BENEFITS: SUBCONTRACTORS INSURANCE
Compliance With Laws And Contracts
In many areas, certain types of insurance, such as liability insurance and workers compensation, are legally required for businesses, including contractors. Contracts for certain projects often require proof of specific types of insurance and adequate coverage to protect against potential risks.
Protection From Financial Loss
If a contractor is found liable for an injury or mistake, the costs including medical costs, legal fees and damages can be overwhelming. Liability insurance provides financial protection against these risks, while equipment insurance and property insurance cover repair or replacement costs if the business’s physical assets are damaged, lost, or stolen.
Employee Protection
For businesses with employees, workers compensation insurance provides essential protection. The potential liabilities resulting from a severe injury can be huge. Workers Compensation insurance covers medical costs and lost wages if an employee gets injured or sick while on the job.
HVAC CONTRACTORS
As a HVAC contractor, demand is high for your services when the heater or air conditioner breaks down. Accidental property damage and bodily injuries are a hazard of doing business – this is why a well thought out insurance plan is critical in protecting your business’ future.
PLUMBERS
Running a plumbing business comes with certain risks and liabilities. At RGIA, we understand the risks that face plumbers daily and develop tailored insurance packages to fit your specific needs. Protecting your business from claims of bodily injury, property damage, and personal injury is essential.
ELECTRICIANS
Working on electrical systems, whether in a home or at a business, can be dangerous. Electrical contractors deal with unique risks involving live wires, active circuits, and specialized equipment. Notwithstanding, the common risks that most business owners face, like property damage or bodily injury.
This is why a smart, comprehensive insurance strategy is essential in protecting electrical contractors from the unique risks its employees face daily. General liability, property and other insurance coverages are critical essentials for electrician businesses and contractors.
COVERAGES
Subcontractor insurance is designed to protect subcontractors financially against claims of third-party injuries and property damage. Coverages which offer different levels of protection.
The most common levels of protection for subcontractors include:
Commercial Auto
Provides financial protection against bodily injury or property damage resulting from an accident.
General Liability
Covers subcontractors financially against claims of bodily injury and property damage resulting from business activities.
Professional Liability
Protects against claims of losses or damages resulting from alleged or actual negligence in the services provided.
Surety Bond
Surety bonds serve as a financial guarantee that the subcontractor will fulfill their contractual obligations, such as completing the project on time, adhering to specifications, and paying suppliers.
Tools and Equipment
Pays out the cost to repair and replace tools and equipment if these are stolen, damaged, or vandalized.
Workers’ Compensation
Covers the cost of medical care and a portion of lost income of subcontractors who become injured or sick while doing their jobs.
Installation Floater
Coverage for specialty trade contractors, including mechanical, electrical, plumbing and HVAC contractors. Inland marine installation floaters provide coverage for a contractor’s materials from when they leave the contractor’s business until they are installed, and that job is signed off.
