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Insurance for Contractors

Special information about insurance for contractors

We provide high quality business insurance products to contractors. We work closely with our insurance carriers to keep current on topics important to all contracting operations including workers compensation, general liability, business auto, performance bonds, group health and employee benefits.

At Mid-America Specialty Markets we provide affordable contractors coverage for specialty trades, artisan, general remodeling and large construction firms.

From large commercial building companies to the single owner operator, you'll find a variety of contracting clients have placed their trust with Mid-America Specialty Markets! Let us help you with your business insurance needs!

Get a Contractors Insurance Quote Here

Here's a few "hot topics" for our contracting friends.

Workers Compensation...The hottest topic for most contractors!

A workers compensation policy is usually the most expensive policy a contractor will purchase. You'll find at Mid-America Specialty Markets we represent the premier workers compensation insurance companies in Missouri. We'll work with you to find the best insurance company for your business!

Some work comp basics;

It's payroll based.... Workers compensation policies are priced on a rate per 100 of remuneration.
It's an auditable policy.... At the begining of your policy you pay a "deposit premium" based on the payroll you project for the policy period. After the policy period expires your records will be audited and the actual remuneration for the expired policy will be determined. After the audit you will receive an audit statement where you will be presented with a credit for return premium or an invoice for additional premium due.
It's job classification driven.... Over 700 job classifications are used in classifying your business.
Control your workers compensation cost;
- Use accurate payroll (remuneration) to set up your policy.
- Use payroll separation if allowed.
- Monitor your claim activity.
- Apply for the Missouri Contracting Credit.
- Setup a safety program.
- Monitor certificates.
Some things to watch out for;
- Employees or Subcontractors? You should know before it's audit time!
- Improper payroll separation.
- Placing your coverage through organizations that seem to be insurance companies but in truth are not.
- Out of state exposures.
- Volunteer coverage.
It's an experience rated policy.... Watch your claims! Work with an experienced independent agent and buy your workers compensation coverage from an insurance company that understands what you do for business!

Here's how we can help with your work comp policy;

Allow Mid-America Specialty Markets to place your workers compensation coverage with a company matched to your business.

It's Expensive! We'll place your workers compensation coverage with a company at the best price for your business.

At Mid-America Specialty Markets you'll be working with agents that understand your contracting business.

We'll answer your questions about workers compensation.

Do I really have to carry workers compensation?
What happens if I use uninsured subcontractors?
But I'm a sole proprietor....?
What's an experience mod?

Contact our office to see how we can help with your workers compensation coverage!

Performance Bonds...A sometimes difficult product that may take time to secure.

A performance bond is issued by an insurance company to guarantee satisfactory completion of a project by a contractor. Performance bonds are financially underwritten products. Which means your bond underwriter will request completion of applications along with submission of financial data from you and your accountant. The degree of detail and type of financial information that you will be asked to supply will depend on the size of bond you require.

A few items bond underwriters will consider;
- Your experience and ability working on projects like the one you are requesting to be bonded
- The strength of your financial ability to repay the bonding company
- Your history of being bonded

Here's how we can help with your bonding needs;

We will match your bonding requirements with an appropriate surety company providing the financial capacity for all your bonding needs.

Use our single issue bonding product for individual bonding jobs up to a single limit of $250,000. This is a quick issue product with a 2 page application. No financial data is required.

Pre qualify for those bonding jobs of the future. By pre qualifying you will know the limit a bonding company will provide for your operation.

Plan ahead for your future bonding jobs. Nothing is more frustrating than having a competitive bid for submission then having at the last minute to rush around and try to secure the bonding the job requires. Let us help you pre plan your bonding needs!

We can help you regardless of your bonding needs. Contact our office for more information!

Liability Insurance...Protecting yourself and others?

Liability coverage normally includes bodily injury, property damage, advertising injury and personal injury that your business operations cause to others. Liability coverage is your first line defense in protecting your business assets from law suits brought against you by other parties. In today's liability arena you'll find that many businesses your company performs work for are requesting more and more out of your liability policies. Those requests may impact your insurance program in ways you're not prepared.

Here's a couple of things to be on the watch for when signing a contract to perform work;
- Requests to be named as an "additional insured" onto your policy.
- Extreme or restrictive wording found on additional insured requests.
- The request that specific forms be used for providing additional insured status.
- Requests for contractural liability and primary insurance.
- Always keep your eyes on those certificates of insurance!

