As a contractor, one of the most important things you’ll do regularly is build your commercial* insurance policy. Several types make up this policy, and no matter what industry you’re in, you will need these to work insured.
1. Worker’s Compensation
Required by the state of New Jersey, this policy is required for any business owner or contractor who has more than one employee. With this policy, the employee can get medical expenses covered, damages, and any loss of pay covered if they are out of work because of an accident that happened while on the job.
2. General Liability Coverage
You are always at risk of being sued by a customer or someone else in the public as a contractor, and if you are, you need coverage should they be awarded damages in a court of law. This policy can be as much or as little as you need, and you should take into consideration the amount of the business’s worth when you build the policy.
3. Commercial Auto Insurance
If you use a vehicle for your business, then you will be required to carry commercial auto insurance on your policy. This provides full coverage for all your vehicles, and protects your employees, even if they are at fault in an accident.
4. Builder’s Risk
If you are a carpenter contractor, doing any type of building or home design, make sure you carry builder’s risk coverage, so that any project you are working on is insured if there is damage from wind, fire, vandalism, or a burglary.
No matter what type of business you have, commercial insurance is the ultimate protection. if you are working in or around the state of New Jersey, contact our team at Creative Risk Management LLC today to get more information, or start building your policy. We look forward to working with you soon.
