Insurance solutions for small to mid-sized contracting risks

Properly insuring contractors can be tricky business due to the scope and work performed. As the business climate evolves, so do the insurance needs of your clients. At Phenix Mutual, we offer a wide variety of coverage options to meet your clients’ needs.

Contractors Basic Coverage solutions:

Commercial property for owned buildings, business personal property, business income
Commercial general liability to cover the exposure for premises, products and completed operations for bodily injury and property damage losses
Inland marine for tools, contractors equipment, installation floaters
Crime coverage for employee dishonesty, burglary, robbery, computer fraud and forgery
Business auto coverage
Workers’ compensation
Umbrella policies with limits up to $10,000,000 (higher limits available with approval)
Cyber liability
Builder’s risk policies

Contractors often overlook exposures that can impact their business. The following coverages are available through Phenix Mutual or MCM Insurance Agency, our brokerage company:

Professional liability for contractors, architects and engineers: Key differences between general liability and professional liability concern covered damages, coverage triggers and covered activities. They provide a broader scope of coverage, including failure to render specified types of professional services. Professional liability is almost always needed in design-build projects. This is available with our Select Contractor’s Endorsement at $50,000. Higher limits are available through MCM Agency.
Pollution liability provides coverage for a contractor because their work includes the use and disposal of solvents, fuels and other chemicals, and trade contactors can easily be liable for damages that fall within the exclusions under the general liability and BA policy. Two key elements of pollution liability are: will the policy respond to the gradual release of pollutants and what types of substances are considered pollutants? Pollution coverage is available through MCM Agency.
Employment Practices Liability Insurance (EPLI): The average plaintiff’s verdict exceeds $250,000 with 15 percent of all verdicts exceeding $1 million and growing. The five broad categories of conduct include discrimination, wrongful termination, sexual harassment, retaliation and workplace tort, including invasion of privacy and defamation. Limits up to $1 million may be available at Phenix Mutual.
Directors and officers coverage may be necessary for contractors if they are a corporation with a board of directors. Boards may be comprised of top executive officers. A breach of duties can result in a suit against the directors and the corporation by shareholders. Directors and officers coverage is available through MCM Agency.
Fiduciary liability insurance covers the employee benefits plan under ERISA. It also extends to welfare benefit plans and employee pension plans, and is available on contractor policies with Phenix Mutual.
Construction bonds, such as bid bonds, performance bonds and payment bonds, are also an important need for many contractors and are available through MCM Agency.

A wide variety of Select Endorsements are available to round out your commercial package policy, including:

Select Property Plus
Select General Liability
Commercial Auto Plus Endorsement
Select Contractors Endorsement

Contact your district sales manager or commercial lines underwriter to learn more.