Since there are so many types of contractors who seek insurance, it can be a challenge for you to know what type of New Jersey contractor insurance is right for your construction firm. Your company might work with toxic materials and need an environmental liability policy. Or perhaps you specialize in another area and simply need a New Jersey General Liability policy. Your contractors have a broad range of exposures, and it’s important to be financially protected from them.
So what are some other coverages you should likely have within your New Jersey Contractor Insurance package? Listed below are essential products.
Surety bonds are perhaps the most important insurance product contractors can have. New Jersey Surety Bonds protect you, your company, and your staff in the event that you fail to perform a job as specified by the contract you entered into with your client. The bond compensates the client for any damages or financial loss that results from your failure to fulfill your obligations.
Commercial Auto Insurance
This applies if your construction firm owns a fleet of vehicles, or even one vehicle, that is driven by employees. This insurance policy protects your business in the event that you or an employee driving a company vehicle causes injury or property damage as the result of a covered accident.
Your New Jersey Workers Compensation policy protects you from potential lawsuits in the event that one of your workers is injured or becomes ill due to a work-related incident. In addition to paying any applicable medical expenses, workers comp also compensates your contractors for work time lost due to the injury or illness. This coverage is mandatory in New Jersey.
At Tri-State Insurance Agency, we provide the coverages listed above, and more, to the broad contractor segment. We understand that the construction industry encompasses a wide variety of artisan contractors, from landscapers and carpenters to electricians, plumbers, masons, and many more, who all have unique New Jersey Contractor Insurance needs. Please contact us today for more information on our policies at (888) 990-0526.