Additional Coverage Considerations for Missouri Contractors

 

Business Auto Insurance

Stating the obvious, if your Business owns any autos, you will need a Business Auto Policy.  

Your Business may also contractually be required to have Business Auto Coverage in order to be considered for certain construction projects - example, a Building Owner wants to make certain any contractors that come on the premises have Business Auto Insurance.

For Business Owners that do not have owned Business Autos, this requirement can be typically be satisfied with Proof of Non-Owned Auto Liability Coverage.   Quite often this coverage can be added by endorsement to the General Liability Policy. 

 

Inland Marine Coverage:

  • Equipment and Tools:   The cost of tools and equipment for Contractors can add up rapidly.  Depending on the total value owned, it may make sense to Insure.
    • Theft claims, associated with break in of vehicles, is a common equipment and tool claim

  • Installation Floater (Coverage for Project Material): Depending on the size of the job, Project Material Values could be very significant for Contractors.  A Contractors Installation Floater will cover your Project material at your premises, in transit, in temporary storage and at project sites.

    For each of your projects, it will be important to know who has the duty to insure Project Material prior to completion of the project - this should be defined in the Construction Contract.


Commercial Umbrella:

Simply stated this is additional Liability Protection for your business.   If a Contractor has a General Liability or Business Auto claim that exhausts the limits of their policy, the assets of their Business will be exposed to pay the remainder of the settlement - this could be financially devastating.   Accordingly, it is a good idea to have a Commercial Umbrella Policy.

If you are a Commercial Contractor, the potential exists, at some point in time, that you will be required by an Owner or a General Contractor to have an Umbrella policy in order to be hired for a project.   Common Umbrella Limit Requirements are $1,000,000 - $5,000,000.

 

Contact us today for an Insurance Proposal for your Business:
Ph. 636-519-0059 or 
E
mail: dan@hebbeln-ins.com