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As a general contractor in Bloomfield, NJ, you are busy working at job sites, finding new projects to take on, and dealing with clients and their construction needs. The last thing you need to worry about is your insurance policy. Purchasing an insurance policy depends significantly upon the type of general contractor you are.
For help to understand general contractor insurance, reach out to E.S.T.I.R. Inc. for additional information.
What Is a General Contractor?
A general contractor is a manager employed to oversee the construction of a project and is responsible for the overall coordination of jobs related to the project. Essentially, the general contractor is the person in charge of a construction project.
What Is a Paper General Contractor?
Paper general contractors are those who manage construction projects but do not do any physical work. Instead, these contractors hire subcontractors to do all the work for their clients.
What Is a Working General Contractor?
A working general contractor works in the field, only subcontracting jobs he is not certified or trained to complete. Most of the work is conducted by the working contractor’s company,
Why Do I Need General Contractor Insurance?
As a general contractor who hires subcontractors, you still need to get insurance coverage. Your general contractor insurance protects you from the many things that can happen when hiring subcontractors for jobs. Though subcontractors carry their insurance policies, your insurance covers you should anything happen on the job site, including theft and injury.
Working general contractors need to carry liability insurance, which includes worker’s compensation. The insurance company bases general contractor premiums based on the risk, so working general contractors generally have a higher premium payment than paper contractors.
Bloomfield, NJ contractors need to research and understand which insurance coverage is required for their type of work. The experts at E.S.T.I.R. Inc. are knowledgeable in contractor insurance and can help create the perfect plan for your needs.