Insurance to Protect Your Project Team
As a general contractor, you know that more hands on deck means that you can get more work done faster. However, you also know that it means more liability on a project, too. When you’ve got extra people helping you to complete the project, you want to be sure you’ve got the right contractor insurance policies in place to protect your subcontractors, employees, and business interests. To adequately protect your team, read on.
Quite simply, if you have employees then you will need workers’ compensation. This coverage kicks in if your employees become ill or injured while doing their job. It can help pay for medical expenses and lost wages if someone falls from a ladder, is hurt by machinery, or gets otherwise injured on a project site. It can even cost the costs of an illness caused by an employee disturbing asbestos-containing materials.
When you hire subcontractors, you don’t need to provide workers’ compensation for them. You may assume that your contractor liability insurance covers your subcontractors, but this could be a costly mistake to make. Your general liability policy may specifically exclude damages caused by parties other than you and your employees.
When you do take out insurance for your subcontractors, you’ll want to ensure two things:
- All trade contractors/ subcontractors should provide certificates of insurance before beginning any work.
- All trade and subcontractors should maintain the same levels of coverage in the same amounts.
Additionally, you should make sure your subcontractors include you as an additional insured on their insurance policies before beginning work. This way, they are protecting you against their own negligence.
Do you have the right coverage for your team and project? Make sure you do by contacting the experts at Nahai Insurance Services. We can assess your unique business and its unique risks, then craft you the right coverage so you can have the protection you need at the premiums you deserve.
