Artisan service providers can now obtain the coverage they require.
Business insurance has always been a struggle for artisan contractors, that is, the individuals who provide more specialized services to the homes of their clients, making it challenging for them to mitigate their risks and protect their finances from harm.
A new form of policy is now being offered by Business Insurance USA to close this gap.
This means that contractors that provide specialized services, such as plumbers, electricians, flooring, and HVAC, are now all able to gain access to coverage solutions that are highly customizable and that are being offered at affordable rates.
This is important because these more focused coverage programs can be rare, if not impossible, to discover within some parts of the industry. This makes it more expensive, and therefore more difficult, for contractors to operate as they are often forced to charge higher prices, lowering their competitiveness.
This type of business insurance is geared specifically toward the artisan contractor.
It includes a general liability coverage, in addition to coverage for the equipment and tools that they require to be able to provide their specialized services every day (known as BOP). The concerns of this type of contractor are quite unique, even within their own broader industries, so it is important that they be able to find the coverage they need for every element of what they do.
Generalized liability coverage makes certain that if damage should occur to the property of the client, and a lawsuit should ensue, the contractor has the necessary protection to pay for the legal costs. However, it is the customizable BOP policy that is most attractive to artisan contractors.
This is because this additional level of business insurance gives them the peace of mind of knowing that their expensive and specialized equipment and tools that are necessary to complete a job will be covered in case of certain events such as theft or damage, or to cover the essential equipment required in the circumstance of a building that becomes compromised.
Additional customized BOP business insurance can be purchased specifically for flooring, plumbing, electrical, and HVAC professional needs (including tools and electronic data) and can even be extended to non-owned auto coverage.