Why You Need To Buy California Contractors Insurance And What It Does For You
by Clarence Tipton
<paragraph>Unless you have some kind of inside track, you will probably have to bid to get most construction jobs. The bidding is always competitive on the good ones because of the money at stake. It is important to show that you are qualified and willing to price your services competitively. If you don't have the licenses and certifications required though, none of that will matter. You must <a href='http://www.cisburbank.com/faq'>Buy California Contractors Insurance</a> and have the appropriate coverage.</paragraph>
<paragraph>It might be tempting to cut costs by being minimally insured, or letting policies lapse completely. You will be very sorry if something unexpected happens, and you are deemed responsible. It can ruin you financially and professionally. With the appropriate policies you will be protected against paying personally for worker injuries, equipment damage or theft, and even the supplies you buy for your office.</paragraph>
<paragraph>All business owners need standard business owner coverage. This includes general liability, business interruption, and company property. If you use company vehicles you need to have a commercial automobile policy. Workers who are expected to drive their personal vehicles for company business should be covered under a non-owned clause in your policy.</paragraph>
<paragraph>Most construction companies own or rent extremely expensive heavy equipment. It has to be covered against theft and damage. When you making payments on your equipment, the lender will require the coverage. When you are renting or leasing, the lessor will require it. Without adequate coverage you would be responsible for replacing or repairing the equipment yourself.</paragraph>
<paragraph>You must have errors and omissions coverage. This policy will cover errors, omissions, or negligence for which you are deemed responsible during the course of a job. Unfortunately, not all workers are honest. It is a good idea to protect yourself with an employee dishonesty policy. That way, if one of your crew removes something from a site illegally, the replacement cost will be covered.</paragraph>
<paragraph>If you have employees, you must have workers' compensation insurance. This covers workers who get hurt on the job. It will pay their medical expenses and for some of the worker's wage until he is able to return to work. Umbrella liability coverage is always a good idea. This policy kicks in once you've exhausted the limits of the other policies.</paragraph>
<paragraph>You should consider installing GPS tracking devices on all your company vehicles, and your equipment, to increase security and make recovering them easier. Installing a security system at your business location will discourage theft. Both of these measures will decrease the likelihood that you will have to file a claim. You should definitely bundle your policies.</paragraph>
<paragraph>The construction business can be very lucrative. In order to win competitive bids, you'll need to prove you have the proper coverage. Without it, your business may not succeed, and you are putting your financial future in jeopardy.</paragraph>
You can get an overview of the advantages of using <a href="http://www.cisburbank.com">Buy California Contractors Insurance</a> and information about well-respected <a href="http://www.cisburbank.com/faq">Buy California Contractors Insurance</a> today.
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