Contractors Insurance

Contractors General Liability Insurance Policy General Contractor Insurance 

  • Artisan Insurance
  • Carpentry Insurance
  • Carpet Installation Insurance
  • Electrician Insurance
  • Flooring Installation Insurance
  • Plumbing Insurance
  • Roofing Insurance
  • Masonry & Brickwork Insurance
  • Carpentry, Interior Insurance

Carpentry, Exterior & Framing Insurance LIABILITY INSURANCE

Contractor Insurance

You can usually make an offer on a project without Liability Insurance. Chances are that when it comes to the time

the work is going to be performed you will need to produce proof of insurance to unpack your tools and get to work. If it is not the homeowner or the business owner, it may be the building owner or the local government that steps in with requirements.

The insurance costs vary based upon the amount of liability you need and the type of work you and or your subcontractors perform. It is not unusual that building owners in Massachusetts require at least a million in liability and often umbrella policies up to $3 Million to get you foot in the door.

  •  When Regan Agency quotes a policy we will offer you several payment plans that should accommodate your budget.
  •  We will offer you options to keep your initial payments low, especially if you are a new company with limited capital resources.
  •  Typically, companies offer payment plans that allow you to pay off the policy over the course of the year in 9 or 10 payments after a deposit.

Contractors & Artisans Insurance Policy Coverages

Insurance companies are financial institutions, like banks.  Accordingly they are rated by institutions like Standard & Poor and a firm called AM Best. These firms rate Insurance companies the same way they rate banks & bonds:: A++, A+, A, A-, B+, etc. make sure that you find out what each company’s rating is while you are gathering quotes.  It is hard to compare a rate with an A rated multibillion dollar company with an insolvent insurance company with a C- Rating on the brink of bankruptcy.

Commercial General Liability Insurance (CGL) is the focus of a slew of law suits. Accordingly, there are many things you need to know about securing a Commercial General Liability Insurance Policy.  Although this coverage helps to protect you and your company’s assets by providing a layer of defense against several types of suits including negligence, there is a lot to know.  That is what your Regan Insurance Agency is here to do. By covering the cost of defending or settling these claims and the award that may be handed down to the claimant, a General Liability Insurance policy can help you keep your business in business.

Coverages Liability: 

General Liability Insurance usually covers basic categories of business liability

Bodily Injury

Physical harm to a person at your place of business, or an injury caused by your employee at a client’s site.

Completed Operations/Products Liability

Losses after your business has completed work for a customer (such as repairing appliances or installing plumbing) or from manufacturing and distributing products.

Personal Injury

Damage to the reputation or rights of a person or business due to slander, libel, copyright infringement, invasion or privacy, false arrest, wrongful eviction, etc.

Advertising Injury

Losses caused by your advertising (spoken or written); for example, an ad that trashes a competitor.

Medical Payments

Pays the medical expenses of a person injured on your premises (a customer, client, visitor, or even a trespasser) up to a stated amount, regardless of fault — as a goodwill gesture to prevent lawsuits.

Independent Contractors Liability

Damage from the acts of an independent contractor hired by your business.

For contractors, the above are usually sufficient.

For general contractors, the one coverage typically NOT INCLUDED , but perhaps the MOST IMPORTANT is the following:

Injuries to Sub Contractors Liability Coverage

If you are a General Contractor and do not have it or have never heard of it you need to call us immediately.

Damages covered by your General Liability Insurance will pay three types of damages:

Compensatory Damages

Financial losses of the claimant, plus additional monetary losses resulting from the claim.

General Damages

For intangible losses (“pain and suffering.” “mental anguish,” etc.)

Punitive Damages

Penalties against your business for committing a wrongful act.

Exclusions: Although Commercial General Liability Insurance provides a wide range of protection for your business, it will not pay liability claims related to these areas (which you can cover with other policies):

On-the-job injuries to employees: Workers’ Compensation

Operating autos or trucks in your business: Business Auto Policy

Performing, or failing to perform, professional services: Professional Liability Insurance, Errors & Omissions

Acts as a corporate director or officer: Directors & Officers Policy

Pollution Environmental Liability

Damage to property of others in the care, custody and control of your business — for example, an electronic repair shop storing customers’ televisions Baillee’s Customer Floater.

Products, such as food items or toys, subject to recall. The General Liability Insurance also excludes coverage for losses related to war, terrorism, or nuclear events.  However it is available separately on a Products Liability Policy

As many people have already found out, Regan Insurance Agency is the best stop for a quote on their Contractors Insurance.  We are the low cost solution for your Contractors Insurance.