Do you need umbrella insurance for a short-term project?
My commercial building has strict insurance requirements for any contractors working on-site. The job I need to have done is relatively small and unlikely to attract contractors who carry $3 million in umbrella coverage in addition to their general liability insurance. Is there any option for someone to obtain umbrella coverage specifically for my 1-2 day project and be able to pass the cost along to me?
Umbrella for single project?
It sounds like you’re navigating a tricky situation with the insurance requirements for your project. While most contractors typically carry umbrella insurance as part of their overall coverage portfolio, it can be challenging for smaller jobs where the contractors may not meet those high thresholds.
One potential solution is to ask the contractor if they are able to purchase a short-term umbrella policy specifically for your project. Some insurance companies offer policies that allow for temporary or project-specific coverage, which could be a good fit for your needs. However, the feasibility and cost will depend on the contractor’s current insurance provider.
Additionally, you might also consider talking with your insurance agent or broker. They may have suggestions on how to approach this type of coverage or can provide you with options to ensure that both you and the contractor are protected during the project.
Lastly, ensure that any agreement with the contractor includes clear terms regarding insurance coverage, so there are no surprises or misunderstandings later on. Good luck with your project!