Clear Choice Insurance understands that if you work in the construction industry, you are part of one of the world’s most dangerous businesses. Our knowledge of the state labor laws, specifically pertaining to construction, gives business owners peace of mind as well as cost savings and a leg up on the competition.
We offer a thorough review of all your subcontractors’ Acord certificates and sub agreement contracts to make sure you are covered adequately.
Protect your business, consider the following policies if you are a contractor.
General Liability Insurance protects against accidents and injuries on company premises and customer property. Contractor’s General Liability insurance is for residential and commercial builders, general contractors, construction managers, design and build firms, specialty contractors or subcontractors, owners or public and private construction projects.
Commercial Auto A commercial vehicle is any car, van or truck used for business purposes. If you don’t have a vehicle specifically for commercial use, but drive your personal car for business, is that still considered a commercial vehicle? Probably. When you use any vehicle for a business operation, it is a good idea to get a commercial auto insurance policy to ensure that you are covered for any incidents that may occur during business operations. Don’t rely on your personal policy to cover business related accidents, as there may be specific exclusions for commercial use of your car or truck that could leave you with major costs out of pocket after an accident.
Workers Compensation is required by the state of Oregon. It protects against lawsuits stemming from workplace accidents. It provides medical care to injured employees as well as compensation for lost income.
Umbrella insurance protects against liabilities and losses after primary insurance benefits have been exhausted. This policy does not apply to professional liability claims or property limits.
Inland Marine Coverage for property damage and/or destruction of an insured’s personal property. Also includes liability coverage for damage or destruction of someone else’s property under his or her care, custody or control. It is most commonly used for tools and equipment.
Builders Risk protects against damage to or destruction of buildings or other structures during their construction and possibly for a specified time afterward. Typically, the owner or builder purchases this coverage for all parties involved at a project site. It also covers materials in transit, losses due to ordinance or laws, errors and omissions and fire department service charges.
A general liability insurance audit occurs when an insurance agency examines the payroll records and income statements of a policyholder to determine if that policy represents an accurate rating of the company’s exposure to liability. A professional auditor, either from the insurance agency or from an independent office, performs the audit and assesses the company’s exposure. The results of the audit do not determine a company’s value or its tax rate, but they establish its level of protection from liability claims.
The auditor will require the company’s payroll information to assess its exposure. The best source for this data comes from the company’s federal payroll tax returns. The auditor will also check to see if the company’s records have the proper employee classifications. For instance, a worker on a construction site has more potential exposure to hazardous situations than a database programmer, so the auditor must assess each employee’s classification and determine the exposure according to their job duties.
Safety Matters Oftentimes, reducing risks and financial liability means an increased focus on workplace safety for those involved in the construction industry. Insurance underwriters know there is a direct correlation between increased workplace safety practices and fewer claims. We are ready to help you evaluate your current workplace safety practices and identify ways to improve safety which in turn helps mitigate risk and financial liability.