Ten areas worth reviewing with your insurance agent: if you’re in construction or a contractor! part: 2

Here it is part two : 6-10 areas worth reviewing with your insurance agent: if you’re in construction or a contractor!

6. Installation Floater / Materials in Transit – Materials waiting to be installed, stored at a job site, or traveling to a project may need separate coverage. Do not assume that property or materials are automatically covered simply because you have General Liability or Property insurance.

7. Builder’s Risk – Who is responsible for insuring a project while it’s under construction? Don’t wait until there’s a fire, theft, vandalism, or weather-related loss to figure that out. A standard building or homeowner’s policy generally does not provide the appropriate coverage for a building during the construction phase. Builder’s Risk insurance should be reviewed for applicable construction projects.

8. Pollution Liability – Mold, fumes, chemicals, fuel spills, silica, and other pollutants can create exposures that may be excluded or limited under a standard General Liability policy. Contractors working with environmental hazards or potentially hazardous materials should carefully review Contractors Pollution Liability options.

9. Professional Liability – If you provide design, consulting, engineering, project management, or other professional services, those exposures may not be covered by General Liability. You may need Professional Liability or Errors & Omissions (E&O) insurance. Additionally, if you have a board of directors or shareholders, Directors & Officers (D&O) insurance may be an important coverage to consider.

10. Umbrella / Excess Liability – One serious accident can exceed your underlying policy limits. Higher liability limits may also be required by certain contracts, general contractors, lenders, or project owners. Umbrella and Excess Liability coverage is very common for contractors and can provide an additional layer of protection above underlying liability policies.