Contractor Insurance – Risk mitigation is a savvy business move!

Contractor Insurance

There are tons of benefits as a contractor. You have a higher earning potential, you get to choose your own assignments, hours and locations. You call the shots. Since you are your own boss, there’s a lot to consider to run a successful business and one of the most overlooked aspects of being in business for yourself is preparing for the unforeseen.

Contractor insurance can protect you and your employees…

Have you heard of OSHA’s “Fatal Four?” The most common incidents that even the most cautious contractors face include 1) falling from a great height, 2) getting electrocuted, 3) getting hit by an object and 4) getting caught in or between machinery. While you may take all the safety precautions to prevent these things from happening, the reality is accidents happen. If you’re flying solo and you get hurt, your business stops. If you have hired help, a single claim and perhaps even a lawsuit will eat up precious time and hard earned revenue. Either case is not good and you can quickly find yourself in a bigger heap of trouble than you ever expected. The truth is, you have a lot more than bodily injury to worry about. Damage to property, loss/damage to equipment and tools and claims of negligence from clients are real reputation killers.

Insurance brings peace of mind to clients…and you!

While insurance isn’t exactly the most exciting thing to talk about, it’s important to understand that being thoroughly insured offers you a huge advantage. In the back of each clients’ mind, they are wondering, “what if something goes wrong?” Both you and the client know that something unexpected can go wrong, and if you say otherwise, you might as well have your fingers crossed behind your back. It doesn’t take much. Dropping a hammer, scraping a countertop, or a false claim of property damage that was really there all along can sink your reputation. The unexpected happens and most clients will remain pleased with your service if you can fix the problem. But, if you can’t, things can get ugly. Fast.

Where we begin…
The first step that we will take with you is to make sure that we classify your business correctly. Do you specialize in pipefitting, framing, or are you a “one-stop shop” that can fix and build everything? This step is extremely important because if your business is misclassified, that alone can become grounds for a denied insurance claim. This is the last thing you want when an accident happens, or when your last client is blaming you for damage you aren’t responsible for. Your reputation is what gets you business and if you can’t maneuver when the unexpected incident surfaces, you’re sunk. As minor of a topic as this might seem, it is extremely important that you are speaking with an agent who understands the business of being a contractor because if you are classified as an “exterior/interior painter” and your business would better be categorized as a “handyman” service, you may find yourself without the coverage you were relying on.

Determining best contractor insurance options

Once we know about the services you provide, it’s time to figure out how these services affect your coverage. This is where specialization matters. You really need someone who understands the difference between a bolster and a boning rod. If the agent does not understand what you actually do, they will not be able to determine what coverages you need or don’t need for that matter. That’s right, we want happy clients, so if your business really doesn’t need a particular coverage, we’ll take it off the list.

How policies work

If you’ve been searching around for different insurance coverages you may begin to wonder, do I really need five different insurance coverages? Can’t I just get one policy that covers it all? So here’s where working with a contractor insurance specialist comes in…

A single insurance product contains both what it covers and what it doesn’t cover. Your agent has to find a different insurance product that fills in the gap of what’s not covered. While this may seem strange, it’s just how it works. We understand that you want to sit around reading insurance jargon all day long, which is one of the advantages of letting us handle all this for you. We’ll ask the right questions to get what we need and use our expert knowledge to get you taken care of… And don’t worry, we’ll make sure you’re clear on what you’re getting. Each contractor has unique exposures and it’s important to accurately pinpoint those risks in order to find the policies that can protect your business, self, employees, and clients.

Coverages to Consider:
Here’s a brief breakdown of coverages that are available for you:

General Liability Insurance

Accidents are common at worksites. A toolbox could scrape a parquet floor or a child could trip over a hammer. General Liability may cover your client in these scenarios, helping them to pay for repair expenses, medical bills, or legal costs if a third party sues them.

Property Insurance

A contractor who has an office or storage facility for their equipment should consider Property Insurance. Your equipment is expensive and you absolutely need it to do your job. If anything happens to your property such as theft, fire or vandalism and you’re property and equipment are damaged or destroyed, the expenses may be too great to recover from.

Inland Marine Insurance

Inland Marine Insurance covers equipment as it travels from storage to worksites. Don’t let the “marine” part fool you…this coverage isn’t just for water transport. Collisions and cargo theft are common and this is the coverage you need in those cases.

Builder’s Risk Insurance

Builder’s Risk
 can cover a structure that’s under construction against loss or damage. For instance, if a strong wind knocks over a garage in progress, Builder’s Risk may be able to compensate the owner.

Contractor’s Insurance

Contractor’s Insurance covers “mobile equipment” such as backhoes and excavators.

Commercial Auto / Hired and Non- Owned Auto Insurance

An Inland Marine policy can protect the tools in the truck, but what about the truck? Whether they drive their personal auto, a borrowed or rented truck, or a business-owned vehicle, a handyman may need Commercial Auto or Hired and Non-Owned Auto Insurance.

Umbrella Insurance

Umbrella Insurance boosts the coverage of liability
policies by paying for damages that exceed the underlying policies’ limits. This can be especially beneficial to 
a handyman when a client requests they have more GL coverage.

License Bonds / Permit Bonds

Some municipalities require License or Permit Bonds (a kind of surety bond) before a handyman can contract to do work. It acts as a guarantee
that the handyman will fulfill their obligations and follow building codes.

If you’d like to learn more about how contractor insurance can help you, or have an existing policy that you’re not too sure about; Contact Us today and we’ll connect you with a contractor insurance specialist to help you out!

California Cannabis Surety Bond – What you need to know!

