The licensing process in Maryland is administered by their Department of Labor, Licensing, and Regulation except for contractors who work in Baltimore county and in other areas that are under the Washington Suburban Sanitary Commission.
Maryland in one of the states that takes employee safety very seriously and requires all employers with one or more employees to have workers’ compensation insurance. Those who are found not complying are subject to substantial fines and penalties.
In Maryland, workers’ compensation insurance can be purchased from a commercial insurance company or from Maryland’s state administered workers’ compensation fund.
The reason for purchasing a commercial insurance package is to reduce or eliminate your company’s risk of doing business. This means that if you or an employee or uninsured subcontractor causes an to injury someone or cause damage someone’s property as a result of your business operations, your insurance company can step in and defend you or pay settlement costs and awards by the court. When you have a commercial insurance package from Fairbanks Insurance Brokers in place, you are transferring your financial risk to a highly-rated insurance company.
General contractors and specialty contractors have the same risks and legal obligations exposures as the big firms have. youcan be sued for damaging client property, causing bodily harm, or advertising injury. General liability insurance will cover legal expenses and other damages resulting from a lawsuit.
Most commercial insurance companies will also offer various riders that you can add to your policy (endorsement) in order to broaden your coverage and reduce other potential risks.
Although workers compensation is generally required in every state when a contractor has at least one employee, most contractors don’t realize if an employee has a work-related injury or illness, unless there is a workers’ comp policy in place, your company will be held responsible for the medical costs and wage loss of your employees.
Most contracting businesses use light trucks, cargo vans, trailers, and heavy duty trucks at the jobsite. It’s important that every contractor purchase commercial auto insurance rather than personal auto insurance to properly protect these vehicles and protect the business from liability claims. Even if you have a single pickup trump registered in the owner’s name, commercial auto insurance is the policy to purchase.
Tools and equipment coverage is known as Inland Marine Insurance which is one of the oldest forms of insurance that is designed to protect your high-value, movable property. When you take your tools and other equipment with you to the project site, inland marine insurance protects your hard working assets from all-too-common risks, such as damage and theft.
License Bonds and Permit Bonds are regularly required from large customers and government entities. Since surety claims are not caused by accidents, but rather, a failure to complete a project according to the terms of a contract, ultimately the surety has a responsibility to the customer to make certain the contractor has the know-how and skills to complete the project.
Fairbanks Insurance Brokers is a leader in providing contractors insurance and is dedicated to providing Contractors and Builders the finest insurance protection at the lowest rates throughout the construction community.
With savings up to 65% on General Liability, Workers’ Compensation, Commercial Auto and Bonds, you can count on us to do the heavy lifting and provide you the most competitive quote that includes all the discounts for which you qualify.