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Construction Insurance and Contractor Concerns

The construction industry is currently robust, therefore with all the work currently going on, the many risks and exposures being faced on a daily basis brings with it certain concerns. Home contractors, builders and remodelers understand that they face the possibility of an accident or injury each and every time they walk onto a construction job site. The same goes for plumbers, electricians and HVAC professionals who each have their own special job hazards that are unique to their trades.

 

There are a staggering number of financial liability issues in the construction industry, which is why they need to purchase a construction policy to offset any costly errors or mistakes, as well as any on-the-job injuries that might occur. For these reasons, employers and contractors need coverage to protect themselves and their workforce. How to find the best construction insurance in New Jersey? They need a broker familiar with the many issues that plague this industry.

 

Many of these artisan contractors enter into agreements with general contractors that specify the types of insurance coverage, limits and special endorsements (additional insured, waiver of subrogation) they must carry in order to secure the job.

 

Surety Bonds are equally important to secure

 

As any artisan contractor knows, they need to produce certificates of insurance and construction bonds in order to enter into contracts with clients. When a surety bond, performance bond or other documentation to support a bid is needed, a surety company can provide the services that enable a contractor to enter bids and be competitive in the market.

 

There are assorted bonds available for every aspect of the project from start to finish and it can be a fairly simple process to secure a particular coverage that makes sense for any business person, and includes construction bonds, performance bonds and/or surety bonds, commercial vehicle insurance, general liability, and umbrella liability coverage.

 

In addition, workers compensation is also required for contractors who hire actual employees (these are generally not subcontractors, but are paid employees of the construction company or the contractor). How to find the best construction insurance in new jersey? Speak to an agent about any questions or concerns, someone experienced with working with policies that cover construction projects.