At Mid-America Specialty Markets we help contractors with these liability products;

General Liability
Owners & Contractors Protective Liability Insurance
Professional Liability - for those with design/build exposures

Business Auto...A different animal that requires special attention.

This coverage is designed to provide protection for your business while operating vehicles. Coverage may include liability for owned, non-owned and even hired vehicles. Of course physical damage coverage for your vehicle may also be provided.

Here's a couple of questions you should ask about business auto coverage;
- Do I have to list a trailer on my business auto policy to have coverage?
- What if I damage someones property or injure someone while operating truck mounted equipment, is there coverage under the business auto policy?
- Can't I just use my personal auto policy for insurance on my business truck?
- Do I need a business auto policy?
- Can anyone drive my truck or do I have to have them listed on the policy to have coverage?
- What about the tools and equipment I haul on or in my truck or trailer?
- Do I have enough liability coverage?

At Mid-America Specialty Markets we have answers to your questions about business auto coverage. We'll package your business auto together with other coverages you may need to round out your business insurance program.

Equipment and Tools...Inland Marine Coverage

Do you have special equipment that you use in your business? Does this equipment leave your business location? Do you require coverage for these items if they are damaged or stolen? If you answered yes to these questions then you need Inland Marine coverage. Designed to provide coverage on equipment and tools on a scheduled (listed) or unscheduled basis. This type of policy is very flexible and can be used to provide coverage for many items in many different situations.

Some typical items you would insure under an inland marine policy;
- Mobile equipment; Bobcats, Trackhoes, Backhoes, Trenchers, Highlifts, Forklifts, Gutter Machines, Mobile Processing Plants, etc.
- Job site items; Scaffold, EZ Lifts, Ladders, Walk Boards, etc.
- Portable tools; Compressors, Air Tools, Metal Breaks, Nail Guns, Table Saws, Chop Saws, Concrete Saws, etc.
- Hand tools, usually coverage is provided for hand tools on an unscheduled blanket basis.
- Rented and leased equipment coverage may also be provided under the inland marine forms.

You'll find that most insurance companies package equipment and tool coverage together with liability and property. Generally this method will provide you with the coverage your business needs while doing so at reduced premium levels. However some coverage may be written on an individual inland marine policy. Whatever your situation requires we'll help guide you to the best coverage for your business equipment and tool coverage.

Commercial Umbrella or Excess Liability...The ultimate policy for providing excess limits of liability protection.

An insurance policy designed to provide high limit coverage in excess of the limits of the primary liability policies. The umbrella or excess liability policy is the most economical method for providing high limits as may be required by a business either to protect business assets or as may be required under contract. A simple example, if your general liability policy has a 1,000,000 limit per occurrance and you have purchased an umbrella or excess liability policy with a 1,000,000 limit, your total protection per occurrance would be 2,000,000. The umbrella or excess policy is usually written to provide additional liability coverage over the general liability, business auto and employers liability coverage. There are other specific situations where a commercial umbrella policy may be written on a stand alone basis.

Contact our office with any questions you may have about commercial umbrella or excess liability policies!

Commercial Property...Buildings and your business personal property.

Commercial property coverage may be the workhorse of the insurance business. While not as glamorous as workers compensation it's always around and sometimes forgotten! Commercial property provides coverage for your buildings, business personal property, business income, personal property of others and many other essential coverages. When putting your business insurance package together don't forget to include the property coverage you may need!

We'll help you sort through the property coverage you need to adequately protect your business!

Builders Risk...Last but not least..for your building and remodeling projects.

Builders risk insurance provides coverage for buildings that are under construction. The construction can be new, remodel, or repair. Coverage includes materials at the work site before they are installed, any materials intended for the work site that are in transit and value of the new, remodeled, or repaired property being built until it's completed and the owner accepts the work. Once a project is completed the builders risk policy will be replaced by a property policy. Provisions in most builders risk policies indicate the builders risk policy coverage ends when the property is either completed or occupied.

At Mid-America Specialty Markets we can provide you with several options to meet your builders risk needs. Just contact our office to see how we can help you with your builders risk coverage!

Contact us for all of your insurance needs:

MID-AMERICA SPECIALTY MARKETS
2800 Forum Blvd., Suite 4B, Columbia, MO 65203
Voice: (573) 447-4990
Fax: (573) 447-4998
email: info@midaminsurance.com

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