Fire Escape Contractor Insurance

Finding the Best Fire Escape Contractor Insurance

Find local coverage to help your small business.

Photo of a colorful fire escape in Tampa Florida. Find fire escape contractor insurance.

Fire escape contractors design, construct, install, inspect, repair, and certify fire escape systems for residential and commercial buildings. Fire escape contractors face a unique set of business risks.

You need a comprehensive business insurance program tailored to your risks if you want to protect your business assets when you’re faced with a loss. A local independent insurance agent can help you find the coverage you need from insurers who specialize in businesses like yours.

Why Do You Need Fire Escape Contractor Insurance?

Fire escape contractors are constantly exposed to the possibility of serious accidents due to the very nature of their work. You can cause damage to public property, encounter serious worker injuries, and damage third-party property or cause injuries to bystanders or other individuals on the job site.

What’s more, imagine that a fire escape that you’ve installed is faulty or even unsafe to use to escape a fire. If a fire escape that you’ve installed or repaired fails, especially during a fire, it can result in multiple injured parties and even fatalities. You can be the target of a lawsuit that requires you to pay out significant settlements or judgments to injured parties. If you were faced with such a situation, how would you pay for your legal fees and damage awards?

In addition, how would you pay for lost, damaged, or destroyed tools, equipment, and commercial buildings that you own? With fire escape contractor insurance, you can protect your business from these and other types of losses.


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General Liability Insurance for Fire Escape Contractors

The first major building block of your fire escape contractor insurance program is commercial general liability (CGL) insurance. This insurance pays for medical expenses and property damage for third-party injuries and property damage caused by you or your employees. It is essential to protect you from the risk of negligence claims and related lawsuits.

CGL policies also usually include products-completed operations liability insurance that responds if you’re sued because a fire escape that you’ve constructed or installed causes injuries to others. Completed operations insurance covers your liability for property damage or injuries to a third party once contracted operations cease (e.g., injuries related to poor or faulty installation, collapse, etc.). Contractors and manufacturers typically purchase additional or separate policies in amounts that have higher limits than what is provided in the CGL policy.

Products-completed operations insurance lets you settle claims while maintaining your financial stability. It can protect against breach of contract and negligence claims, and ensures reasonable compensation for damages or injuries resulting from your work or your products. It also pays for your legal fees and financial settlements to the injured parties.

You’ll probably need proof of CGL coverage in order to be licensed by your state, as well as in order to submit bids and be chosen for work on any projects.

What Other Liability Insurance Policies Do Fire Escape Contractors Need?

You’ll also need some other types of liability insurance to protect your business. These include:

  • Commercial auto insurance: Covers your owned vehicles and drivers if an accident or other vehicle damage occurs. It provides coverage for property damage and bodily injury liability claims, vehicle damage, and medical bills, as well as any costs related to lawsuits due to auto accidents involving your vehicles.
  • Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
  • Commercial umbrella insurance: Provides supplemental liability protection beyond the limits of certain other liability policies. This policy can be invaluable for that once-in-a-lifetime judgment rendered against you.
  • Employment practices liability insurance: Covers you if an employee sues you for discriminatory employment practices.

An independent insurance agent can help you customize these policies for your needs.

What Kinds of Property Insurance Do Fire Escape Contractors Need?

You are likely to have and use a lot of tools and equipment that can be very expensive to replace. You will therefore want to be sure that your fire escape contractor insurance program includes coverage against damage and theft to your commercial buildings and anything that you keep inside of them.

Commercial property insurance covers things that are on your business premises, such as items in your office space, warehouse, or shop. It helps you pay to repair or replace buildings and other items that are damaged by things like fire, weather, smoke, theft, and vandalism.

You’ll also need business interruption coverage as part of your property insurance, as well. It reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, storm, etc.).


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How Can You Protect Your Tools and Equipment at the Job Site?

In addition to protecting your buildings and their contents, you need to protect your tools and equipment while they’re at a job site. The following types fire escape contractor insurance cover these types of losses:

  • Inland marine insurance: Protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites, such as in your work trucks. It is especially important if you store your tools and equipment in your truck or another vehicle.
  • An installation floater: Protects materials that are left at a job site to be installed but are damaged before you can do it. This coverage can be added to your commercial property policy.
  • A tools and equipment floater: Covers any leased or owned specialized tools and equipment while they’re stored on the construction site. It can offer coverage for tools like hand tools, power tools, contractors' gear (hard hats, goggles, etc.), and more. This floater can be added to your commercial property policy.

An independent insurance agent can help you customize your property insurance to make sure that you have proper coverage for your valuable tools and equipment, wherever they may be.

Why Do You Need Workers’ Compensation Insurance?

Installing, repairing, or inspecting a fire escape system can be dangerous for your employees. They may be exposed to falls, crushed limbs, eye or lung irritation, lacerations, back injuries, and more. A multitude of accidents and injuries can happen on the job at any time.

That’s why you need workers’ compensation insurance. It provides coverage for medical expenses and lost wages for injured workers. Business owners are required to carry workers’ compensation insurance to protect their employees, but specific coverage requirements vary by state.

What Are Contractors Bonds and Do You Need them?

You might need a variety of contractors bonds, or surety bonds, depending on the size and scope of the projects that you work on. Bonds are very important for any contractors who work on commercial or municipal construction sites.

Contractors bonds can be essential for finding, securing, and performing work. They are typically used to guarantee some aspect of the bidding process or building project and reassure the project owner that you are fully licensed, insured, and prepared to complete the project as promised.

Every type of bond is unique and tailored to a specific project. While you may not need them for every job, you should know what they are and be prepared to obtain them if required.

How Much Does Fire Escape Contractor Insurance Cost?

Insurance for fire escape contractors can range from several hundreds of dollars per month to thousands. The costs to insure your individual business will depend on the size of your operation, as well as a variety of individual risk factors including:

  • The size of your business
  • The location of your shop and any other buildings that you own or operate out of (office space, warehouse space)
  • The number of employees
  • The types of tools, machines, and specialized equipment that you have
  • How many trucks and drivers you have (if applicable)
  • The size and scope of the projects you take on
  • The value of the tools, equipment, materials, and other property that you keep on your premises

Ultimately, the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.


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Benefits of an Independent Agent

An independent insurance agent who has experience working with fire escape contractors and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous reputable insurance companies that specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Fire Escape Contractor Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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