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Coverage Checklist

Ensure complete protection with our comprehensive construction insurance audit

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Coverage Score

0/15

Coverages Checked

0/3

Required Coverages

Your Checklist

General LiabilityREQUIRED

Protects against third-party bodily injury and property damage claims

Minimum Limits: $1M per occurrence / $2M aggregate

Required for all NJ contractors and most contracts

Workers' CompensationREQUIRED

Covers employee injuries and illnesses on the job

Minimum Limits: State statutory limits

Mandatory in NJ if you have any employees

Commercial AutoRECOMMENDED

Covers vehicles used for business purposes

Minimum Limits: $1M combined single limit

Required if you own vehicles or employees drive for work

Tools & Equipment (Inland Marine)RECOMMENDED

Protects tools, equipment, and materials anywhere

Minimum Limits: Actual equipment value

Essential for contractors with significant equipment investment

Builder's RiskRECOMMENDED

Covers projects under construction

Minimum Limits: Full project value

Often required by contracts for new construction

Installation Floater

Covers materials and labor until project completion

Minimum Limits: Project value

Good for specialty contractors installing expensive materials

Commercial UmbrellaRECOMMENDED

Extra liability coverage above primary policies

Minimum Limits: $1M minimum

Increasingly required for larger projects

Pollution Liability

Covers pollution-related claims

Minimum Limits: $1M per claim

Important for excavation, remediation, or HVAC work

Cyber Liability

Protects against data breaches and cyber attacks

Minimum Limits: $1M per claim

Increasingly important as contractors digitize

License BondREQUIRED

Required for contractor licensing in many municipalities

Minimum Limits: Varies by municipality

Check local requirements in Bergen County

Bid Bonds

Guarantees you'll enter contract if awarded

Minimum Limits: 5-10% of bid amount

Required for most public projects

Performance Bonds

Guarantees project completion per contract

Minimum Limits: 100% of contract value

Common for projects over $100K

Payment Bonds

Guarantees payment to subs and suppliers

Minimum Limits: 100% of contract value

Often paired with performance bonds

Employment Practices Liability

Covers employment-related claims

Minimum Limits: $1M per claim

Important as you grow and hire more employees

Crime Coverage

Protects against employee theft and fraud

Minimum Limits: $25K-$100K

Consider if employees handle cash or have access to accounts

Understanding Requirements

REQUIRED

Mandatory by law or for most contracts

RECOMMENDED

Strongly advised for most contractors

OPTIONAL

Depends on your specific operations

Missing Required Coverage

You're missing 3 required coverage(s). This could leave you exposed to significant risks.

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Pro Tips

  • Review coverage needs annually
  • Check contract requirements carefully
  • Bundle policies for better rates
  • Increase limits as you grow