Insurance tailored to the unique needs of your business.
Mechanical contractor insurance secured with McArdle Insurance Agency.
Mechanical contractors can play various roles in the life of a building project, but each one is critical. Whether you’re part of the initial design, production and installation, or you focus on maintenance and repair, the work is vital. Also vital is a well-designed mechanical contractor insurance program that addresses the needs of your business.
Mechanical contractor insurance designed for your unique business.
A business owners insurance policy is often the foundation for a solid mechanical contractor insurance program. Also known as a BOP, it usually includes general liability insurance and commercial property insurance. General liability insurance offers financial protection should your business cause bodily injury or physical damage to a third party. It may also pay for legal costs associated with defense. Commercial property insurance covers your business’ office, storage, workshop, materials, equipment, and other business property.
Additional liability protection—just in case.
No one plans on mistakes or errors when they’re working on a job. However, they still can happen. Errors and omissions insurance, sometimes called professional liability or E&O, provides coverage in the event it is alleged that you made an error in your work. This policy can help pay for legal defense and damages awarded.
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As a contractor, your business may be susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. And, if you hire other contractors to perform work on your behalf, you can be held responsible for any damage they cause on the job.
Commercial general liability insurance is an absolute necessity for every contractor. This type of protection provides broad coverage for premises, operations, products, and claims to third parties or property when you are deemed responsible and liable. It will also pay to defend any covered lawsuit or action regardless of its merit.
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Commercial property insurance can help protect the property your business owns and leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
You’re constantly moving your tools from one job site to another, exposing your contractor business to potential loss due to damage or theft. And without your specialized tools and equipment, your job site may come to a screeching halt.
As a contractor, you need contractors' equipment insurance - a policy specially designed to protect your tools and equipment on the move. The policy will cover equipment for a variety of losses, including fire, explosion, vandalism, theft, collision with other equipment or objects and overturning. Unlike standard commercial property insurance policies, contractors' equipment insurance often covers losses caused by floods and earthquakes.
A building under construction is not covered under a standard building insurance policy or a home insurance policy since it is not a complete structure. As a contractor, you may be responsible for unique loss exposures related to buildings under construction such as the theft of building materials and high valued equipment such as generators and compressors.
Builders risk and installation insurance provides coverage for homes or buildings while undergoing construction, until they are completed. The policy covers the contractors’ interest in materials at the job site before they are installed, construction materials in transit designated for the contractors' equipment insurance–a policy specially and the value of the property being constructed until it is completed.
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.
As a contractor, you have many exposures associated with your business vehicles–owned or leased. With a fleet of cars, trucks, vans, or other types of vehicles used in the course of business, a single accident can potentially put your contractor business in financial jeopardy.
Business auto insurance provides coverage for vehicles owned or leased by a contractor and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.
If you are performing as a contractor on a construction project where other contractors and vendors are involved, you could be held liable for any damages or injuries caused by the other contractors or vendors, leaving you with costly legal fees and settlement costs. Your business needs to be protected against the risk of some other company, vendor or subcontractor causing damage to people or property of your mutual customer.
Consider having a contract in place with each entity that includes a hold harmless agreement in your favor. A hold harmless agreement provides that the entity will hold you harmless for any injuries or damage caused by their negligence. In addition, the contract should require that the entity list you as an additional insured on their policy. This may provide you with coverage under their policy for injuries or damage they cause if you are named in a lawsuit.
Losses and lawsuits are quite common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.
Mechanical contractor insurance for a business on the move.
As a mechanical contractor, you and your crew are likely moving from location to location. Depending on your operation, you may have just a few vehicles or a large fleet of vans and trucks. Regardless, you need business auto insurance to protect your business. If one of your vehicles is involved in a collision, business auto insurance may pay for bodily harm or damages you’re held liable for. You can also purchase coverage that pays for physical damage to your own vehicles. If your employees use personal vehicles to travel to job sites or you sometimes rent larger vans or trucks, consider obtaining hired and non-owned auto insurance to protect against additional risks.
Your equipment and supplies carry risk, too.
Mechanical contractors require specialized tools and equipment, as well as supplies, which must be transported from a warehouse, office, or storage facility to the work location. If they are damaged, lost, or stolen while en route, inland marine insurance may help cover the cost of replacement or repair.
Cover your work even after the job is complete.
Completed operations insurance offers protection after your work on the project is done. For example, it typically provides coverage for accusations of negligence that results in injury or property damage, as well as breach of contract. Attorney fees, court costs, and awarded damages are generally covered. Completed operation insurance is often included in a general liability policy, but it is always a good idea to double-check.
Cover risks associated with the business side of your operation.
Mechanical contractors, while in a unique industry, are still a business. Therefore, they require some business insurance policies that are necessary across industries. For example, workers’ compensation insurance is required in most locations, but it’s especially important for mechanical contractors, as there is a higher risk that your employees could be injured on the job. Additionally, cyber liability insurance may help pay for costs associated with a cyber hack or data breach.
Contact us today to find out how we can help you find the right mechanical contractor insurance for your business.
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