What is Exclusive In-House Package Product for Contractors?
An Exclusive In-House Package Product for Contractors is a specialized insurance bundle designed specifically for contractors. This type of package policy combines multiple essential coverages into one plan, streamlining protection while often offering broader terms or benefits not available in standard market offerings. These packages are typically developed and underwritten by insurance providers with in-house authority, allowing for customized options tailored to the needs of specific contracting trades.
Who Needs It
This package is ideal for contractors and subcontractors across a variety of trades, including general construction, electrical, plumbing, HVAC, and more. It’s particularly useful for contractors who need comprehensive coverage, are managing multiple projects, or must meet specific insurance requirements to secure contracts or licensing.
What It Typically Covers
Coverage components in an Exclusive In-House Package Product for Contractors may include:
- General Liability: Protects against third-party claims for bodily injury or property damage.
- Commercial Property: Covers tools, equipment, and office space, whether owned or rented.
- Inland Marine: Protects mobile tools and equipment while in transit or on job sites.
- Contractor’s Equipment: Offers broader protection for high-value equipment specific to your trade.
- Workers’ Compensation: May be included or available as an add-on, depending on the package.
Common Exclusions and Limitations
Although these packages offer broad protection, they still have exclusions. Common limitations may include:
- Intentional acts or fraud
- Work performed outside the policy’s geographic area
- Contractual liability not assumed under written agreements
- Damage to your own work or product (depending on policy terms)
Always review your policy documents to understand specific exclusions and conditions.
Factors That Influence Cost
Several factors can impact the cost of your Exclusive In-House Package, including:
- Type of contracting work you perform
- Annual revenue and payroll
- Number of employees
- Value and type of equipment
- Claims history
- Coverage limits and deductibles you choose
Proof of Insurance & Compliance
Contractors are often required to show proof of insurance before beginning work on a site. This package can help meet those requirements by providing a Certificate of Insurance (COI) upon request. Legal and licensing requirements vary by state and project, so it's important to ensure your policy aligns with local and industry standards.
How to Get a Quote
Getting coverage is simple. Let us help you customize an Exclusive In-House Package Product for your contracting business. Get a quote today.
Related Coverages
Frequently Asked Questions
What makes an in-house package exclusive?
These packages are developed and underwritten by the insurer directly, which allows for more customized coverage options and streamlined service tailored to contractors.
Is this coverage available in every state?
Availability may vary by state and trade. It's best to get a quote to determine what options are offered in your area.
Can I add workers’ compensation to this package?
In many cases, yes. Workers’ compensation may be included or available as an add-on depending on your business needs and state requirements.
What documentation do I need to provide for a quote?
You’ll typically need to provide details about your business structure, trade, payroll, revenue, and any current insurance policies or claims history.
Does this package meet contractor licensing requirements?
Many contractors use this package to fulfill licensing or job-site requirements, but you should always check with your state or local licensing board for specific rules.
Still have questions? Talk to a local insurance expert.