Contractors should carry contractors insurance. It helps to cover many different problems that may arise in their line of work, including workplace injuries, accidentally causing structural damage and can help to protect against certain types of lawsuits. If you are preparing to hire a contractor, you should always ask a contractor if they carry contractors insurance. At E.S.T.I.R. Inc. serving Bloomfield, NJ, we want to make everyone aware of the importance of this. Here is what you need to know about contractors insurance. 

Why Is It Important to Work With a Contractor Who Carries Contractors Insurance?

Contractors insurance helps to cover against many of the unexpected issues that can arise in the construction industry. For example, if a contractor falls off of your roof while they are working, contractors insurance helps to cover their medical expenses and lost wages. Without this insurance, they may come after you or your homeowner’s insurance policy to recover money. Contractors insurance also covers construction accidents or errors. For example, if a contractor accidentally knocks down the wrong wall, their insurance will pay to rebuild the wall, so you don’t have to pay for it out of your pocket. 

How Can You Verify If a Contractor Has Contractors Insurance? 

When you are looking to work with a contractor, simply ask them if they have contractors insurance and if you can see the valid insurance policy or card. If desired, you can call their insurance company and verify that their policy is valid. You can also write in a contract that the contractor must carry a valid contractors insurance policy the entire time they are working on your property. 

It is extremely important that homeowners and business owners only work with contractors that carry contractors insurance. If you are a contractor who does not have contractors insurance, it could cost you work. If you need to purchase contractors insurance, E.S.T.I.R. Inc. serving Bloomfield, NJ can help you. Call us today to learn more. 

If you run a business in Bloomfield, NJ, you probably want to know if you’re getting (or already have) the best type of insurance policy for you. We’ll take you through a business owners policy (BOP) as this is one of the more common types of insurance. Its popularity does not necessarily make it the right option for you, but it may give you some indication as to what other owners are seeking out. E.S.T.I.R. Inc. is here to help you get the answers. 

What Is a BOP?

A BOP essentially gives business owners a solid protection plan in a single package. Instead of having to worry about choosing individual liability limits or deciding on different riders, an owner can just buy an all-in-one policy. You get major property and liability protection, so you can repair your building if it’s damaged or settle lawsuits (either in court or out) as they arise. 

Are All BOPs the Same?

While many small- and medium-sized business owners may have some version of a BOP, this does not mean that they’re all the same. Most BOPs include business interruption insurance or a coverage option that provides income if you have to close your business for a covered reason. Others offer all-risk coverage, or essentially coverage against every event unless it’s been specifically excluded on the policy. You never want to assume that policy covers anything — even if it seems as though it should a standard clause for all policies. 

When you want to learn more about commercial insurance of any kind, E.S.T.I.R. Inc. can help you fill in the gaps. We help the entrepreneurs in Bloomfield, NJ protect everything they’ve built, so they can keep their dream alive no matter what happens.