Working as a contractor entails numerous risks. Certain factors and variables are beyond your control, which is all a part of the job. Here are the 7 reasons you need to have contractor's insurance.
Safeguards From Lawsuit
The contractor's insurance protects your construction company from lawsuits. You may be required to obtain this coverage by law or by the firm that employed you. Legal and settlement costs can be covered by general liability insurance.
Protects the products, materials, and equipment transported on land. These include movable business property. You should be covered for replacement costs if it's stolen if you have inland marine insurance.
Damaged/Loss To Buildings
It can cover loss caused by hazards during construction or renovation. It's usually extended until the construction project is completed and signed off on by the owner. The builder's risk insurance may cover the cost of replacing them.
Medical Expenses Of The Workers
Ensure that your injured staff receives medical care and compensation for a portion of their lost income while they cannot work. Also, regardless of who caused the accident, workers are entitled to compensation. It also benefits workers' dependents if they pass away during work.
Property Damage And Injuries
Company vehicles that are being used are also covered. It may protect you from accident-related costs such as property damage and injuries. Your commercial auto insurance would cover vehicle damage and any injuries suffered by the driver.
Damaged Business Properties
Business property that has been damaged caused by certain hazards may be covered. It safeguards your company's assets and equipment. Your commercial property insurance would cover a fire destroying your roofing inventory.
Legal And Settlement Costs
You can be protected from claims against your company for service mistakes or failure to deliver a service on time. The professional liability policy will cover legal and settlement costs if a client sues you for not meeting a deadline. Anyone providing direct professional services to customers or advising customers should have this insurance.
Protecting your machinery and workers will make the work more efficient and you will have less disruption if something unplanned happens. Contractor's insurance will help you gain potential customers and grow your company. Consider contractors' insurance to invest in your future success and an essential component of your marketing strategy.
At Black And Associates Insurance, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (509) 464-0058. Get your free quote today by CLICKING HERE. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!
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