Contractor's Insurance Requirements

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There are a few specific requirements that you're going to have to meet if you want to obtain contractors insurance. Learn about contractors insurance requirements with help from an insurance professional in this free video clip.

Part of the Video Series: Insurance Information
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Video Transcript

Hi, I'm David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego. Today, we're going to talk about some of the insurance requirements that a contractor may come across when bidding a project. Every contract is a little different but typically you'll see the same coverage as mentioned, general liability, worker's compensation insurance, commercial auto, builder's risk and your property, your property would be covered by a marine floater or an insulation floater. When you look at a contract that you're considering bidding, there's a couple things you really want to look for, number one, does your insurance policy provide the limits that you need? Number two, are you going to be able to provide all the wording that they're looking for? What do I mean by wording? Things like additional insured wording, waiver of subrogation, primary wording. All these things can be present in a number of different contracts that you could come across when you're bidding a project. Make sure you look at the exclusions. These are really important. If your insurance policy doesn't provide for the exclusions, or rather doesn't have exclusions, you'll get the job. If you have an exclusion for the type of job that you're bidding, you won't be able to bid it because your insurance policy won't provide for it. Make sure you look at your policy and talk to your broker. These are crucial factors that will get you the job every time. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego.


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