Contractors Need-Know Quality in Insurance Coverage : Dear Insurance Agent...
HomeAbout UsContact UsCommunity ConnectBLOG: Dear Insurance Agent


EPAY
Online. 24/7
Independent Insurance Agents of Texas

Contractors Need-Know Quality in Insurance Coverage

by A. Montalbano on 04/03/14

One of the most important aspects in a project is certainly the contract.  Although it lays the ground-work and direction, not understanding the scope can become costly.

Gathering material, labor, permits, equipment, storage, etc., are essential in preparation of any project.  But without proper insurance in place high risk exposure is not worth the contract. 
Subcontractors are just as responsible for their part of the project as the general contractor and must step up in obtaining coverage.  The key is to obtain a valuable policy that includes important features customized to the work performed.  Low rates are obtainable but don't think this factor is key to success.  Contractors need to understand what type of coverage is included and excluded.  Knowing about A rated insurers and surplus line insurers are also important differences.  It is a heart-ache to read about small contractors taking on a project without knowing what they face and seeing their name tarnished later in court due to oversights.  All projects are not fit for every company.  Know what your company is capable of taking on and what is the deal breaker.  And certainly know your insurance limits before accepting a project.   Construction has unlimited gap exposures which can land any size company in a lawsuit. Never rush into purchasing a policy for its low rate.  Make sure your insurance specialist is an expert in construction coverage and makes time to diagnose your business needs. 

Comments (0)


Leave a comment


AGIS | PO BOX 448 | MAGNOLIA, TX 77353
Blog





Construction
Keeping it safe on the job site and whats trending in the builders world.






​01/24/17 
Gotta Love A Tool: 
5 Tips from an Equipment Thief 
​08/2014 Gotta Love A Tool:
History of Tools: 2 Great Empires
08/2014 Gotta Love A Tool: 
10 Important Tool Wonders
07/07/16
Outdoor Projects Heat Alert


Insurance

Secrets and tips of how to stay ahead.​

​04/07/19 Secrets Before You Buy A Home. Part 1
06/06/18 The Story of Your Insurance Matrix Life
05/20/18  10 Things You Should Never Keep From Your Agent
05/16/18 Agent vs Do-It-Yourself
03/01/18  How Your Website and/or Social Media Can Kill Your Chances of Business Insurance Coverage.
10/20/16Safety is Key When Prepping Home for the Holidays 
​10/06/16About Hurricanes and Storms For Texas Newcomers 
​08/02/16Vicious Dog List problematic coverage.
​07/01/16How Insurance Helped the U.S. Prosper: Colonial America and Benjamin Franklin
​01/07/16Steps to Take When Involved In An Auto Accident 
​12/28/1510 Things When Searching for An Apartment.
10/22/15Prepping Your Home for Fall Season Is Claims Deterrent 
09/2015  Personal Liability Affects Everyone.
08/2015  Does My Car Have Flood Coverage?
08/2015  High Risk Drivers...
04/2015 7 Car Shopping Strategies.(Progressive)
11/2014  Not-So-Bright Mishaps...
​10/2014 10 Dumb Ways to Increase Insurance.


​Business

Keeping abreast of trends and get inspired on making your mark in business. 

06/25/17  American Entrepreneural Spirit: Ideas to Independence  
02/15/17 
U.S. Open for Business 
01/25/17 
And the Self-Made Shall Inherit the Earth 
01/05/17 
Small Business the Fabric of American Society 
08/2015
Preventing Small Business Claims.
08/2015  
Myths and Facts: Business Liability...
09/2014  How the USA Prospered: Ships Sailed to the New World
08/2014 The Rise of Lloyds of London
08/2014 Why Every Size Business Needs General Liability
02/2014  What the Stars Insure.
Month of May 2019:  Safety on the site.
OSHA Guide to Recommended Practices.
Presenting what we know: business, insurance, market trends, and the history of great societies 
(its all related).