Building a Custom Contractor Coverage Plan for You
For many years, the Byrnes Agency has been with working with countless Connecticut home improvement contractors and contracting firms providing them with comprehensive Contractors’ insurance and risk management programs to help protect their assets from unexpected losses.
Insurance Products for Contractors
Whether you’re a general contractor, residential, commercial, or industrial construction company, you’re always looking for the next project. Turn to Byrnes to assist you with your contractors business insurance needs so you can get that new job and protect it, too.
From Hartford to Dayville, the Byrnes Agency has worked with countless Connecticut contracting firms, providing them with comprehensive contractors insurance and risk management programs to help protect their assets from unexpected losses and provide great peace of mind.
We specialize in providing our clients with competitive prices for the following coverages:
- General Liability
- Contractor’s Liability Insurance
- Workers’ Compensation
- Equipment and Tool coverage
- Commercial Auto insurance
- Excess Insurance
- Builder’s Risk/Course of Construction
- Installation Floater
- Professional Liability
- Pollution Liability
In addition, we are available to serve your Surety Bond needs. We can provide all of this and more without compromising our commitment to providing quality service.
Our Contractor Business Insurance Services
- Same-day service on certificate of insurance delivery
- Facilitation of annual audits
- Contract review to ensure you’re covered for insurance requirements
- Experienced staff that keeps on top of a constantly changing market
What Kind of Insurance Policies Do Contractors Need?
We work hard to provide our clients with competitive prices for the insurance policies and services utilized by many of the best general contractors working in Connecticut today. Call us to learn more about the following policies we’re proud to offer:
General Liability Insurance
General liability coverage protects you in the event that your business is sued for causing injuries to a third party or that party’s property. A third party can be virtually anyone who isn’t employed by your company, such as clients, delivery drivers and any visitors to your site. In short, if you get hit with a lawsuit because an individual claims you caused him or her harm, this type of insurance provides for your defense in court.
General liability insurance covers not only accidents on site but also any problems with your finished work itself. Even the best plans can go awry. If your crew installs large, custom office shelves that later fall down, for example, general liability insurance may cover the cost of repairing the wall and the floor below. When people refer to “contractor s insurance” in a broad sense, this is typically what they’re referring to.
Commercial Property Insurance
This coverage protects your Connecticut business against loss in the event of damage to, or destruction of, your business property. This extends to not only your workshop or warehouse but also the fixtures, furniture and tools that get housed inside.
Given how much your firm relies on its tools, this particular breed of contractors insurance is virtually a given for all professionals. If property damage occurs that is covered by your policy, you can expect to be reimbursed for the value of the ruined items so your company can replace them promptly.
Equipment and Tool Insurance
You might think of this form of contractors insurance like mobile property insurance. It covers items that your business owns and brings from site to site across Connecticut, such as forklifts, generators and hammers. The best part — and the primary difference between this variety of insurance and commercial property insurance — is that this type of insurance moves with your business from location to location.
It’s worth noting that items that you rent are not necessarily covered by equipment and tool insurance, so it’s important to discuss the specifics of your policy with an agent to make sure you get the coverage you need.
Accidents happen, not just on the construction site, but also in transit. An installation floater is a form of contractors insurance that covers your expenses in the event that materials for installation get damaged en route to work. Coverage lasts until the item is installed and accepted by the client.
For example: You discover that, despite your best efforts, the sink you ordered and transported on behalf of clients for their kitchen remodel is damaged when you unbox it. Your installation floater policy would cover the cost of replacing it for your company so you don’t have to adjust your quote or pay for a replacement out of pocket.
Workers’ Compensation Insurance
This type of liability insurance covers your employees’ lost wages and medical bills if they’re injured on the job in CT. It also pays benefits to surviving family members in the event that a team member dies due to a work-related injury.
Workers’ comp is required by every state, but how it’s specifically handled varies by location. Our staff is well-versed in the workers’ compensation needs of Connecticut contractors so you can be sure you have the right coverage.
Commercial Auto Insurance
Got a company car, truck or other vehicle? This contractors insurance policy is the best way to make sure your fleet stays on the road for years to come. It protects your business in the event that you or one of your employees injures another party in your company vehicle. Additionally, you may choose to add coverage for your own medical expenses and auto shop bills in the event that you’re involved in an accident where the party found at fault is under-insured or uninsured. It also protects against theft.
Builder’s Risk Insurance
This type of contractors insurance protects the value of building materials and labor on Connecticut construction sites against damage from extreme weather, fire and vandalism. It’s issued on a project-by-project basis, typically in the short term. It’s not unusual for a client to include it as part of a business contract or initial quote, as well as for local building codes to require that you get it. Without it, you could face hefty fines.
Professional Liability Insurance
Professional liability insurance, also referred to as contractors errors and omissions insurance, is best for contractors who design their own building projects. It provides financial protection in the event that your business is sued for negligence. If a client sues you because he or she claims you didn’t finish the project, did a poor job or designed a faulty finished product, this form of contractors insurance will cover the cost of legal defense for your Connecticut business.
Pollution Liability Insurance
This is becoming a must-have policy for many CT contractors, as it protects your business against any pollution it may create by completing a construction project. More and more contractors are opting to use it as they discover that a project doesn’t have to spit hazardous chemicals into the air in order to create pollution. A firm can do everything right only to find that work site run-off after a downpour caused damage requiring insurance protection.
Surety bonds, also known as contractor bonds, aren’t technically contractors insurance. Rather, they’re a guarantee that you’ll finish the project and finish it in accordance with what’s stipulated in your contract. If you don’t, whatever agency issued the bond (typically an insurance company) will pay your client. Then your company has to pay the agent.
General contractors in Connecticut typically need four types of surety bonds for their business:
- Bid: If you don’t deliver on your home improvement quote, this guarantees your client will get reimbursement. Bid bonds are designed to prevent contractors from making impossible proposals just to secure a project.
- Performance: If your work doesn’t meet the standards promised in your quote or if your project takes years instead of months, this lets the dissatisfied client bring a claim against you.
- Payment: These bonds protect any suppliers and subcontractors that you partner with in the event that you are unable or refuse to compensate them for their materials and/or labor. Federal law requires any new project that exceeds $100,000 to get this kind of coverage.
- Contractor license: All contractors need this bond in order to work. Various governing bodies require them at the county, state or city level. Failure to comply can result in substantial fines.
Contact the Byrnes Agency today to discover how we can provide all of this help, peace of mind and more without compromising our commitment to offering great, high-quality service for your contracting business.