Chicago Contractors Liability Insurance Risk Mitigation Business E-Book Launched

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Contractors Liability have published a free e-book which provides a comprehensive guide to contractor insurance liability. This gives clear and concise information on the various types of insurance available.

Specialist online insurance brokers Contractors Liability has published a new e-book as a complete guide to contractor and handyman liability insurance. This comprehensive guide has been written by contractors insurance specialist Thomas H Hester to outline the various insurance policies available.

For more information please visit the website here:

The new e-book is clearly structured to present the need for general liability insurance for contractors. This sector is said to have more types of risk than any other business. General liability insurance policies are designed to protect contractors against unanticipated risk.

This includes bodily harm to a third party, property damage to a third party, injury in the place of work, and damage to reputation, including medical and legal bills resulting from these events.

General Liability Insurance coverage helps ensure that contractors can handle these unforeseen expenses without jeopardizing their ability to stay in business. With this coverage, contractors ensure they and their team are protected from uncertainty.

The e-book also discusses other types of insurance also commonly bought by contractors. These include workers’ compensation insurance, commercial auto insurance, inland marine insurance, professional liability insurance, and Bonds.

The guide also provides advice on the cost of contractor insurance, anticipated to average 1% of income. Several factors affect this cost, including claims history. Insurance for a company with a claims history over the past five years can be expected to be higher than for one without claims over this period.

A new business will also be charged more owing to the lack of a claims history. The location of the business also has a significant impact. Traditionally, insurance policies are more expensive in liberal states such as California than they are in conservative states such as Texas.

Insurance for contractors and handymen is considered a specialist area and the coverage needed depends on the type of business and the risk associated with it. Contractors should check federal, state, county, and local laws for specific insurance requirements.

Paying unemployment and workers’ compensation premiums on time will avoid costly penalties. Professional licensing may require additional insurance or surety bonds and lenders and investors often require certain types of insurance to protect their investment.

The actual requirements for a specific trade or business can be discussed with experienced brokers at Contractors Liability.

Those wishing to find out more can visit their website on the link provided above.