. If your organization has officers and directors, they are insured, as are your stockholders; however only with respect to their duties or liabilities in connection with the business. Employees and volunteer workers are insured for acts committed within the scope of their employment in your business.
Let the Construction Business Insurance Specialists in Des Moines IA help you understand and protect all of the potential risks and perils your business may face. We will do this with a well thought out and executed business insurance policy designed just for our Contractor Liability Insurance policyholders.
Industry Coverages For The Contractor Insurance – Electrical
What Is Electrical Contractor Insurance?
Basically, electrical contractor insurance is designed to protect electricians and the company they work for (if not self-employed) from damage due to negligent work and injuries caused/sustained during a day on the job. It can also protect against damage to, or theft of, company property.
Is Electrical Contractor Insurance Mandatory?
In short, it depends on where your business is located. Contracting trades can absolutely make this type of insurance mandatory, and almost without a doubt will do so in major cities and metropolitan areas. Check your local and state laws to find out if it’s required where you are.
Also, most states require, at the least, workers’ compensation — which will cover employees’ medical diagnosis, treatment, and income lost if they are unable to work due to on-the-job injuries.
Everyone needs a repair person or handyman, at some point. If you are a handy person and you are working at other people’s homes for pay, you need handyman insurance. Even work like carpentry, plumbing, home maintenance, installation or electric work can fall under this category. Handyman insurance protects you from many of the specific risks of your trade. Handyman insurance is actually a package of coverage that you can customize to fit your needs when you have the right insurance agent to guide you.
Handyman Insurance – Risks of the Handyman Trade
- Personal injury or property damage that you may cause others while working
- Damage to your tools and equipment during use, or while they are in transit from one job site to another
- Theft of equipment and tools
- Damage to the vehicle you use for business purposes, as well as injury to others you may cause
What Is Handyman Insurance?
Most handyman operations are small businesses. If you run a handyman service as an independent contractor or you have several employees, you will most likely need a business owners insurance policy or BOP. If you have less then 100 employees and bill less than $5 million per year, this type of policy may be right for you.
A BOP will typically cover the following:
- Business property: Damage to your own buildings and personal property
- Business interruption: Loss of income from a covered work stoppage
- General liability: Damage to the property of others or bodily injury to non-employees
You can also add relevant “floaters” to the business owners policy or as stand-alone additions. These may include:
- Inland marine coverage: Covers owned or rented tools and equipment and tools in transit between job sites
- Crime or theft: Protects tools, equipment, and a vehicle in storage if stolen
Basically, landscaping insurance is designed to protect your business against property damage caused by an employee while on the job, bodily injury to someone (employee or third party) on a job site, advertising injury, and products/completed work produced/sold by your company.
Is Landscaping Insurance Mandatory?
Kind of. Any business that deals with customers or sells goods will have contracts, loans or leases that require general liability coverage. Also, almost all states require workers’ comp for employees. With those in the bag, it will most likely make sense to go for a full package of coverage.
Who Needs Landscaping Insurance Coverage?
Any type of business that deals with rocks, grass, trees, dirt, blades, and bulldozers should at least have a quick chat with an independent agent about coverage.
Ideal candidates for coverage:
- Landscape architects/designers
- Tree trimmers
- Lawn irrigation contractors
- Professional lawn mowing services
At Densmore Insurance Strategies, Inc., is the experience insurance agency that provides Contractors Business Insurance for small businesses in Ankeny Iowa, Altoona Iowa, Bondurant Iowa, Des Moines Iowa, West Des Moines Iowa, Johnston Iowa, Waukee Iowa, Grimes Iowa, Polk City Iowa, Pleasant Hill Iowa, Norwalk Iowa, Huxley Iowa, and Urbandale Iowa. We are licensed to serve Iowa, Illinois, Nebraska, Florida, Missouri, Arizona, Texas, and Tennessee.