Benefits of Specialized Coverage for Artisan Contractors
Plumbers, Electricians, and HVAC contractors fall under NIP Program’s segment of artisan contractors. These three classes of business have very unique risks and therefore require policies specifically designed for their respective industries. Specialized coverage offers many benefits to each of these classes in that their built around the risks each class faces daily, reducing the probability of a coverage gap.
A great benefit of specialized coverage is the fact that it’s designed for a client’s specific needs. A BOP, or business owner’s policy, is generally for smaller risks and automatically includes various standard coverages, including Genera Liability, property, business income, valuable papers and employee dishonesty, etc. They are simple to buy and generally low in cost, because they fulfill a basic need for retailers and professionals, and contractors. However, there are revenue limitations for eligibility and there could be some gaps in coverage for artisan contractors, such as pollution liability.
Having all coverages under one roof allows for greater flexibility in pricing options and multiple line discounts. Of course, knowing a client‘s exposures well will be the best way to determine the correct coverages; but come time to assess any of a broker’s client’s risks, our programs teams are ready and willing to offer our expertise and experience in determining any exposures.
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