Risks accompany every job and trade. For general and sub-contractors, however, the exposures are very different from other types of businesses. There are the standard commercial risks like property damage and general liability, as well as industry-specific hazards like job-site liability and the potential for professional errors. At Burstad Insurance, we help Central and Western Wisconsin contractors find insurance coverage that diffuses professional vulnerabilities and safeguards against financial loss.
We serve contractors in many different occupational specialties, including:
- General contractors
- Floor installers
- Construction workers
- HVAC workers
- And more
Occupational Risks and Insurance for Contractors
Setbacks happen from time to time – many of them minor. For the major losses, however, you need insurance that can sustain your business cashflow and help ensure its continuity. That means understanding the unique risks you face and the types of coverage you need to offset them. If you own an HVAC business, for example, you need coverage to protect your workers if they are burned on hot equipment or fall from height while working on a job. If you are a carpenter, you need insurance that safeguards you against a fire that destroys your shop and everything inside it. If you are a builder, you need insurance that helps mitigate your risk and the potential for loss while your construction project is still in progress.
At Burstad Insurance, we can help you find insurance for a wide range of scenarios. Examples include:
General Liability Insurance
Contractors – even independent contractors – have the same legal responsibility for third-party injuries and other damages as bigger businesses to. General liability insurance helps protect your business against litigation expenses if you are sued for a covered event. This could include incidents occurring in your office or shop, as well as certain types of damages that occur at jobsites, such as in a client’s home or business. Considering the cost of legal fees and judgments can total tens or even hundreds of thousands of dollars or more, we recommend purchasing high-limit protection to help prevent out-of-pocket costs.
Workers Compensation Insurance
Many contractors work alone. If you choose to hire employees, however, you will need workers compensation insurance to protect yourself and your workers, as well as maintain compliance with Wisconsin state law. Workers compensation insurance compensates employees for lost wages and medical expenses as a result of on-the-job injuries. The coverage is no-fault protection, meaning it pays benefits even if your business carries no blame for the injury. As an added benefit, workers compensation benefits may limit an employee’s ability to pursue additional compensation from your business by way of litigation.
Commercial Property Insurance
Protect the property you own with insurance that covers damages and loss due to a wide range of events. Commercial property insurance helps cover your tools, shop structure, equipment, signage, and more if they are damaged due to a fire, falling object, inclement weather, vandalism, or some other covered peril. Whether you work from a large shop or out of the garage in your home, talk to an agent about your property insurance needs.
Commercial Vehicle Insurance
Chances are you rely on your truck or van to haul equipment and supplies to and from each job site. Whether you have one commercial vehicle or a whole fleet, be sure to protect your investment with commercial vehicle insurance. This coverage can help cover your trucks against damages caused by accidents and non-collision events. It can also shield your business against financial losses stemming from accident-related liabilities.
Employee Theft Coverage
Don’t let your business take the heat when employees commit fraudulent acts. Employee theft insurance can help protect you against losses due to employee theft, forgery, and more. It can also include protection for third-party clients when an employee commits theft at a job site.
Professional Liability Coverage
Some contractors need professional liability insurance to help protect against errors that result in financial liability. If you or one of your sub-contractors makes a mistake in designing and constructing a building, for example, professional liability insurance may help cover financial responsibility for making things right.
Builders Risk Coverage
Builders risk insurance is purchased by individuals and businesses that have insurable risk in a building project. This often includes contractors and sub-contractors who need to protect materials and equipment against physical damages during the construction process.
Tools and Equipment Coverage
You rely on your heavy equipment and tools to get your job done. When your equipment goes down, cashflow may come to a halt. Whether it breaks down, gets stolen from a job site, or no longer works due to an electrical surge or an employee’s user error, talk to an agent here at Burstad Insurance about coverages and endorsements that can better protect you against loss.
Excess Liability Insurance (Commercial Umbrella Coverage)
Many contractors purchase commercial umbrella insurance for increased protection against lawsuits. This type of coverage typically provides a million dollars or more in additional liability protection beyond the limits of a general liability insurance policy. Once the limits of GL are exhausted, umbrella insurance can help pay for remaining damages up to the limits of the secondary policy. Considering the potential for multi-million-dollar lawsuits, having this important coverage could help you stay in business despite litigation.
Western and Central Wisconsin Contractors Insurance
As an independent agency, Burstad Insurance offers localized support and broad access to a wide range of commercial insurance solutions throughout Central and Western Wisconsin. We recognize the perils you face day to day as a contractor. Our goal is to provide quality insurance protection from reputable Wisconsin insurers that give you confidence in your coverage for many years to come.
For more information about Wisconsin contractors insurance or to request your quotes, contact our office today.