How to Benefit from Contractor’s Insurance

​With plenty of on government contract jobs, it’s always a requirement that the company provide proof of liability insurance as part of the process for qualification. Below is an explanation of the contractor’s insurance along with its benefits.

Benefits
By having a promising construction insurance policy, you can ensure added protection on your business from damages or lawsuits made by claims during the process of construction. Among the most valuable advantages you can gain from having liability insurance are:

• Your business will have protection against property damages and injury.
• You can use the policy to cover the expenses of witness fees, attorney fees, court costs, and more.
• It will also assist you in covering damages and costs after the passing of judgment.
• Liability insurance provides a level of security and value, knowing that it protects both your assets and employees.
• The policy will protect in various forms: individual claims against your company, and your business as a whole.

Coverage
You can use construction liability insurance in the following circumstances:

• Damage Claims
  The policy will protect you if your business damages the property of the customers or if the responsibility for their inability to use a particular property goes to the company.
• Injury Claims
  You can employ insurance to pay for funerals, court-awarded compensation, and medical expenses. However, the coverage is not any worker’s compensation.
• Copyright Claims
  Competitors might sue you for copyright infringement if your product design is quite similar to theirs, despite it being original.
• Product Claims
  You can address and manage the claims related to damages due to the equipment your company installed through the contractor's insurance coverage.
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Cost
The associated cost with your liability insurance usually depends on the perceived risks that come with the type of work your company handles. If your business has low risks, you should consider policies under the Business Owner’s Policy instead of liability insurance.

Usually, serious risk damage commercial contractors – such as roofing contractors or those who get involved with highly specialized trades – are the people that have the most insurance coverage. It’s always vital that you get insured by a company with ratings as B as the minimum. The higher the rate, the better.

Other damage covered includes liability for advertising and personal injury. In the building trades, the best policy is always having the right amount of insurance against liability, no matter the size of your job.

At Black And Associates Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (509) 464-0058 or Click Here to request a free quote.