“Contractors Beware“……….You have several issues you need to be concerned about:
Oklahoma has several venues of jurisdiction over you. Do you know what they are?……………
If you plan on being legal and staying out of the bureaucratic hassle factor, you better know.
1. You Better have general liability protection in case you make a mistake and cause injury or damage to someone or something.
2. You Better have your equipment insured unless it’s valueless to you. I don’t know of anything costing less today than say, yesterday. Not to mention, your lender probably thinks he lent you money based on your equipment value which he believes to be insured.
1. Contractors Must have workers comp insurance if you have employees. If they get injured or worse yet, YOU are responsible. This kind of financial blow could put you out of business, broke or both. Certain exemptions apply.
2. Contractors Must have auto liability to travel the Oklahoma roads. It’s the law……..
3. Licensed Trade contractors Must provide a certificate of insurance to the Construction Industries Board to even get their license.
Some of the coverages most contractors look for are:
1. General Liability
2. Auto liability
3. Workers Comp
4. Equipment Coverage
7. Installation Floaters (Installing Equipment)
8. Builders or renovation risk coverage