It’s September, and that means it’s also National Preparedness Month.

It’s that time of year when we all think about creating disaster preparedness plans and emergency kits. And we encourage you to do both for your business!

But what we’d really like to suggest is that you take some time this month to review your insurance coverages. Make sure your workers and your business have the protection that they need.

We’re the first to admit it: insurance isn’t always simple to understand. We’ll provide some ideas here, but what we really recommend is that you contact your insurance agent. That’s what we agents are here for! It’s our job to inform you about your options and to make educated recommendations to help maintain your business’s security.

Points to Ponder

• Inland Marine insurance. Do your tools or other property move from job site to job site? You may need inland marine coverage. What about trucks, forklifts, and other vehicles—doesn’t commercial auto insurance cover them? Maybe—and maybe not. List the vehicles you use for business purposes, and your other mobile equipment, and contact your insurance agent.
• Builder’s Risk insurance: how can you protect a project while it’s under construction? Builder’s risk insurance is the key. It can offer more protection than you might realize (for instance, it could include scaffolding and fencing). Building in an area that’s vulnerable to lightning, fire, or other risks? Builder’s risk insurance could be a lifesaver.
• Flood and earthquake: do you work in an area prone to these types of disasters? (By the way, flood can happen anywhere. Earthquakes have been reported in all 50 states—although they seem to strike some areas more often than others!) Be aware that many types of business insurance exclude damage caused by flood or earthquake. However, you can get a flood or earthquake endorsement.
• Business Interruption insurance: what happens if a disaster interrupts work on your project? How will you pay your workers? How will you earn a salary? That’s where business interruption insurance comes into play.
• Workers Compensation insurance: you know you’re required to have workers comp. Are you also aware whether you’re categorizing your workers correctly? If you have any questions about whether your workers are actually employees or contractors, speak with someone who can help you make that determination. If you are found to mis-categorize employees, the fines and fees could hit your business hard.

ContractorHelpers.com is offered by Insurance Partners, Inc., which has specialized in contractors insurance for more than 35 years. If you have questions about your contractors insurance coverage, contact us.