Insurance Types That Protect You When Hiring a Pool Builder in Florida
When you work with a pool builder, Florida has certain insurance requirements for your personal and financial protection. While it’s the builder’s responsibility to comply with those requirements, potential customers should always verify that their builder has valid coverage. A quick check can provide complete peace of mind as you work with your pool builder.
Every Property Owner Should Make Sure Their Pool Builder Has These Basic Insurance Types
When choosing a contractor to put in a pool, there are a few basic insurance types potential customers should check for. One single type of insurance won’t cover all of the potential liabilities and risks that a pool company faces on a daily basis.
At a bare minimum, an experienced builder should have a general liability policy, workers’ compensation coverage, and builder’s risk insurance. Additional policies that can provide extra protection include errors & omissions insurance and umbrella insurance.
General Liability
This type of coverage provides basic protection for common legal conflicts. It covers the costs associated with third-party injury claims. If a pedestrian trips over the builder’s equipment or falls into a trench, general liability insurance covers their medical care costs.
In addition, it covers claims for property damage. The coverage will pay for the costs of repairing or replacing damaged furnishings, electronics, or other items.
For a pool builder, Florida general liability coverage is an essential factor in protecting homeowners and their property as work is completed.
Workers’ Compensation
As a construction contractor, pool builders face a risk of employee injuries. According to the Bureau of Labor Statistics, the construction trade reports more workplace injuries and fatalities than all other private sector industries.
Although every employer must carry workers’ comp, pool contractors may need to rely on this insurance more frequently. It protects the company from employee lawsuits and reduces liability for its customers.
The benefits for injured workers are just as worthwhile. The coverage pays for the medical care costs associated with the individual’s injuries. It also covers the costs of physical rehabilitation.
Some types of coverage provide lost wages for the employee as well.
Having this coverage can be a sign that pool builders are appropriately committed to safe practices with their team members. It can also reduce the risk of a worker filing a lawsuit for injuries they might sustain while working on your project.
Errors & Omissions Insurance
Errors & omissions insurance (sometimes called E&O) is designed to cover costs that relate to errors in paperwork. This type of policy is most commonly used in industries that deal with contracts, but it can also apply for companies that file permits. If your pool builder will need to file permits with the city or county on your behalf, it’s a good idea to make sure they have the proper insurance.
In the event paperwork is misfiled, filled out incorrectly, or information is not properly submitted, E&O insurance can help to provide protection and mitigate the costs of fixing the problem.
Builder’s Risk Insurance
Builder’s risk insurance serves to protect structures, materials, and fixtures. Depending on the policy, it can safeguard against acts of vandalism or theft, as well as certain types of weather-related damage.
There are several reasons builder’s risk insurance can be essential for a pool builder in Florida, but for the homeowners that they serve, the primary benefit of this type of policy comes in the form of building timelines.
If building materials or equipment are left on your property during construction and they end up getting stolen or vandalized, it could be difficult for the pool builder to finish out the project on time, especially if they don’t have extra money to replace the missing items. Having a builder’s risk insurance policy in place can mean that your builder receives the funds they need to replace damaged or stolen materials, keeping your project on track.
Similarly, if strong storms popped up during the construction of your pool and caused damage to the partially completed pool or vital equipment was ruined, a builder’s risk insurance policy could make it easier for your pool builder to have the funding to repair that damage or purchase new equipment quickly.
Umbrella or Excess Liability Insurance
Umbrella insurance is designed to cover limitations or gaps in standard liability coverage. It can also extend out the coverage, providing extra funds or covering situations that aren’t addressed in the pool builder’s standard liability insurance policy.
While this type of policy is more like “icing on the cake” for homeowners, an umbrella or excess liability insurance policy can help you to feel more confident that your pool builder can account for even the most difficult circumstances.
How to Verify Your Pool Builder’s Insurance
First, ask your pool builder about the kinds of insurance policies they hold. Never simply accept a contractor’s word that they have adequate coverage for your project.
Next, ask to see their Certificate of Insurance (COI) to verify the policies and the coverage provided. If they have multiple policies, they should have a COI for each one.
Once you have this information in hand, you can follow up by calling the insurers directly to verify that the policy is active and in good standing. This is an essential step to make sure coverage hasn’t lapsed.
Insurance May Add to Pool Building Costs, but It’s an Essential Investment
It’s easy to see insurance as an added cost for a pool building company, but the protection provided by the right insurance policies is extremely valuable. For the property owner, Florida insurance can deliver added safety and peace of mind. Consider these advantages when hiring a fully insured pool builder.
Pool Builders You Can Trust
When you work with Tampa Bay Pools, we’ll verify all of our credentials for you. Our honest and transparent approach helps us earn trust among all of our customers. We’re dedicated to delivering high-quality work that’s compliant and safe. Contact us to experience the difference for yourself.