Being a contractor, your customers assume you will execute their construction plans, meet deadlines and see projects large and small safely to completion. This can subject your business to additional unique risks on top of the typical risks most businesses deal with like damage to your workplace or loss of important records. Today we’re discussing why you need contractors insurance in Salem OH to cover your business.
Business Owner’s Policy for Contractors
Most contracting businesses have a Business Owner’s Policy (BOP) because it protects your business in much the same way a homeowner’s policy protects your home and possessions.
By combining these three essential coverages that are important to nearly every small business, a BOP can help save you money while protecting what you’ve worked so hard to build.
- General Liability helps protect your contracting business from certain lawsuits that claim injuries or property damage that came about as the result of your business operations. It also covers certain claims of slander and libel.
- Commercial Property helps safeguard the place where you conduct business and the things you use such as tools and equipment.
- Business Income helps deal with the loss of income when you can’t run your business because of property damage.
Following are some of the most common items covered by contractors insurance in Salem OH.
Contractors Tools: The tools and equipment you use as a contractor are vital to your business. A range of coverage options can help pay for the replacement or repair of all types of owned, borrowed, or leased tools and equipment.
Installation Coverage: This coverage can help if, for instance, you are working on a remodeling project and an expensive appliance or furnishing is damaged or broken.
Data Breach Coverage: If your clients’ sensitive information is lost or stolen, it could leave your business exposed to lawsuits and a damaged reputation. This coverage helps cover the costs of notifying those individuals who were affected, handling public relations, good faith advertising, and more if individually identifiable information is lost or stolen. Not Available With All Policies.
Employment Practices Liability Insurance: This insurance comes into play when contracting businesses are exposed to employment practices liability claims such as wrongful termination, retaliation, discrimination and harassment.
Additional Coverage with Contractors Insurance in Salem OH
If you have employees, use a car for work, or work from home, you may also benefit from the following:
Workers’ Compensation Insurance: Workers’ comp provides benefits to your employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. In Ohio, if you have employees, it’s required.
Commercial Auto Insurance: This type of contractors insurance in Salem OH can cover you or an employee when an owned vehicle, used for business purposes, is involved in an accident.
Commercial Umbrella Policy: Provides commercial liability coverage over and above underlying liability limits.
If you would like more information regarding how contractors insurance in Salem OH can help protect your business, call today at 330-337-9557 to speak with one of our helpful agents.