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Taking on the contractor role will require you to acquire adequate insurance coverage. Review some contractor’s insurance guidelines. Upgrade your existing business insurance policy once you determine how much insurance coverage you need.
Liability
Determine your risk of being held liable for injury or property damage. The type of machinery and tools used to perform contracting duties could influence your risk level. If your business operations require the use of dangerous machinery, tools, chemicals, and other essentials, purchasing more liability insurance can be beneficial.
Storage
Your storage setup could influence the lifespan of building materials, equipment, and other items needed to complete contracting duties. Storage units, including garages and sheds, will offer the most protection. Portable storage setups will prevent materials from being exposed to the elements.
Assessing the type of storage space you have available will help you decide whether to invest in additional storage units.
Each storage unit you decide to use should be equipped with locks, cameras, and other accessories to protect your contracting essentials from damage and theft.
If you ever decide to expand your business, you should reevaluate your storage plans. A business expansion may require modifications to your existing storage plans.
Guidance
Trust a licensed insurance agent to assist with your contractor insurance upgrades. An agent serving the Bloomfield, NJ, region will review your business plan. After reviewing your business plan, the agent who represents E.S.T.I.R. Inc. will describe some contractor insurance products you can add to your current insurance policy.