4 Ways Contractors Can Get Protected From Financial Loss

​Contractors face many risks that might lead to financial loss. This is because construction work is physically dangerous and teeming with multiple risks and hazards. General contractors face the risk of workplace accidents, fires, equipment theft, and defects in construction. These are the most common causes of financial loss for these contractors. This could mean millions or billions of dollars if there is no proper insurance coverage. Thus, through the help of insurance agents, here are four things that contractors can protect themselves from. 

​Workplace Accidents
Insurance agents can help contractors reduce the incidence of workplace accidents by having a discussion with them regarding strategies that minimize risks. Some of these strategies include inspection of equipment and ensuring that they are working properly. Insurance agents should also organize regular safety meetings for the construction workers. They can conduct a regular physical inspection of the entire place while making sure that workers are wearing safety gear. 

Equipment Theft
Insurance agents can help contractors protect their equipment from vandalism or theft by giving them tips on how to secure it all the time. This is important in order to ensure that tools, building materials, and construction vehicles can get protected all the time. Insurance agents can also give suggestions on how to reduce the risk of loss due to theft by investing in CCTV cameras or security guards. 

Fires
Agents should teach contractors which fire-safety precautions to take when it comes to using hazardous and flammable solvents or oils. Agents should also remind owners to implement strict anti-smoking policies in worksites. Agents can also help remind their clients that they need to have fire extinguishers and fire exits at strategic areas of the workplace. In addition to this, agents also try to ensure that a licensed electrician has thoroughly checked all electrical work. 

Construction Defects
A construction defect is a problem with the design, materials, systems or level of workmanship used on a particular project, which results in a failure of the entire building or a part of it, and which causes some damage to persons. Agents can help prevent or minimize this risk by ensuring that their clients are covered by contractors insurance.

Some Final Words
Advice from your insurance agent is indispensable. Agents can always make good suggestions to contractors in order to ensure the safety of the persons and the property itself. At Black And Associates Insurance , we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (509) 464-0058. You can also request for a free quote by CLICKING HERE.