MUST GENERAL CONTRACTOR INSURANCE INCLUDE INLAND MARINE?

MUST GENERAL CONTRACTOR INSURANCE INCLUDE INLAND MARINE?

Are you a general contractor that works off-site? Move goods and products or in possession of the property of others? Then you typically need inland marine insurancecoverage. This type of coverage is especially important if you ship high-value products or materials.

However,if your business frequently ships products or equipment. Then consider purchasinginlandmarine insurance. When considering the need to purchase this insurance consider the nature of your business and the operations.

in addition, if someone else’s property is temporarily in your possession,inland marine insurance can be purchased to provide coverage against the loss of the property. Many general contractors look at the various insurance policies available to them. They question why they might need insurance.

As a general contractor, you need to consult your insurance provider so that you can understand more about the insurance and what it offers at large.With all the information gathered from the provider, you can go ahead and purchase inland marine insurance.

WHAT IS INLAND MARINE INSURANCE.

Inlandmarine insurance is a type of insurance coverage that covers a wide range of specialized property and materials. It also covers property designed to facilitate transportation or communication. This type of insurance covers the loss, theft, or damage to certain goods on any transport vehicle that is shipped either by air or ground transportation.

Inland marine insurance is vital for those companies who contractors travel to get to their worksite. General contractors should obtain this insurance. The insurance will ensure their safe arrival or will compensate for any accidents. These are the things that inland marine insurance cover;

• Contractor equipment.
• Transportation equipment such as food trucks or cargo vans.
• Mobile equipment properties.
• Communication equipment and networking tools.
• Valuable artwork like painting photographs and sculptures.
• Property in transit like construction tools and supplies.
• Computer equipment including servers and laptops.

GENERAL CONTRACTOR INSURANCE

WHY DO GENERAL CONTRACTORS NEED BUSINESS INSURANCE?

As a construction manager, you oversee projects from start to finish. If something goes wrong you, re often one held accountable. General contractor insurance help pay for;

• injuries
• property damage
• stolen properties

GENERAL LIABILITY INSURANCE POLICY

These policies cover the most common general contractor risks. Generalcontractors face high risks. General liability insurance helps pay expenses related to third-party injuries and property damage.

This insurancecovers common risks such as;

• Slip and fall accidents.
• Customer property damage.
• Libel and slander.

If a person is injured at your job site or a damaged property occur during a renovation. This insurance can cover medical bills or the cost of repairs. The policy provides liability coverage related to;

Customer injury.

If a customer trips over a toolbox or a ladder at work. You could be responsible for the injury. If a person sues you could end up paying for medical and legal expenses.General liability covers;

• medical bills.
• Attorney fees.
• Court-ordered judgments.

The policy does not cover employee injuries, thus needs to purchase worker’s compensation insurance.

customer’s property damage.

General liability insurancesafeguards small businesses when client property is damaged.It can also pay for the cost of repair or replacement. If a client decides to take you to court over the damaged property. The policy can cover the cost of a lawsuit.

Libel and slander.

Accidental advertising injuries are covered by General liability insurance including;

copy infringement defamation both libel (written) and slander(spoken).

Inland marine insurance is not legally required. Thisdoesn’t mean you can ignore it.It may help cover incidents that might occur in your life as a contractor. Make a point of getting this insurance to get covered.