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What Insurance Does An Electrical Contractor Need

What Insurance Does An Electrical Contractor Need?

You NEED The Right Kind of Insurance, Or You May Be Held Liable

If you are an artisan, a contractor that specializes, you may have asked yourself, "What insurance does an Electrical Contractor Need?"  You could ask this if you were looking into insurance as a plumber, HVAC, or other type of artisan.

Or, if you are a real estate investor that is looking for additional coverage for the contractors you hire, you may have also considered the question:

What Insurance Does An Electrical Contractor Need?

First and foremost, General liability is needed to protect you, even if you are the real estate investor who is contracting out employees.  It is important to remember that, if you are a real estate investor that is subcontracting work, then this automatically makes you a General Contractor.  Thus, you need the right coverage.

In addition, for specific artisans, specialized insurance, such as Electrical Contractor General Liability Insurance would offer additional coverage that General Liability would not cover completely.

Why General Liability Isn't Enough!

General liability, true to its name, is very general and thus, only gives you the basic in insurance.  This means that you are left exposed if you do not have the right coverage, or if the coverage you have has insurance gaps.

Don't be left exposed!  Let us help you find the right insurance for your needs!

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Is Commercial Property Insurance Deductible? Here’s What You Need To Know!

Are You Looking To Receive A Commercial Property Insurance Deductible?

Your Agent Must Ask The Right Questions To Know Whether Or Not You Can Receive A Commercial Property Insurance Deductible

If you are a real estate investor, then you may have wondered whether or not you qualify for a commercial property insurance deductible.  To determine that, here is some information that you need to know.

What Is A Commercial Property Insurance Deductible?

Quite simply, a deductible allows insurance to become more affordable to the masses.  For example, if a property owner had to pay every loss then there is no doubt that the insurance system would begin to buckle.

In short, a deductible is the amount that you would need to pay before any type of coverage kicks in, or rather, the amount before the insurance company pays out for any type of losses sustained.  As one can imagine, deductibles can differ wildly.

How Do You Know If You Quality For A Commercial Property Insurance Deductible?

This is something that your insurance agent must determine, and in order to do that, they must ask the right questions!  Your real estate agent is going to determine the nuances of your insurance plan, any potential liabilities, and so forth, before a determination is made.  This is a part of your initial policy, so your insurance agent must ask the right questions from the start!

Ready to shop for the right insurance?  Our insurance agents are always standing at the ready!

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Multifamily Housing Insurance Will Help Mitigate Risks

Do You Have Multifamily Housing Insurance?

If You Do Not Have Multifamily Housing Insurance, Then Your Investment May Be At Stake!

Do you have multifamily housing insurance?  If you do not, and you are a real estate investor that focuses specifically on this market, then your investment may be at risk!  Here's why:

What Is Multifamily Housing Insurance?

True to what it sounds like, multifamily housing insurance is strictly for multi-resident properties, such as apartments.   This type of insurance is strictly for any issues that may be associated with a multifamily property, such as damage to the property directly.

This is different than other insurance types because it is highly specialized and applies to multifamily units, and the potential problems that they may bring.

Why Do You NEED Multifamily Housing Insurance

Anything can go wrong with a multifamily property.  We have seen the following:

  • Dog Bites
  • Drug Deals
  • Hoarders
  • Destruction of the property
  • and more!

All of these can carry serious liabilities that can potentially undermine your investment.   You need the RIGHT insurance in order to protect your investment.  If any of the above should happen, your tenant could not only potentially sue, but you could run the risk of paying out considerably.

For example, in one case of a dog bite, we saw a tenant sue and win a million dollar lawsuit because the investor did not have the right kind of insurance.

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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!

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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!