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A contractor attempting to install an outside stairwell to a home flips a backhoe into a hole he dug for the base. While attempting to retrieve the backhoe with his personal truck, the contractor pulls too hard, tears off the bumper and rams through the homeowner’s fence. Ultimately, he has to hire a crane company to lift the backhoe out of the hole. All this while the laborers he hired for the day sit and watch, doing no work at all.
In the end, he has damage to his personal auto that was being used for business purposes; he has destroyed a portion of a $20,000 fence; he has damaged a rented backhoe; and he has had to shell out for the use of a crane. The $64,000 question: Is he covered?
It all depends on the policies he carries and the exclusions stated in them. Every day contractors are exposed to situations that have the potential to jump the tracks and become a financial train wreck.
To prevent costly losses due to under-insurance, conduct an annual review with us. Let’s make sure you have the coverage that best suits your business’ operations.