Contractor Insurance: Complete Protection for General Contractors in San Diego

What Is Contractor’s Insurance?

Contractors’ insurance safeguards your small business against financial collapse, operation disruptions,  and business closure as a result of work-related accidents. If you run a contracting company, it is extremely important to protect your job, your employees, and your investment with suitable coverage that will prevent disasters from happening.

In short, contractors’ insurance is a safety net for all small businesses, including sole proprietorships. It provides financial security, peace of mind, and protection against accidents and lawsuits. Furthermore, some type of coverage is usually required by those who hire you to do the job, so it helps you fulfil your legally binding commitments.

Commercial Insurance for Contractors In San Diego

Contractors’ insurance is a term that describes a variety of different coverages. Let’s look at some core security coverages that support your company’s resilience, stability, and longevity.

Add-On Coverages

In addition to basic coverages, you should  also consider other important coverages that help craft a complete protection for your business. Add-on coverage options include:

• Commercial property coverage – Intended for businesses with physical premises.
• Commercial umbrella policy – Additional protection that goes beyond primary policy limits.
• Business owner’s policy – Bundles property insurance, general liability and business interruption insurance.
• Cyber liability insurance – Protect you from all cyber-crime (identity theft, data breach, extortion, etc.)
• Surety bond insurance – Guarantees your ability to accomplish requested standards of quality service and payment obligations.
• Builders risk insurance – Coverage for materials and structures from vandalism, theft, damage, fires or storms.

How Much Does Insurance for Contractors Cost in San Diego?

Because every trade and every business is unique on its own, your policy will be put together according to what you need. There are many factors that influence the final rate, including:

Who Needs Contractor’s Insurance in California

We work with many contractors from the San Diego area. Over time, we have provided adequate coverages for hundreds of small contracting businesses both specialty trades and general contractors:

Save Time & Money With H&M Insurance Agency – Get A Quote Today!

At Herriott & Mijailovic, we have ample experience in combining and budling coverages to come up with the ideal insurance policy package for every individual company. We do not sell cookie-cutter policies. Our seasoned agents will take the time to learn about you, your business, and the services you provide before making a recommendation. As your business grows and transforms, we’ll review the coverages to make sure they are in line with your growth. Whether you’re a one-person company or a mid-sized business, you can trust us to negotiate competitive prices using our industry relationships with leading suppliers. If you are a contractor from San Diego looking for insurance, call us at (619) 296-0005.

Commonly Asked Questions

1.      Are San Diego contractors legally required to carry general liability insurance?

Although the state government does not oblige you to have this coverage, the Contractors State License Board demands general liability insurance for various license types across the state of California, including the city of San Diego. Plus, the clients will usually include this insurance as part of your contract obligation.

2.      How can I lower the rate of my contractors’ insurance policy?

There are several ways to reduce the amount of monthly premiums, such as bundling policies together, raising the deductibles, keeping your record clean of claims, preserving the highest safety standards, etc. But the best way to save is to work with experienced agency, such as H&M, who can come up with a plan that costs you less money and you don’t have to sacrifice the coverage.

3.      Are H&M contractors’ quotes free?

Yes. All our quotes are free and you are under no obligation to bind coverage or to pay for the proposed quote.

4.      As a contractor, why should I purchase a policy from H&M?

With rich background and valuable experience in insuring contractors, we have the necessary knowledge, speed, and connections to find you the most adequate coverage with proper protection at reasonable prices.

5.      What is the difference between a policy holder and an additional insured?

A policy holder is the individual that owns (holds) the policy and is protected as outlined by the details inside. Policy holder’s name appears on the certificate of insurance. An additional insured is another contractor (or company) added to policy by the policy holder in order to receive certain liabilities. The main difference between the two is who is liable for premiums and who is liable should a claim occur.

Additional insured serve two purposes. Firstly, they ensure that everyone has the same coverage. Secondly, to transfer a portion of liability onto contractor’s insurance policy. For instance, a general contractor may add a subcontractor onto their policy as additional insured in order to protect themselves in case of lawsuits against the subcontractor.

6. If I am a sole proprietor, do I still need to have workers compensation insurance?

Sole proprietors, independent and self-employed contractors are not required to carry workers compensation insurance by law. However, you may need to obtain this coverage in order to fulfil contractual obligations in certain jurisdictions. Speak to your insurance agent to learn more about rules and regulations.