Why Is Contractors Insurance Important?

If you are working as a drywaller, electrician, carpenter, landscaper, or any type of contractor and you are not aware or informed about the importance of contractors insurance. You are endangering or jeopardizing your business. Contractors face risks and all sorts of dangers every day. These threats range from minor to severe.
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You can end up being accountable for several liability issues. That is why it is imperative to take these necessary steps to safeguard and protect your livelihood and income source. This type of insurance is a safety net that can shield and protect you from being utterly bankrupt if you find yourself facing a costly lawsuit. 

Who Needs Contractors Insurance? 
Contractors, subcontractors, and other independent tradespeople should have and always carry commercial insurance. It is a way to protect and safeguard their business. It is also often required by several employers before you can even start working with them. Here are some common traders that need contractors insurance: 

• Landscape
• Construction
• Painter
• Handyman
• Carpenter
• Plumber
• Electrician
• And others 

What Does Contractors Insurance Cover? 
A contractor's insurance coverage depends on your industry and the risk that comes with your occupation. An HVAC or heating, ventilation, air conditioning, and refrigeration technician will have different coverage than a roofing contractor. The right insurance agent will be able to give you comprehensive coverage that suits your needs. 

Basic Coverage 

• General Liability: This insurance type covers and shoulders your expenses if your business is liable and responsible for things. It includes property damages, injury, or even faulty work. 
• Commercial Auto: This type of insurance protects your cars and other vehicles used for work or transport and relocate tools and other materials. 
• Property Insurance: This type of insurance protects and safeguards your equipment, tools, and other properties your business owns. 

Extra Coverage

• Builder's Risk Insurance: This type of coverage protects the value of materials and labor in an almost completed project. 
• Umbrella Insurance: This is additional coverage that will protect you against significant judgments from critical accidents. 

Conclusion
As a contractor, you already have plenty of things on your mind. Having contractors' insurance will lessen the burden and give you peace of mind if a terrible accident happens. 

At Black and Associates Insurance, Inc., 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.