Worried about the future wellbeing of your business?  If so, then it may be time to review your contractors insurance in Virginia.

A well-designed contractors insurance policy will help protect your business against a variety of threats, ensuring your long-term survival.  Does your current contractors insurance policy in Virginia protect you against the following?

  • Faulty Workmanship Claims
  • Completed Products Claims
  • Property Damage Claims
  • Bodily Injury
  • Immediate Medical Expenses
  • And Personal and Advertising Injury?

We’ll talk about each of those below:

Faulty Workmanship – Depending on the company you’ve got your insurance with, you might see this listed as “Contractors Errors and Omissions Insurance.”  The goal here is to protect you against claims that you brought the project in over budget, not in a timely manner, or were in some way negligent in your general conduct.

Completed Products – This is a crucial component of contractors insurance in Virginia, because suits of this kind can be ruinously expensive.  Here’s an example:  Let’s say you did a job that involved updating a client’s plumbing system.  Some months later, one of the pipes burst and the client’s basement got flooded.  If the cause of the accident can be traced back to a flaw in the way you did the work, or to a problem with the installation, you could be on the hook for the damages.

Property Damage Claims – Some clients will claim (rightly or wrongly) that the act of doing the work you were hired to do, or the conduct of your crew caused damage to their property.  This type of insurance protects you against such claims.

Bodily Injury – This is another critical component of contractors insurance in Virginia.  The simple truth is that accidents happen, no matter how good and how careful you are.  Given the hazards in and around the job site, having robust bodily injury protection is an absolute must.

Immediate Medical Expenses – Related to, but separate from bodily injury.  Given the nature of the equipment on most job sites, many of the injuries that are likely to be sustained are life-threatening, and as such, require immediate attention.  This provision gives you protection on that front.

Personal and Advertising Injury – Not everyone has or needs this, but the first time you’re subject to slander, libel, or a claim of copyright infringement, you’ll be very glad you included this in your policy.

So which provisions do you need, and how much coverage is optimal?  Those can be difficult questions to answer on your own.  Fortunately, you don’t have to go it alone.  Ashcraft Associates can help.  We’re an independent insurance agency, and as such, we’re not tied to any one company and their relatively narrow range of products.