Subcontractor Insurance Is A MUST If You Are Dealing With Contractors

Do You Have Subcontractor Insurance?

If You Do Not Have Subcontractor Insurance, Then You May Be Liable!

Subcontractor insurance is essential if you are doing any kind of work on your real estate investment property.  If your contractor is injured, or if a construction default happens, you do not want to find out too late that your insurance company will not pay!

That is why it is important to know what kind of insurance you need before you begin any kind of home construction project.

What Is Subcontractor Insurance?

True to what it sounds like, subcontractor insurance is specialized insurance that will address specific worker concerns, such as a construction default. It will help when it comes to artisan contractors, such as plumbers or electricians, as well as general construction projects.

Beyond this, you also want to consider workers' compensation, which will help take care of any liabilities or claims should an injury or death occur while on your real estate investment property.

Why Do You NEED Subcontractor Insurance?

Quite simply, general liability insurance will not  cover many different claims associated with home construction, such as a workers' injury or a construction default.  As a real estate investor, you want to spend time engaging in what really matters, and by having the right kind of insurance, you can save considerable time and money!

Contractor Insurance Liabilities Do Exist And Can Hurt Your Real Estate Investment!

Do You Know What Contractor Insurance Liabilities Might Exist?

Contractor Insurance Liabilities Can Completely Hinder Your Investment

Did you know that contractor insurance liabilities might exist right on your real estate investment property?  If you are doing construction work on your property, and you are working with contractors, here's what you need to know:

What Are Some Contractor Insurance Liabilities?

Essentially, any injury that a contractor faces can become contractor insurance liabilities.  There are a number of hazards associated with the construction of your real estate property, even if you do not think there are.  For example, your contractor may step on a nail and get an infection, they may fall off a ladder, or suffer some other type of injury.

If you are not properly covered, then you may be liable for any one of these!

How To Protect Yourself From Contractor Insurance Liabilities

The best way to protect yourself in the event of an accident or an injury, is to make sure that you have the right insurance. You should also know whether or not your contractor is insured or uninsured right out of the gate. If they are not insured then this is yet another way in which you may be liable!

There are also other ways to protect your investment.  For example, you should also consider getting workers' compensation, subcontractor insurance, and so forth.

Get protected today!

Contractor Insurance Pricing, What You Should Know

IF YOU ARE A REAL ESTATE INVESTOR, YOU SHOULD BE AWARE OF CONTRACTOR INSURANCE PRICING

Contractor Insurance Pricing WILL Fluctuate

Did you know that contractor insurance pricing will change depending on many different factors?  It is important that you know how and why in order to get the best rates possible.

What You Need To Know About Contractor Insurance Pricing

When it comes to real estate investments, oftentimes to save time and money you will hire contractors or subcontractors to do work on the property.  However, do you know if you are dealing with insured or uninsured contractors?

Knowing the answer will help you determine what kind of insurance rates you might receive.  In terms of pricing, if you are dealing with insured subcontractors than you should expect to see lower rates.  In addition, consider what costs you are also doing per year, such as resources, hiring, and so forth.

Why Contractor Insurance Pricing Matters

Quite simply, knowing what kind of pricing exists, or can exist rather, will allow you to make the best decision for your individual insurance needs.  For instance, if you did not know that subcontractors need separate insurance, then you could potentially face major liabilities later on.  As a real estate investor, you want resources to go to what's important.  Thus, knowing what rates you should expect will allow you to make more informed decisions.

Contractor Insurance, Minimizing Risks With New Contractors

ARE YOU A REAL ESTATE INVESTOR LOOKING INTO CONTRACTOR INSURANCE?

IF YOU HAVE HIRED A NEW CONTRACTOR FOR YOUR INVESTMENT PROPERTY THEN THEY NEED CONTRACTOR INSURANCE

If you are a real estate investor who has hired contractors to work on your investment property, then you need to have general liability contractor insurance.  This is especially true if the contractor is new and/or uninsured themselves.

Here's what you need to know:

How Does Contractor Insurance Help

Contractor insurance will help you in the event that:

  • A construction default has occurred
  • A subcontractor suffers an injury
  • You get sued over an injury or accident that occurs

These are just some of the risks that you can face when it comes to new contractors.  In insurance, we often say, “not knowing is not an excuse – and someone has to get paid.”  That is simply the reality of insurance, even if you are a real estate investor looking into real estate properties casually.

Quite simply, having this type of  insurance can protect your assets and give you peace of mind.   When you are a real estate investor, it also allows you to focus on what really matters - investing.

Worker's Compensation and Contractor Insurance

Not only do you need contractor's insurance, but it is also a good idea to consider getting workers compensation as well.  This is also helpful because it allows you even more asset protection for your real estate investment.

What You Need To Know About Contractor Insurance

If You Are Hiring A Contractor To Work On Your Property, Then You Need Contractor Insurance

Contractor Insurance Can Help Protect Your Real Estate Investment

Do you know if your subcontractor has contractor insurance?   Further,  are you yourself a contractor or are you hiring a contractor for your investment property.

Why Contractor Insurance Is a Viable Investment

If you are hiring a general contractor, then you MUST make sure that they are insured. If they are not insured, then the insurance will ultimately fall on you, the real estate investor.  Most new investors are unaware of this fact; eager to begin or finish up an existing project.  However, even if the investor has all the right intentions, even going as far as getting homeowners insurance or general liability coverage, they must still make sure that their contractor is insured, or at least be aware of the status.

If you are hiring different subcontractors, then this makes you a general contractor by default.  This means that you need general contractor liability insurance, otherwise you can potentially put yourself at risk.

Contractor Insurance Is Not The Same As General Liability Insurance

As mentioned, general insurance is the most basic type of insurance and does not offer the full extent of coverage, especially if you are a contractor or are working with a contractor.  Thus, it is imperative to consider getting contractor insurance in order to better protect your real estate investment.

 

Do You Have An Insured Subcontractor? Here’s Why You Need To Know

The Difference Between An Insured Subcontractor and One That Is Not Insured Is Vast

Insured Subcontractors Can Allow You To Have More Formidable Insurance Rates

When shopping for real property insurance, you need to know if you are dealing with an insured contractor, or one who is uninsured.  This is most prevalent in the real estate and construction industries, but matters in any commercial industry.

Why It Matters If You Have An Insured Subcontractor

The reason this is important is because, when it comes to most commercial industries, who works on your property or commercial property, and whether or not they are insured, matters.

An insured subcontractor matters because it can affect insurance coverage.  Not only will this help mitigate risk, but it can also help lower your insurance rates and insurance premiums as well.

Building contractor insurance, general contractor insurance, and other aspects of insurance coverage (even as general as electrician insurance) is vital so that you can be certain that, should something happen, your risks will be covered. It is equally important to verify insurance.

How To Know If You Have An Insured Subcontractor

The best way to know is to simply ask.  No matter what scope of industry you are in, you need to be mindful of who you are working with.

Thus, this is a conversation you need to have with your subcontractor before they are hired.  An open line of dialogue with your contractor is good practice in general as it can often raise specific red flags if they are non communicative or do not respond well to your questions.

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.