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Where Contractors Go to Get Insured!
Contractor General Liability
General liability insurance gives you the peace-of-mind that your business assets are protected against risks or unforeseen events.
Worker's Compensation Insurance
If one of your employees is injured or becomes ill as a result of their job, worker’s comp benefits cover the costs of getting them well.
Whether you’ve got a work truck or an entire fleet, contractor commercial auto can protect your vehicles from the risks of the road.
Contractor Bonds Insurance
This is a legal obligation that guarantees you’ll perform your work according to your contract while adhering to the regulations of your license.
Umbrella or Excess Insurance
Extend your insurance, so you are covered in case a client requires higher liability insurance or protect against a high-dollar incident or claim.
Tools and Equipment Insurance
Protect your hard-working assets from common risks like: theft and damage, as you transport them to and from your worksite.
Builder's Risk Insurance
Protect your unfinished building from theft, fire damage, structural damage and vandalism before you have the certificate of occupancy.
Installation Floater Insurance
This covers either all risks or specific sources of losses for materials or equipment specifically named in the policy.
Cyber liability insurance is recommended to help protect against financial losses resulting from cyberattacks or other technology-related risks.
Coverage of damage to contractor’s own buildings, office contents, and most other personal property that it owns.
This insurance coverage is designed to safeguard contractors from pollution releases that could cause third-party bodily injury and property damage.
Professional Liability protects service-based professionals against potential legal, financial and reputational damage resulting from the services they deliver.
Employment Practices Liability EPLI
EPLI offers protection for companies against claims from employees alleging that their rights as employees have been violated.
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What is the difference between Excess Liability and an Umbrella Policy?
- Excess liability and umbrella coverage are two types of insurance that provide additional liability protection beyond what is offered by a standard insurance policy. The main difference between the two is the scope of coverage they provide.
- Excess liability insurance, also known as excess liability coverage or excess liability protection, is a type of insurance that provides additional liability coverage above and beyond the limits of an underlying policy. For example, if you have a homeowners insurance policy with liability coverage of $500,000 and you purchase excess liability insurance with a limit of $1 million, your total liability coverage would be $1.5 million. Excess liability insurance only kicks in after the limits of the underlying policy have been reached, and it typically covers the same types of risks and losses as the underlying policy.
- Umbrella coverage, on the other hand, is a type of insurance that provides broader coverage than a standard policy. In addition to providing liability protection beyond the limits of an underlying policy, umbrella coverage also typically covers risks and losses that are not covered by a standard policy. For example, an umbrella policy might cover personal injury, libel and slander, and false arrest, while a standard policy might not. Umbrella coverage is typically purchased in addition to a standard policy, and it provides a higher overall limit of liability protection than an excess liability policy.
- In summary, the main difference between excess liability and umbrella coverage is the scope of coverage they provide. Excess liability insurance provides additional liability coverage above and beyond the limits of an underlying policy, while umbrella coverage provides broader coverage and higher overall liability limits.
- Most commercial business policies are written in $1,000,000 increments, so therefore there is not a gap in the underlying policies. This eliminates most of the benefits of an umbrella policy as compared to an excess policy.
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At Pascal Burke Insurance Brokerage Inc. (PBIBInc), our knowledge of the products and the marketplace we serve is unparalleled. As former contractors, we know the construction industry from the ground up!