Although each state’s liability coverage varies, most contractor companies doing business out of Arizona require proof of some form of general liability insurance before solidifying any agreement or contract. A smart business owner is an informed one. Contacting a knowledgeable agent who specializes in AZ insurance guidelines provides a thorough understanding of the many options available while simultaneously customizing your contractor’s insurance coverage based on your organizations particular requirements.
Accidents, damages, interruptions, delays and losses are part of operating any type of construction business, i.e. electrical, plumbing, heating/air conditioning. Choosing the right coverage provides the business owner optimal damage control and sound protection, should a problem arise.
Types of Contractors Insurance:
Income Insurance: Should a covered loss or delay occur to a business service or project, business income insurance provides a way for paying expenses i.e. payroll, rent or mortgage, taxes, relocation fees.
Contractor Vehicle Insurance: Coverage for commercial auto’s i.e. vans, box trucks, utility vehicles and trailers as well as the employees operating them.
Equipment Insurance: Coverage for damaged equipment such as excavators or cranes due to machinery malfunctions, mechanical or operator error, electrical surges.
Business Property – Indoor/Outdoor Insurance: This plan covers damage to rented or owned business property as well as anything housed within the business property, i.e. inventory, building materials. Business property insurance safeguards against catastrophes such as water damage or fire to indoor/outdoor property.
Commercial Property/Liability: This plan provides coverage should an employee cause damage to a client’s property, bodily injury to others or employee injuries.
A licensed insurance agent in AZ can explain and guide you through each policy, providing a further breakdown of specifications for each coverage option, keeping in mind any state or county laws, safety regulations or construction guidelines that need to be observed i.e., obtaining licenses, bond requirements. Purchasing contractors insurance not only reduces the risk to your business operation, employees and clientele exist in a safe and secure work environment. Many AZ based insurance companies include preparedness plans at no additional costs to the purchaser. Taking advantage of these free plans allows AZ construction businesses a well-organized preparedness plan against disasters as well as recovery and relief guideline suggestions.
Choosing specialized contractors insurance serves as the most important investment to your business and personal stability. Optimal safeguards build a solid bridge to your financial future and lower operating expenses while providing priceless peace of mind.
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301