As You Ramp Up for the Coming Season, Take the Time Now to Review Your Insurance Needs
For many contractors who do most of their work outside, the first couple of months of the year are the lull before the storm. As spring approaches and workloads pick up, many landscapers, painters, roofers and construction firms are readying their people and equipment for projects and jobs that will start soon.
During this slower period it is a good time to make sure your people, equipment and business are properly protected against the mishaps that occur during the routine course of doing business.
Know Your Coverages
Knowing which types of coverage each business requires depends on the work performed, the equipment used, and where the work is done. Various options include:
Inland marine coverage is designed to protect covered property that is damaged away from your premises. This includes supplies and equipment at job sites, or when you haul goods for others.
Property in the Course of Construction
This coverage is designed to protect you whether you are building a commercial structure or installing new fixtures in a kitchen.
Builders’ Risk coverage protects buildings under construction. It also pays for materials on your construction site as well as transportation of those goods and materials.
Installation coverage focuses on smaller jobs, such as remodeling projects. It also pays for materials on your installation site as well as transportation of those goods and materials.
Contractor’s equipment coverage can come in multiple versions. There are coverages for scheduled equipment; unscheduled equipment with specified limits; employees’ tools; and non-owned or rented tools and equipment.
Motor truck cargo insurance covers you when you haul goods for others or yourself.
Make Sure Coverages are Updated
It is particularly important to make sure the insurance schedules that list the equipment covered on each policy are up to date. Making sure new equipment is added to the list of items is critical. Many insurance companies will not pay claims on equipment not on their list.
Removing older equipment no longer in service is also a good idea. Keeping these lists current can be tough, but necessary to insure all items are covered.
Are You Covered Adequately?
Determining if you have enough coverage depends on a number of factors. These include what type of business, your standard business practices, and the value of your equipment.
Now is the Time to Find Out
Before your days run from sun up to sun down, take the time to review your current insurance coverage with your agent. You don’t want to find out in the middle of the summer, something valuable to your business is not covered.
Let the Mitchell Agency work with you to identify what coverages you’ll need to protect your business and people. Just give me, Vince Shissler, a call at 765-742-1135, or email me at firstname.lastname@example.org.