If you are a general contractor in Needham Massachusetts, you need to have contractors general liability insurance or CGL. The law requires that any construction operator have insurance protections in place against personal injury and property damage. CGL protects business risk in the course of construction. Contractors are required to have a current contractor liability insurance needham ma, general liability insurance, contract insurance, commercial auto insurance, umbrella protections if you have multiple companies under a single umbrella, also Workers Compensation Insurance, railroad Insurance, equipment insurance, and any other project or property protection insurance that fall under this category.
Residential and commercial, general contractors, construction managers, design and build firms, specialty contractors, subcontractors, public and private construction projects, all require people and heavy equipment to get their projects completed. They also use heavy automotive equipment like bulldozers, tractors and other automotive equipment vehicles. The law requires that these vehicles are fully insured. You want to be sure that your vehicles are fully covered to avoid costly damages in the event of an accident, that could bankrupt your business.
An accident can range from a driver swerving to avoid hitting an object in the road, slippery or icy roads, accidentally throwing objects from your business vehicle and causing property damage to an adjacent building, or injury to a pedestrian or another driver. Your general contractor insurance can cover multiple aspects of your business including your business vehicles.
What is covered on your business vehicles insurance? Bodily or property damage may include medical or legal expenses resulting from injuries or damage to third parties. Collision which covers accidents that can put your vehicles out of commission. You will be able to repair or replace your vehicle, so you can continue operating your business. Comprehensive insurance protects your vehicles against theft, vandalism, or weather-related conditions.
Your business relies on your ability to keep functional operating equipment. It also depends on your good professional reputation. Customers respect businesses who can provide current insurance information that states they are fully covered in case of an accident. The law requires contractors who are bidding on projects to be legally and fully insured. Neighboring businesses and public licensing commissions depend on responsible licensed professionals to build in their areas.
Adjacent businesses want to be sure that contractors can repair, replace, compensate, and reimburse any damage that their equipment may cause to neighboring structures. It is uncommon for construction workers to operate during inclement weather conditions. If a faulty piece of equipment gets shifted in a windstorm, causes damage to another business structure, it is important to be able to reimburse that business owner for any damages or loss of business incurred from being unable to operate as a result of the damage to their property.
It is important to research the CGL requirements before purchasing insurance. Knowing all of the required components for your business locale will ensure full coverage against liability. It will give you peace of mind knowing that your vehicles and your business are fully compliant with state and local insurance laws.