Property Preservation Insurance
Property preservation insurance for contractors can cover expenses related to foreclosed properties, including medical bills and employee injuries. This insurance is specifically set in place to protect small businesses against common risks. General liability coverage includes bodily injury and property damage. Property preservation companies may be required by their local city to carry this type of insurance.
General liability insurance for property preservation companies
General liability insurance for property preservation companies should include products and completed operations coverage. This type of policy covers the costs of repairing or replacing property that has been damaged by the property preservation company’s work after it has been completed. It also covers the legal expenses of injured clients if they sue. This type of insurance is particularly useful for those who perform interior renovations.
Restoration contractors need general liability insurance because they often handle vacant and foreclosed properties. In some cases, they may be sued for mistakes made during the restoration process. To protect themselves from liability and other legal risks, property preservation contractors should consider errors and omissions insurance. For example, an employee may accidentally leave a window or door open, or leave a property unprotected. Medical expenses could be incurred if a client is injured due to poor work, resulting in a loss of profit.
Property preservation contractors should also consider having workers compensation insurance. Although it is optional in some states, it is crucial to protect your business from employee accidents. Even the most well-trained, well-prepared professionals can face accidents. With Workers Compensation Insurance, you can avoid this costly expense and ensure the success of your company.
Property preservation contractors also need commercial auto insurance. This type of insurance will cover vehicle damage, medical bills, and lost wages. It will also cover any expenses resulting from accidents involving the contractor’s tools or equipment. This type of insurance can cost an additional $15 per month or $180 per year.
Restoration contractors must have liability insurance to protect their business. The work they do is often dangerous, not only for their employees but also for their clients. Whether performing repairs or restoring foreclosed properties, property preservation contractors must have the proper insurance to protect themselves. Having this type of insurance protects them and their reputation.
Errors And Omissions Insurance
Errors and omissions insurance is also important for property preservation contractors. These policies cover the contractor in the event of a lawsuit for negligence or an error. This extra coverage can prove invaluable in competitive environments, especially in the property preservation industry. This additional policy is typically placed above General Liability insurance, so it provides added peace of mind.
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