Virginia Contractor Insurance
Virginia is the home of 674,256 small businesses, and 77,119 of them deal with construction. If your business is in the same industry and you want to find out some ways to protect it as it grows, learning some facts about local businesses is a good idea. For instance, you should note that the growth of Virginia’s economy has slowed to a crawl, since its real gross state product grew by a mere 0.1 percent in 2013. Compare this to the 2.2 percent growth of the gross domestic product of the U.S. (Source: BEA). But Virginia has had some success in other areas, like the fact that the small businesses in this state were responsible for creating 51,597 new jobs in 2012. (Source: BDS). Now that you have some information about small businesses in this state, you should learn about Virginia contractor insurance.
Virginia Contractors Need The Following Insurance
Coverage for Third Party (GL): If you ever welcome visitors to your workplace, you need to include general liability with your Virginia contractor insurance policy. This is meant to pay for the medical treatment of anyone who happens to get hurt at your worksite, such as by stepping on nails or tripping over lumber. If you neglect to get this coverage, you will have to pay for the medical treatment of your visitors by yourself. General liability also pays to repair any personal property that may be damaged on your worksite.
Tools & Equipment Coverage (BOP): Whether your most useful tool is a backhoe or a ladder, you need to protect it with tools & equipment coverage. When you add this to your Virginia contractor insurance, you can rest assured that any tools or equipment you own or rent will be replaced by your policy if they get lost, stolen, or damaged. This is a necessity for most businesses that might have to close after losing major tools and equipment that they can’t afford to replace.
Employee Coverage (WC): About 18,827 of the small construction firms in Virginia have anywhere from 1 to 499 employees. If this sounds like your firm, you should add workers compensation to your Virginia contractor insurance today. The point of this type of coverage is to pay the medical bills of any employees who get ill or injured on the job. Workers compensation can even make up for the missed income of employees who need time off to recover.
Business Vehicle Insurance: If your normal workday involves driving all over Virginia to get to your worksites or complete errands for your firm, business vehicle insurance is essential. The reason is that personal car coverage does not apply to car accidents that take place when you are driving for your construction firm. This means you and your employees need business vehicle insurance to protect your business.
Bond: The point of a surety bond is to reassure your clients that you will complete the terms of your contract. If you do not, you may have to pay a fine. It’s not unusual for clients to require a surety bond before you enter into a contract, so make sure you incorporate it into your Virginia contractor insurance policy.