If you are a contractor who works in a type of business that requires a lot of work in other businesses’ properties or people’s homes, you should look into what type of contractor’s insurance you need. It is really important to do this, especially in case you are involved in an accident that causes harm to yourself or others. Contractors insurance is important for individual contractors to look into, but also the businesses who employ them.

E.S.T.I.R. Inc. in Bloomfield, NJ is proud to offer contractors insurance. Because it can be such a minefield, our agents gladly walk you through your insurance options and our quotes. 

Types of contractors insurance

Depending on the nature of your business or the service you do, you will need certain types of contractor insurance. We list a couple of the most common ones below for you:

Personal liability insurance/Umbrella insurance

Personal liability insurance is useful in case you cause someone else bodily harm or damage their property. Personal liability insurance enables you to cover any costs endured by individuals or companies.

Umbrella insurance is usually the most comprehensive type of insurance when it comes to liability, as it covers liability in most situations.

Workers’ compensation insurance

If you are not a contractor yourself, but employ others (or perhaps you are both), you should look into workers’ compensation insurance, which is usually mandatory as soon as you hire one employee. This covers the company in case the contractor is involved in an accident on the work floor and covers their costs if they need time to recover.

To look into contractors insurance today, call E.S.T.I.R. Inc. in Bloomfield, NJ or request a quote here. 

As a business owner, you are probably used to the paperwork and issues you have to deal with daily. While sorting out proper insurance might seem like another one, it can give you a lot of peace of mind if you know you have the right one for your business. 

E.S.T.I.R. Inc. in Bloomfield, NJ can help you make sure that you have the right commercial insurance, and discuss different quotes and options with you. 

Types of commercial insurance

Different situations can require different types of commercial insurance. Some of these include:

• You have a company car that either you or your employees use. For this, you need commercial auto insurance, which in some cases should be fairly comprehensive, just like auto insurance for personal cars you may drive. 
• You run a call center from an office building, or perhaps you run a dog sitting company from a hall. Either way, if you own property that you use for your business, you must look into business property insurance to cover any incidents. This could be from an employee hurting themselves on the property to large-scale issues such as a natural disaster causing damage to the property. 
• If your employees do get hurt while they are at work to the extent that they can’t work, you need to continue paying them. So this doesn’t come out of your pocket, and the employee doesn’t lose out while they can’t work. You can cover both of you via workers’ compensation insurance. 

If you want to discuss the above and other commercial insurance options, give E.S.T.I.R. Inc. in Bloomfield, NJ a call and we can talk to you about this. 

Sub-contractors are critical to the success of any construction project. Contractors will bring in sub-contractors to help make their lives easier. These professionals can help finish Bloomfield, NJ projects with more speed, high levels of quality, and great execution all around. They also need insurance, but questions may arise as to whether your contractor’s insurance policy covers them? Will your contractor’s insurance policy provide subcontractor coverage? Let us take a closer look.

Coverage for Subcontractors

When looking at a standard contractor’s insurance policy, typically coverage has its limits. You will not usually see sub-contracts getting coverage. Insurance is usually only extended to you and your full-time employees in the event of an accident or claim of a covered loss.

There are things you can do though to ensure your sub-contractors get coverage. When buying your insurance policy, you can extend your contractor’s insurance policy to cover them. This will carry an increase in your premium but will allow you to freely bring in each sub-contractor and protect them on the job.  

The other option is that you will need to require each subcontractor you hire to carry their insurance. In this instance, you just want verification they have insurance before they begin work.  

Conclusion

You need to have a sound awareness of what your contractor’s insurance policy covers. If you have a large-scale project in Bloomfield, NJ do not let your insurance get in the way. Take action now and begin to better understand the state of sub-contractors on your insurance policy. Work with our team at E.S.T.I.R. Inc. starting today to nail down your insurance needs.  

E.S.T.I.R. Inc. is an independent insurance agency. We offer coverage to the Bloomfield, NJ community and the surrounding areas. We strive to ensure that our clients are protected when an emergency situation arises. Through working with multiple carriers, we are able to offer our clients multiple options.

How New Jersey Business Owners Are Impacted By Remote Workers

Commercial insurance helps your business continue to function. There are several risks associated with operating a business. Commercial insurance protects your business if your inventory is stolen or vandalized. Your property is also covered if it is damaged due to a fire or natural disaster. Liability coverage is another important part of your policy. You are covered if one of your customers is injured while they are visiting your establishment. You can also add business interruption coverage that gives you a safety net if your business has to shut down for a few months.

Over the last couple of years, research shows that remote working opportunities continue to rise. Perhaps you have added the ability to work remotely to your Bloomfield, NJ business. Worker’s compensation protects your business if one of your employees is injured in the workforce. Remote workers are eligible for worker’s compensation, as long as they are contracted, employees. Make sure that your remote employees are working in a safe environment. If necessary, you may ask for pictures of their home office.

Cyber-attacks are a major threat to the online workforce. Hackers are constantly looking for ways to infiltrate networks and corrupt data. Cyber liability coverage protects your business if you suffer a data breach that leads to your customers or employees having their personal information stolen. If your employees are using business equipment while working from home, commercial property insurance covers any damages.

E.S.T.I.R. Inc. Will Help You Protect Your Investment

Visit our website to learn more information about commercial insurance.  

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. 

If you are a business owner, then commercial insurance is crucial. There are many facets to consider when purchasing commercial insurance, so let E.S.T.I.R. Inc. serving the Bloomfield, NJ area, help you!

The best place to start when looking to purchase commercial insurance is to establish clearly what sort of business you are in. Are you in retail? Manufacturing? Childcare? Are you a working professional?

What are your assets and liabilities? Which of your assets are most at risk and need the most protection? Similarly, which part of your business is most at risk? For example, a retail business may be stock-heavy, and adequate coverage will be needed. 

Do I have employees? What insurance is available to me for my employees? Do they work in a dangerous environment or operate heavy equipment?

Do I have customers and suppliers on my premises? Will I need liability insurance?

Are natural disasters a regular occurrence? If yes, then what insurance is available for me? Is commercial insurance sufficient, or do I need additional insurance? Is there business interruption insurance included in my commercial insurance if I need it?

Do I own the building where my business is situated, or do I lease the building? What are the insurance requirements according to the lease? If the building has a glass storefront, is glass insurance included in my commercial insurance?

There are many areas to consider when purchasing commercial insurance. It is important to be very clear about what your business is and what your insurance needs are. E.S.T.I.R. Inc. serving the area of Bloomfield, NJ is there to help you find the most comprehensive insurance for your needs. Contact them today!