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Insurance for CA Contractors
Other Kinds of Insurance for CA ContractorsWhile general liability insurance and worker’s compensation insurance taken together provides adequate coverage for most businesses’ basic needs, it’s necessary to take a close look at your own business in order to determine whether you need more extensive coverage. There are other kinds of insurance for CA contractors that could save you a great deal of grief and money in the future. If you have a vehicle or vehicles that you use in your business, for example, it’s a good idea to consider taking out a commercial auto and/or truck insurance policy. This will provide coverage for damages resulting from injury to both persons and property that your vehicle may inadvertently cause.Inland Marine InsuranceAnother potentially useful type of insurance for CA contractors is Inland Marine insurance, whose name belies the wide range of situations it can be applied to. While originally intended to provide coverage for goods being transported over inland waterways, this has since evolved to include coverage for all property in transit, expensive personal and commercial property, buildings currently being constructed, Accounts Receivable, and more.An inland marine insurance policy covers items and situations that are not normally covered or have limited coverage in your existing policies. This would include your tools and equipment, much of which you also transport, as well as the building materials and other goods on the premises where you might be working. Disability InsuranceInsurance for CA contractors not only gives you peace of mind about future liabilities, the welfare of your employees, and safeguards your property, it can also protect your business’ and your family’s future. By taking out a Disability Insurance policy, you can augment your coverage further and guard against the cost of future damages to your most valuable resource - yourself.According to the American Council of Life Insurers, as quoted in the Wall Street Journal, “one third of all Americans between the ages 35 and 65 will become disabled for more than 90 days.” Given that the construction industry is a high-risk trade, you can expect the number to be even higher for contractors and the like. This is where the added coverage of a disability insurance policy could come in handy. Essentially, what disability insurance does is replace part of your income in the event of your disablement. This is especially useful when you are seriously injured and are unable to work for a long period of time. Given the nature of physical injury and the importance of physical health in the construction industry, this could stretch from months to years. With long-term disability insurance, you are assured that you will still be receiving a portion of your income throughout the length of your recovery. If you’d like to find out more about the numerous options in insurance for CA contractors, consult with one of our specialists today. With our 25 years of experience and extensive network of industry contacts, we are more than able to help you find the best CA contractors insurance today. |
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