Contractor Insurance: Do You Subcontract Work?
Things seem to really be booming here in Austin, Texas these days. Lots of growth, which is a good thing, right?!? But with this growth comes more work for contractors. I get a lot of calls from contractors and general contractors needing insurance for various projects. In most cases, they have insurance requirements they are trying to fulfill, so they call me for an insurance quote. When it comes to Business Insurance, insurance companies want to know about work that is subcontracted out. Primarily, what type of work is subcontracted, the percentage of work/sales that's subcontracted and if the companies subcontracted out carry insurance limits greater to or equal to yours.
Do they have any past or pending claims? If so, what are they doing to prevent future claims?
How long have they had insurance?
Do they have a safety plan in place?
Does their policy have an exclusion for completed operations?
Will they list your business as an additional insured?
Will they carry insurance greater to or equal to yours?
This is just a sample of questions to ask a subcontractor. There's many more depending on your business. If you have any questions, or need a Business Insurance quote, please feel free to contact me. I am a local agent in Austin, Texas and would be happy to sit down and meet with you.