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Tuesday, June 17, 2014

Build It Baby! But Be Sure You Have The Right Contractor Insurance Coverage!

As a Contractor or a Consumer, it is prudent to understand the risks associated with building a structure, as well as the ways to protect yourself from a catastrophic loss.

Construction insurance is a catch-all phrase referring to a wide range of insurance products designed for general contractors, specialty contractors (masons, carpenters, framers, plumbers, electricians), homebuilders, remodelers, and other businesses involved in certain areas of a construction project.

Construction insurance is vital to making sure these businesses minimize the risks they face from employee injuries, equipment and materials damage, motor vehicle accidents and more.
Construction firms face complex, costly risks every day—from a project’s start to finish. In fact, the risks that construction companies face are as unique and numerous as the businesses themselves.

However, most of these specific risks can be categorized into one of the following types of exposures: property damage, loss of income, employee injury, illness or death, and liability claims.
Because of the diversity of construction companies and the work that they perform, not every type of construction firm needs the same type of insurance. Your insurance needs should be based on the size of your company, the number of employees you have, and the type of work you do. In general, construction companies should consider the following types of insurance, but not all of them will be necessary for you.  Be sure to consult with your Trusted Choice agent to discuss your exposures and appropriate coverages.
  • General liability insurance protects you if your business is responsible for bodily injury or property damage to others. Be mindful that most construction firms need general liability insurance in order to obtain a contractor’s license, so this is not a coverage that you can go without!
  • Builders risk insurance provides coverage if you experience business property damage at a construction site.
  • Professional liability insurance (or errors and omissions insurance) covers you if a client experiences a loss based upon any professional services you have provided, such as design work or advice.
  • Loss of income/business interruption insurance provides coverage in the event that you are unable to operate due to a business interruption.
  • Workers’ compensation insurance covers medical and certain other expenses for employees who experience a job-related illness, injury, and even death.
  • Commercial auto insurance provides liability and property damage coverage for any vehicles owned by your business or used for business purposes.
Most importantly, as your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL
Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Michael Reso, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: atreutel@southgroup.net , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states. Insurance is stressful, but we make saving easy.  We help you save money on insurance!