Buy California Contractors Insurance If You Want To Bid Competitively

By Robert Shepard

Bidding on construction projects can get very competitive. The potential for making a significant profit is at stake. If you intend to be a serious contender for the best projects, you have to make yourself the most viable candidate. This includes bidding low and having lots of experience. It also means obtaining all the licensing and certifying verifications required. You have to Buy California Contractors Insurance in the coverage amounts that project managers want to see.

It might be tempting to cut costs by being minimally insured, or letting policies lapse completely. You will be very sorry if something unexpected happens, and you are deemed responsible. It can ruin you financially and professionally. With the appropriate policies you will be protected against paying personally for worker injuries, equipment damage or theft, and even the supplies you buy for your office.

A standard business owner policy is a must for every business. This covers general liability, business interruption, and business property. When you own company cars and trucks, you need a commercial auto policy. Workers who drive their personal vehicles for your business purposes should have coverage in your commercial auto policy under a non-owned clause.

The tools and heavy equipment you use in your construction business can be extremely costly. You certainly want to protect them against damage or theft. You will have to cover any rented or leased equipment you have under contract. This will protect you from having to pay the replacement cost if a piece of rented equipment is damaged or destroyed.

You will never win a bid on any project without an errors and omissions policy. This is what will give you protection in the event errors, omissions, or negligence is claimed on a project under your supervision. Employee dishonesty coverage protects you from being responsible for the illegal acts on the job of someone who works for you. If something on the job site goes missing, you won't be personally liable for replacing it.

You must have workers' compensation coverage if you have full or part time employees. This covers the cost of medical attention if someone is injured on the job. It will also pay a percentage of an employee's regular wages if time off for recuperation is required. Having an umbrella liability policy in place is a good idea. This will kick in when your claims exceed the cost limits allowed by other policies.

You should consider installing GPS tracking devices on all your company vehicles, and your equipment, to increase security and make recovering them easier. Installing a security system at your business location will discourage theft. Both of these measures will decrease the likelihood that you will have to file a claim. You should definitely bundle your policies.

The construction business can be very lucrative. In order to win competitive bids, you'll need to prove you have the proper coverage. Without it, your business may not succeed, and you are putting your financial future in jeopardy.

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