According to most state classifications, the lock and security equipment contractor classification includes master key systems, metal window guards, security doors, card activated and electronic access control systems for control equipment, motion and other types of detectors and computer systems for control and audit of control systems and other associated equipment. All of these tasks are going to be done with electrical tools and may require lifting heavy objects around the job site. These activities present a risk of injury to employees and the risk of bodily injury and property damage to third parties. Fairbanks Insurance Brokers provides a package of coverages that provides financial protection for your business, employees, and third parties.
The contractors’ general Liability policy offers protection to Lock and Security Equipment Contractors in the event a third-party files a liability claim for injuries or property damage. This coverage forms the foundation of your Lock and Security Equipment Contractors insurance package. Every lock or security installation and maintenance can present a significant risk to the contractor and customer so your state’s licensing office will require this policy with specific mandatory limits.
Workers’ Comp will financially protect your employees in the event they are injured or become ill from a job-related incident. The policy also protects your business because with a workers’ compensation policy in force, your employees will rely on the policy benefits to cover their medical expenses, rather than your business.
Most states require that Lock and Security Equipment contractors be bonded before they can begin operating their business. This surety bond provides a financial guarantee to your customers that you will complete the job according to your bid and that any subcontractors or vendors will be paid when the job is completed.
Contractors that use vehicles for business, including transporting tools and equipment, need to consider purchasing commercial auto and truck insurance in order to have the appropriate protection if a vehicle is damaged in an accident, stolen or vandalized. You can insure as many vehicles as needed and any type of vehicle you require.
Also referred to as Inland Marine Insurance, the Lock and Security Equipment Contractor’s tool and equipment coverage will reimburse you and your business if your tools or equipment are damaged or stolen at the job site, in transit, or while in storage.