Contractors professional liability insurance could prove to be a crucial part of your business operations, but the application process can seem daunting at first. There’s typically lots of information involved, but being organized can make a huge difference. Here’s what you can expect when filling out a contractors professional liability application.
The basics include the applicant name, the website for the company, and other details about the company’s history, like when it was established and the type of structure it has. You may also have to list your employees and their specializations.
Once the basic information is down, you may move into the details of the company’s revenue, including projects you didn’t complete. You may then have to break your revenues down into percent by service.
After the revenue, there may be space for pollution exposure, which can be important to fill out if this is an area of concern for your coverage. This may be followed by transportation and vehicle details.
You will also likely have to list your clients and specific projects, as well as the revenue from each. The application may ask that you point out your biggest projects. From there, you may have to answer specifics about your business operations, risk management steps and liability concerns.
If you have any other questions, the insurance agent should be more than willing to assist you with your contractors professional liability application so that you can quickly get the coverage you need.