As a restoration contractor, protecting yourself with the proper insurance is essential to running a successful business. This guide will walk you through the basics of what types of insurance are available, how much it might cost, and other factors to consider when shopping for the right coverage.
Figure Out What Coverage You Need.
It’s vital to figure out exactly what type of coverage you may need when it comes to choosing an insurance policy as a restoration contractor. For contractors that are just starting out, the basics should suffice; things like property damage and general liability. You should also consider obtaining coverage for lost wages or business interruption, equipment breakdown, and other additional forms of protection that may be needed depending on your business’ operations.
Understand the Risks Threatening Your Business.
Knowing the risks that your business may face is essential when it comes to selecting an insurance policy. It’s important to educate yourself on what you may be exposed to, so you can determine what coverage may be necessary. Exercise caution and don’t overlook aspects of your operations that aren’t covered by most policies, such as employee-related expenses, legal fees, or other specialized services. Make sure to research thoroughly in order to get the best protection available for a good price.
Insurance for Restoration: Insurance Providers and Prices.
Once you understand what type of coverage your business requires, it’s time to start researching different insurance providers available in your area. Compare different policies and prices with each provider. Look for things such as customer service, basic coverage and additional extras. Choosing the right provider that offers complete coverage is essential when getting insurance for your restoration business. The International Building Code – ICC
General Liability For Restoration Contractors.
General liability insurance is a must-have for any restoration contractor. This type of insurance will protect your business in case of property damages or various other types of loss that may arise from your work. Additionally, general liability can provide coverage against legal proceedings resulting from negligence and personal injury claims. Make sure to read the terms and conditions to determine exactly what type of protection is offered in your policy.
Make Sure Their Policy Also Covers Labor Costs For Repairs & Restoration Work.
When searching for an insurance policy, you should always make sure the coverage includes labor costs associated with repair or restoration work. In order for your policy to be effective and provide comprehensive protection, it must include expenses related to repair and restoration projects. Also, consider additional rider policies that may be offered with the basic policy. Additional riders can provide additional levels of protection, such as workers’ compensation and more.