As a general contractor in Ohio, you know how to get things done. You take responsibility for major construction projects and ensure everything is taken care of from ordering supplies to coordinating deliverables and overseeing subcontractors, and everything in between. You need to deliver on-time and under-budget to your clients, but things don’t always go as planned. Everything from workplace accidents to natural disasters can throw you a curveball, which is why OH contractor coverage is necessary to mitigate risk and protect your business, employees, and subcontractors.
How To Know if You Require Insurance Coverage
You should consider contractors insurance coverage if you:
- Work with subcontractors
- Employ staff
- Use a vehicle for business
- Work in a high-risk environment or with high-risk materials
- Own and operate high-value tools and equipment
- Are required to by clients
How To Determine the Right Type of Insurance
Under general contractor (GC) insurance, your policy can cover everyone involved in a large-scale project with you as the locus of control. As a GC, you can choose insurance coverage in the form of a wraparound policy, which includes General Liability, Workers’ Compensation, and excess coverage as required. Another option is to choose from one of the numerous other options we Haughn & Associates provide, depending on your industry and the project requirements.
Common policy examples include:
- General Liability
- Professional Liability
- Commercial Auto Liability
- Commercial Property
- Builder’s Risk
- Contractor’s Equipment
- Workers’ Compensation
Subcontractors should have their own commercial general liability coverage and workers’ compensation. As a general contractor, you must ask to see proof of their insurance to limit your own risk. Ensure that your subcontractors’ coverage amounts match that of your policy and require that they add you, as the GC, to “Additional Insured” on their plan to protect you for being sued over work completed by them. If the subcontractor is not able to obtain coverage, you may need to add them to your policy and potentially add endorsements to already-existing coverage. An Ohio Supreme Court decision in 2018 makes this especially important.
As a general contractor, you manage multiple large-scale projects involving many variables, which leaves room for lots of things to go wrong. When unfortunate things happen, your credibility is on the line as well as your livelihood, and the same holds for that of your employees. Ohio contractor coverage is not just a legal requirement and a necessity; it is also peace of mind that allows you to focus on your business and deliver quality results.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.