Essential Types of Insurance for Property Preservation Contractors

Communities nationwide are investing in property preservation services in order to safeguard important community assets and protect the value of surrounding homes and neighborhoods. As a property preservation contractor, you’ll want to take advantage of this community interest by making sure all your boxes are checked ahead of time, so that when your services are required, you can be first on the scene.

Property preservation requires you to have several different types of insurance, often before you begin work or within 30 days of the start date. Making sure you have all the essential coverage ahead of time can help you protect your business and stay ahead of competitors.

While some insurance requirements may vary by state, here are the most essential types of coverage:

General Liability Insurance

Property Preservation can be a risk-filled occupation, so it’s important to stay protected with Commercial General Liability insurance for contractors and other service professionals. If a client visits a property that is under repair or construction and they are injured, their medical bills could become your responsibility. In order to avoid this, you will want to make sure you have lawsuit coverage for all potential accidents or injuries. This protection can help your contracting business from lawsuits, expensive medical bills, and other setbacks that are out of your control.

Errors and Omissions Policy

A contractor’s Errors and Omissions Policy (E&O) is a type of liability coverage that can often be added to General Liability Insurance. This coverage protects contractors in the case of any allegations of error or negligence. Coverage of this type can be particularly valuable for small businesses in a competitive market that may struggle with growing demand and pressure on their work product, and clients who may be quick to place blame. This policy goes above and beyond General Liability insurance and serves as an additional level of protection for your business.

Workers Compensation Insurance

Workers Compensation Insurance, while optional in some states, should considered as a supplemental coverage. Preservation and construction are risk-filled industries, and even the best trained and best prepared property preservation contractors or subcontractors may experience accidents. Workers Compensation Insurance will protect you, the employer, if an employee is injured or becomes ill on the job. With this type of insurance, you can protect your business and your employees from claims due to unexpected accidents.

If you are a property preservation contractor or specialist, it is important to stay up-to-date with all your state’s insurance requirements so that you can stay mobile and productive. If you need help finding the right tools for your business, having a place to consolidate all your orders and documents, or even finding work, Pruvan can help. Our innovative best-in-class mobile app and additional custom solutions can help you and your team get more done in less time. Try our app today!