Solar Contractor Insurance Information
Electrical Contractor Insurance Information
General Liability Insurance
The DBPR requires all contractors to have a minimum amount of insurance general liability insurance.
Public Liability Insurance
As a prerequisite to initial licensure or the renewal of a license as a certified or registered contractor, all applicants must submit a signed affidavit attesting to the fact that they have obtained and will maintain public liability and property damage insurance in the minimum amounts of $300,000 (liability)/ $50,000 (property damage) for general and building contractors, and $100,000 (liability)/ $25,000 (property damage) for all other contracting categories under Part I of Chapter 489. Applicants for licensure as a certified or registered electrical or alarm system contractor must submit proof of liability insurance in the amount of $100,000/per person, $300,000/per occurrence and $500,000 property damage insurance, or a minimum combined single policy limit of $800,000
Here is a link explaining the General Liability requirements for Florida contractors
The DBPR requires contractors with a credit score below 660 have a bond. The size of the bond is determined by below. It also requires financially responsible officers to have a $100,000 bond
61G4-15.006 (2) The financial stability ground on which the Board shall refuse to qualify an applicant is failure to provide proof of either a financial stability bond or an irrevocable letter of credit from a bank authorized to do business in the State of Florida. The bond or letter of credit must be in a form acceptable to the Board and must remain in effect until the applicant can demonstrate a credit score, FICO derived, of 660 or higher, and must be payable as provided in Rule 61G4-15.0021, F.A.C., for Financially Responsible Officers in the amount of:
(a) $20,000 for Division I applicants.
(b) $10,000 for Division II applicants.
(3) Fifty percent of the financial stability bond or the letter of credit requirement may be met by completion of a 14-hour financial responsibility course approved by the Board.
Here is a link explaining more about bonds.
Are you getting paid back every year from your workers comp policy ?
We can write a policy for you, please call to see if your company qualifies.
Here is a link explaining workers comp dividend plans
By grouping several policies together, the insurance carrier will lower the rates because they are diversifying their risks.
This means that there is a smaller chance of you having a claim on several policy's all at once thus reducing their risk, thus lowering your premium
Here is a link explaining this coverage