Are You Looking For Contractors Insurance In California?
Do You Need General Liability Insurance As A Contractor In California?
Need To Buy Workers Compensation Insurance Or Surety Bonds As A Licensed Contractor?
We At CIS Are Also General Contractors And We Understand Your Needs.
An Overview Of Contractors Insurance In Los Angeles, California
Contractors insurance in California and other states is designed to protect owners and operators of construction firms from a variety of claims. Some of the most common general liability claims include contractual liability, liability for accidents and injury and liability caused by an employee of the contractor. Contractors insurance in Los Angeles, California includes general liability, as well as workers compensation insurance and contractors surety bonds. Contractors Insurance Solutions, Inc (CIS) offers various types of insurance and surety bonds to provide protection to contractors.
In California, all contractors must acquire a $15,000 California State Contractor’s license bond. This bond is offered by CIS. The company ( cisburbank.com ) also offers all construction bonds, including performance bond, bid bonds, payment bonds, release bonds and all surety bonds in Los Angeles. At CIS the professionals operating the company are also general contractors so they understand the needs of the industry.
Contractors Insurance Solutions (CIS) focuses on creating tailor-made insurance policies for contractors as well as California license bonds for California contractors. The company has a client-base throughout Southern California. The firm is owned and operated by a contractor holding a California contractor’s license. The company knows and understands the construction industry and does everything possible to ensure that the client becomes bonded in order to get their business operating. We take care of all your needs when it comes to contractors insurance in Los Angeles, California.
The CIS company designs insurance programs which meet their client’s specific business needs. The client can expend their efforts to running their business, without spending time worrying about security and safety. When you have peace of mind knowing that your policy has been created to cover your type of work, you can grow your business.
If you are in need of California Contractors Surety Bonds, CIS can provide all types of bonds. Some of the Contractor bonds include the LLC Employee Worker Bond, the Disciplinary Bond for Contractors, the Contractors License Bond, and the SBA Bond. CIS also provides Contractors Workers Compensation Insurance and Contractors General Liability Insurance.
LLC Employee Worker Bond
This bond must be in place by an LLC Contractor to obtain a contractors license. It has been required by the Contractors Board since January of 2012, when the Board began issuing the LLC Contractors License. In most instances CIS gets requests for these bonds because the contractor doesn’t know the requirements which the LLC must have in order to obtain the license. Because CIS helps support clients with their licensing, they are able to advice the client on the CSLB corporate licensing. This avoids all the additional insurance requirements in place for the LLC contractor license, thus saving time and money.
In many cases, accountants or advisors tell the contractor to get an LLC license. Unfortunately, this recommendation can end up costing the contractor money, simply because he or she doesn’t know the requirements for the LLC contractors license.
The price for LLC bonds ranges from $2500 to $15,000. The bond company looks at specific financial strength and credit score of the LLC in order to rate the price of the bond. In most instances, the LLC license for contractors is issued to out-of-state contractors who seek to register their LLC in the State of California in order to do business in California.
Disciplinary Bond For Contractors
A 2-year Disciplinary Bond is sometimes required by the Contractors Board when a contractor has a complaint or an issue. CIS begins by determine the exact amount of the bond amount requirement. Often, the bonds are for $15,000, with some set at $30,000. The pricing is done in referenced to the contractors credit score. In most instances, the score for the Disciplinary Bond is low. Although this bond noted on the license is not a pleasant action, at least the contractor retains an active license rather than having a revoked license.
Contractors License Bond
This $15,000 bond is necessary to have an active license in California. CIS focuses on obtaining a competitive bond price for applicants who have challenged credit scores. CIS works with a number of companies in order to find a competitive the best rate for their clients.
CIS helps new contractors who are unable to raise the financial strength or collateral to qualify for a performance or a bid bond. Some construction projects are financed by a Small Business Administration loan. These loans require a contractor’s bond to protect the loan. Because most bond companies only write bonds for public money protection, SBA bonds can be difficult to get. CIS is able to find bonds for contractors who are in this situation.
Contractors Workers Compensation Insurance
In California, Workers Compensation Insurance is required for contractors as well as other employers. CIS works with each contractor to determine a profile of the needs and nature of the business. This personal touch permits CIS to provide clients with the best rate and coverage. CIS works only with contractors who need workers compensation insurance. This allows the company to save money and time. Contractor have out-of-the-ordinary work process. They may not always have employees and there can be down time between projects. CIS is able to quote State Farm as well as a number of other workers compensation insurance carriers.
Contractors General Liability Insurance
The insurance coverage for the contractor’s business is one of the specialties of CIS Los Angeles. When a contractor has taken the step of purchasing general liability insurance, it shows that the owner and company are protected in the event of damages or claims which can arise during the operation of the business, or after the project is completed.
Because Contractors Insurance Solutions works closely with each of its clients, learning what the business does, it is able to determine which insurance carrier is the best fit. Some of the factors which are considered include the type of work and the needed coverage; the insurance company which has the best coverage for the protection and job requirements. CIS can work quickly to get a quote and a policy within 24 hours of the request for a quote. If these is a project on a short deadline, fast response is required. Contractors Insurance Solutions specializes in putting contractors insurance policies together so they work for your business process.