Cannabis Surety Bond – California cannabis business owners are now required to establish a surety bond and here’s what you need to know…

The Cannabis Surety Bond (some are calling it the “$5000 bond”) is required for new cannabis operations to obtain their license.  If your business is already up and running, it’s important for you to comply because penalties may involve significant fines or the state may even go to the extent of shutting down your business.  Not worth the risk.

What is it for?  The short answer.

The Cannabis Surety Bond is an agreement (or guarantee) between you, the business owner, and the government.  In the event that the State incurs an expense or a cannabis business owner fails to pay sales and/or excise taxes, the State may choose to liquidate the bond in order to compensate for the loss.  This bond also acts as a “performance guarantee” for cannabis operations who are constructing new facilities to ensure satisfactory completion of the project.

Details of the Cannabis Surety bond can be found in Section 26051.5 on the California Legislature  website as well as the Bureau of Cannabis Control

One of the advantages to working with us here at The Cannabis Coverage Company is that we can manage all of this for you.  Laws and regulations change frequently in the cannabis industry and, unless you enjoy reading legalese, you can let us maintain your policies for you.
Contact us today if you have questions or to learn about what coverages are right for you.

Equine Insurance

Equine Insurance

It’s no secret that owning a horse is an expensive endeavor.  On top of that, you have invested a tremendous amount of time and effort training and caring for your beloved equine and your horse represents both a financial and emotional investment.  Equine Insurance provides coverage for a variety of costs and expenses related to the upkeep of your animal.  Our policy options include:

  • Major Medical Coverage* – to provide reimbursement for the cost of medical and surgical bills caused by accident, sickness, or disease.
  • Surgical – Unlike major medical policies, which cover all types of veterinary costs, surgical policies only come into play if your horse needs an operation.  Surgical Equine Insurance can cover expenses directly related to the surgery such as fees related to the procedure, anesthetics, etc. 
  • Full Mortality and Theft – to insure your animals against death as a result of injury, illness, disease, humane destruction, transportation, or theft.
  • Personal Liability – provides coverage in the event that your horse injures someone or damages property.
  • Loss of Use – for compensation in the event your horse becomes totally and permanently unable to perform the duty for which it was insured.
  • Stallion infertility – for coverage in the event your stallion becomes permanently incapable of producing offspring due to an accident, illness, or disease.

Finding the right coverage options for your horse doesn’t have to be difficult. At Lions & Coventry Insurance Services, one of our insurance specialists can help educate you on the different coverage options and rates available for your special animal, and together you can build the perfect policy that fits the needs of you and your horse.

*It’s important to know that Major Medical Coverage is an addition to the Full Mortality policy and cannot be purchased alone.

Here at Lions & Coventry Insurance Services, we will take the time to discover your needs and craft the right Equine Insurance policy that suits both your needs and your budget.  Contact us today!

Food Truck Insurance

Food Truck Insurance

Are you considering joining the many savvy entrepreneurs who’ve opened up a restaurant on wheels?  According to FoodTruckr, we are in the “Golden Age of the Food Truck” where the sector is growing at a whopping annual  7.9% over the past five years.  While the freedom of running a food truck is fun, it’s important to know that you are dealing with both a business and a vehicle.  There are a number of risks involved and having the right food truck Insurance policy can keep your kitchen successfully rolling for years to come.  Here are some important things you should know!

What types of food truck categories can be covered?

  • Mobile Food Trucks
  • Lunch Trucks
  • Catering Trucks
  • Concession Trucks
  • Vending Trucks
  • Ice Cream Trucks

If your food truck doesn’t seem to fit any of those categories, don’t fret.  Here at Lions and Coventry, we have a lot of available options and can customize policies to fit your business.

What about food trailers?

If you have a food trailer, the vehicle used for towing will need to be insured on a commercial auto policy.  It’s important for you to know that a personal auto policy will not suffice, as most do not extend coverage to a food trailer, nor your vehicle while it’s being used for business.

What types of food truck insurance coverages should I consider?

Here are the three essentials…

Commercial Auto:

Your vehicle is being used for business and it’s highly likely a personal auto policy will deny coverage if something goes wrong while you’re using your vehicle (and/or trailer) for business.  Keep in mind that this coverage is quite useful because it will not only protect you on the road but also offers coverage for fire, theft or vandalism as well.

Commercial General Liability Insurance

General liability insurance provides coverage for things that happen to customers during the course of business.  If a customer becomes ill, sustains an injury, or damages property general liability can protect your business.  If you find yourself in court, even if you aren’t negligent, this policy can cover your legal representation and other court-related fees.

Workers Compensation

If you have employees, you absolutely need workers compensation.  While general liability is designed to protect you in incidents related to third-parties, workers compensation provides coverage for your employees’ medical bills and lost wages if they happened to be injured on the job.  It’s required in most states and is an important safeguard to protect against potential lawsuits filed by employees.

There are a number of other coverages available for you to protect your food truck business including, bodily injury insurance, property damage insurance, equipment breakdown coverage, medical payment insurance and more.  Food truck businesses vary quite a bit, which is why it’s important to work with an experienced agent who will take the time to learn about your business and make sure you have what you need to withstand the ups and downs of business.  Contact us today to discuss which food truck insurance options are best for you.

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Here at Lions & Coventry, we will take the time to discover your needs and find you the best solution at the best rate. Contact us today!

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Tuesday, May 08, 2018 lcconstruction Front Page Posts No comments
Contractor Insurance There are tons of benefits as a contractor. You have a higher earning potential, you get to choose your own assignments, hours and locations. You call the shots. Since you are ...
Thursday, April 26, 2018 lcconstruction Blog Posts , Front Page Posts No comments
Cannabis Surety Bond – California cannabis business owners are now required to establish a surety bond and here’s what you need to know… The Cannabis Surety Bond (some are calling it the “$5000 bon...