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Business Personal Bonds Benefits

image of contractor on construction siteBusiness owners take on a little or a lot of risk, depending on the industry they're involved in and the services they provide. While some business owners go into the situation blind, they quickly learn that they need to have full insurance coverage to protect themselves from lawsuits, accidents, theft and loss. If they don’t figure this out, they end up with a bankrupt business when someone sues them for personal injury or another major issue. Instead of playing Russian Roulette with the company, business owners need to educate themselves on the types of insurance they need before they offer contracting services.

1. General liability insurance is the first stop for any business owner, no matter what type of contracting services they offer. General liability covers most standard insurance needs, as it applies to accidents, injuries and negligence claims. In addition, it also covers property damage, libel, slander and other issues that come up during civil lawsuits.

2. Commercial property insurance is essentially homeowners insurance for the business location. It covers the property itself and the equipment within the property, as well as income losses due to disasters and accidents.

3. Home-based business insurance only applies to contractors who run a business from home, but it’s a very important insurance type to consider if the business owner is in this situation. Homeowners insurance doesn’t typically cover home-based businesses, so this supplemental insurance provides liability and equipment protection, although it tends to be at lower levels than other business insurance.

4. Equipment and tool coverage expands on commercial property coverage, especially when it’s out of the company’s headquarters. If the employees haul tools around all day, the owner needs coverage to prevent losses and equipment damage from bankrupting the business.

5. Product liability insurance is a must for any contractor who also offers products alongside services for sale. If someone is hurt or killed while using a business product, they can sue for a great deal of money. This situation may or may not be covered by general liability insurance, but if the business owner is dealing in physical product sales, it’s a good idea to add this insurance on top of existing insurance options.

Call 410-312-7800 to talk about your Maryland contractors insurance needs.
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8325 Guilford Rd, Suite A
Columbia, MD 21046

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