As a contractor without proper insurance coverage, you face the possibility of losing everything you’ve worked for in your business. Here are three liability coverages that you should plan to include in your policy as you search for New Jersey contractors insurance.
Commercial General Liability
If a visitor or other third party sustains an injury or property damage because of your business, your general liability policy will cover the costs associated with any lawsuits brought against you. Your attorneys’ fees, as well as any settlements and payouts, would be covered by your policy.
If you’re also a designer, you want to carry professional liability. It covers you in case your client doesn’t approve of your design because of an error or because the design led to mishaps with the construction. Like general liability, if a lawsuit is filed, your policy will cover all your legal fees.
If a lawsuit is brought against you because pollution from your construction caused a third party to become ill or damaged his or her property, then the pollution liability portion of your policy would cover the legal fees as well as payments for any damages. Funds from your policy can also be used to purchase items that can help mitigate pollution from your construction.
There are plenty of other liability coverages available to keep you protected. Work with an agent who’s experienced with New Jersey contractors insurance to create a policy that meets your needs.