How a Contractors and Trades Insurance Policy Helps

​Contractors can encounter several challenges on the job, from damages in equipment to installation and material problems. When a particular project takes an unexpected turn, you may need firm support to get you back on your feet quickly. Fortunately, you have your contractors and trades insurance policy.

Installation Floater
There are times when problems arise before you begin with your workload. A contractor assigned to remodel a home may have storage of a pile of hardwood inside an offsite facility until the floors are ready for installation. If the said storage facility gets caught up in a fire and burns down while there is still wood inside, the contractor may face a hefty expense for replacement.

Getting an extension for an installation floater can provide coverage for materials and labor involved during installation, including other items and property stored temporarily at another location.

Contractor’s Error & Omissions
You can’t deny mistakes happening from time to time, which is why it’s always best to have a safety net for backup in case of sudden slip-ups. Take this into consideration: you begin the installation of an electrical system beneath a small store’s sub-floor. Unfortunately, you find faulty wiring, which requires the store to close while fixing the problem.

Store owners may file a claim against you for the expense of hiring another contractor along with their lost income while the store was currently closed. They designed the coverage from your Contractor’s Error and Omissions to cover some of the expenses related to your omission, negligence, or error that led to results deemed unsatisfactory.

Contractor’s Rework
If they hired you to install panels of drywall inside a basement, but the resources you used did not meet the standards of the industry, you may need to remove the drywall and clean up the area before you can do the project properly. There may be an increase in costs, but the Contractor’s Rework provides coverage on expenses related to correcting defective material or craft.

Non-Owned Automobile
If employees use personal cars to run errands for the business, having this extension can become an essential addition to your insurance policy. For example, an employee drove their vehicle to fetch tools for a job but encountered an accident along the way. Their insurance policy may not cover the damage costs due to another driver’s injury, but a Non-Owned Automobile extension can.

With the right knowledge, along with smart guidance, you can avert some risk exposures. Contact your insurance agent now and talk about other benefits you can get!

At Desmond Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.