FAQ
Q: What kind of insurance do i need?
A: This is probably the number one question our licensed professionals at CCIS get asked daily. The answer: depends entirely on your industry needs.
Oftentimes insurance is simply one of the many costs of doing business. Most contractors will never file a claim but when the unexpected occurs, it’s always better to have and not need than need and not have.
No two clients are the same and their insurance needs can vary dramatically. From the one-man company earning $40,000 a year with a single GL policy to the GC with a dozen employees bringing in over $10,000,000 annually with half a dozen different policies, understanding what you need and when you need it are paramount to striking that perfect balance between protection and cost.
The best way for us to provide a clear idea of what you need and the cost is to fill out a quote form by clicking here (so our experts can help you personally). It's free, and is a no pressure solution to answering what kind of insurance you need based on your industry and exposure to risk.
Q: What is general liability?
A: General Liability is one of the most commonly requested forms of coverage in the construction industry. Simply put, it is designed to cover damages that occur within the breadth and scope of your work.
GL policies have innumerable add-ons, frequently called ‘endorsements’ or ‘buy-backs’, that are available, usually at additional cost, so, it’s important to know exactly what you are required to carry before you purchase coverage.
Q: What are 3 of the most common industry endorsements?
A: Three of the most frequently required industry endorsements (included in virtually all Contractors Choice policies) are blanket Additional Insureds, Waiver of Subrogation and Primary Wording.
Q: What are Blanket Additional Insureds
A: This allows you to add your clients, upon request, to your policy and allows your agent to create a Certificate of Insurance accordingly.
Q: What is primary wording?
A: Simply means if there is other insurance in play, this coverage pays first.
Q: WAIVER OF SUBROGATION?
A: This is a fancy insurance term that simply means if there is a claim and the carrier cuts a check…that’s the end of it. The carrier will not try to recoup those monies latter which is a very common industry practice, especially in large-dollar claims.
Some carriers will include these three endorsements in their basic pricing while others will charge separately for all three.
Q: What is a full occurrence vs. claims made coverage?
A: There are two main types of GL: Full Occurrence and Claims Made.
In a Claims Made policy, all claims must be filed within the policy period; usually a year.
Some Claims Made policies will have a ‘sunset’ of a year or two which simply extends the look-back period within which to file a claim.
With Full Occurrence coverage, a claim can be filed up to the statutory look-back period which varies by state but is usually around ten years. A longer look-back period means the carrier is assuming more risk which makes these policies more costly but they do provide peace of mind for work that often has damages that take longer to manifest.
For example, it’s common for roofers and plumbers to purchase Full Occurrence coverage (as roofs and pipes can leak years after-the-fact) while most painters and drywall specialists will opt for a Claims Made policy as damages are usually readily apparent within the policy year.
Q: do you cover electricians, Plumbers, Roofers, general contractors and Tradesmen?
A: In short, yes. CCIS works with a wide variety of top carriers to get you insured (whatever your industry).
Q: How fast can i get my certificate of insurance?
A: This depends a little on the carrier, and the day you request it. On average, our team of licensed insurance professionals can get you your certificate of insurance same day. We understand you need to land the job and get to work.
Q: Why should i buy from Contractors Choice insurance?
A: Contractors Choice Insurance Services is the industry standard in modern insurance for Contractors of all types, nationally. It sounds cliche, but we actually care about your business. We only service contractors, and have 16 years working in the insurance industry.
Make the Contractor's Choice, choose Contractors Choice Insurance.