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You NEED A Commercial Property Liability Insurance Quote If You Have These Building Components

You Need To Get A Commercial Property Liability Insurance Quote

A Commercial Property Liability Insurance Quote WILL Protect Your Investment

Getting a commercial property liability insurance quote is essential in protecting your investment.  That is because, construction Liabilities can really matter when it comes to insurance rates.   Thus, if you are a real estate investor, you need  to know all aspects of the structure of the property.

Why Do You Need A Commercial Property Liability Insurance Quote

Construction elements are essentially the building materials that went into the construction of your real estate property and will then determine what kind of insurance rates you will see.  This is because certain building elements, such as the type of plumping you have in your real estate home, can be rated higher or lower than others.

That means if something were to happen with your real estate investment property, then you may be held liable!

What Should You Consider When Getting A Commercial Property Liability Insurance Quote

Quite frankly, building components will  matter because they will determine what type of insurance rates you will see, no matter what the construction element is.

For example, a brick veneer building will warrant a better rating, as opposed to other types of building materials, especially depending on the masonry involved.  This is simply because some building construction materials are hardier than others, are more sustainable and long lasting, and essentially, are less prone to damage.

The same would be true of central heating, which typically rates higher and thus, offers you a more comparable rate. Other building elements that make an impact are the type of window units, plumbing, and so on.

It is important that you know what construction elements went into your building so you can get the best rate possible.

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Why You Should Know If You Have An Uninsured Subcontractor

Are You Working With An Insured Or Uninsured Subcontractor?

Why Is Important To Know If You Have An Uninsured Subcontractor?

If you are in the construction industry, or are hiring for your real estate or small business project, then you need to know if you are dealing with an uninsured subcontractor.  Here's why this is important.

Are You Dealing With An Insured Or Uninsured Subcontractor?

The best way to find out if you have an insured or uninsured subcontractor is to simply ask.  If you are not comfortable asking directly then there are many websites and review boards that would help you determine what type of insurance the subcontractor may have, if any.  Do not be afraid  to open up a line of communication to determine what type of insurance they might have, as it would directly affect you.

In addition, it is also important to know what type of insurance they may have, as insurance types can differ from industry to industry, and from specialization to specialization.   For example, you must know if they are a general contractor or a sub, or artisan contractor.  An artisan contractor typically refers to those in specialized fields, such as HVAC, plumbing, etc.

What Happens If You Have An Uninsured Subcontractor?

If you do subcontract all of your work, then you need to know whether or not your subcontractors are insured or uninsured.  This is because insured subcontractors, who can show proof of insurance, will allow you to get a better rate.  Whereas, uninsured subcontractors will not only mean that you will have higher rates, but if anything were to happen on the premise, even if it is solely their fault, you may still be held liable.

Remember, this is important no matter what scope of industry your business might fall into.

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Are You Shopping for General Contractor Insurance?

Do You Need General Contractor Insurance?

More Importantly, What Do You NEED To know When Shopping for General Contractor Insurance?

As a general contractor, when shopping for insurance, it is possible that you can go to the wrong agent or agency when shopping for general contractor insurance.  Essentially, if you go to the wrong agent or company, and they lack working knowledge of general contracting – then you can find yourself with gaps in coverage.

In addition, if you own a construction firm or are a real estate investor flipping houses, this type of insurance is often a must-have.

What Is General Contractor Insurance?

General contractor insurance, true to its name, offers additional protection when it comes to contractors.  Whether that means that this is an issue of builder's risk, or whether it means that the coverage is there to protect property damage or a job that is not sufficiently done, or is not done to completion.

Why Is General Contractor Insurance Needed?

It is often needed because general contractor liability insurance can pick up where general liability insurance leaves off.   In addition, general contractor insurance can be highly specialized.  For instance, what kind of work are you actually doing?  If you are doing plumbing, this should be stated, if you are doing concrete, this should be stated, and so forth.

Moreover, you have to also state what sub contractors you are working with, as their insurance coverage matters.  General contractor coverage WILL help protect you and your assets.

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Why General Liability Insurance Isn’t Enough

General liability insurance is, as the name suggests, extremely general.  It essentially covers the basic needs and requirements set forth between the insurance company, and as agreed upon by the policy holder.   Exclusions, then, are what would not be covered by  general insurance, and as such, could potentially leave the policy holder at risk.

Why Isn't General Insurance Enough?

As mentioned, general liability insurance only covers a specific amount, as set forth by the insurance company.  This would not cover any exclusions that might apply.  For example, if you are in the real estate industry and you want to flip a property and therefore need to hire a contractor, general insurance will not cover contractor lawsuits or injuries.  This is because you need a separate contractor liability insurance policy to ensure coverage.

In another example, if you are in the food and beverage industry and you sell liquor liability, then you may need liquor liability insurance, especially if you sell more than 50% alcohol.  General liability insurance simply may not offer coverage.  Thus, if you have a patron that leaves leaves your facility drunk, and then gets into a car accident, you may be liable.

What Do You Need Beyond General Insurance?

In short, general liability insurance is extremely broad and, as mentioned, it may not be enough to offer enough coverage, should a discrepancy occur.   This means that you need specific additional coverage that would maintain coverage for your specific industry.  As mentioned, if you are in the food and beverage industry, you may need liquor liability and so forth.  No matter what commercial industry your business resides in, we can find the right insurance for you.