If you're a contractor, purchasing contractor liability insurance is a must for you and your business. The insurance will actually help protect multiple parties. These are the three parties that will be protected if you have a contractor liability insurance policy in place. Once you see the coverage that this type of insurance can provide and the multiple parties that it can provide coverage for, you're sure to want to purchase a plan.
1. Your Clients
First of all, contractor liability insurance protects your clients. Even though you and your crew might always work hard to do a good job and take good care of your clients' properties, there is always the possibility that an accident could happen. Not only could damage possibly be done to your clients' property, but a client could even be injured if there is a construction accident. If you have contractor liability insurance, however, you will have the coverage to pay for damage to client property or injuries that your clients could sustain.
2. Your Employees
Next, contractor liability insurance will help protect your employees. Your employees work hard for you and your business, and hopefully, they follow all of the safety rules and wear all of their safety gear when they're working. However, the construction business can be dangerous, and someone could get injured while on the job. If this does happen, it's important to have coverage so that your employees' injuries and expenses will be covered. Having contractor liability insurance in addition to workers compensation insurance can help you make sure that your employees are fully covered in the event that something happens while they're hard at work on the job.
3. Your Business
Lastly, contractor liability insurance helps protect your business. In the above-mentioned scenarios, your insurance should kick in and cover expenses. If you didn't have this insurance, however, you and your business would probably be on the hook to pay for medical bills, damage to property and other expenses. For many businesses, these types of costs can be crippling. With the right insurance plan in place, however, you can make sure that your business is protected, even if something happens.
Contractor liability insurance is there to protect the three parties that are mentioned above. Therefore, it's critical not to skip having this coverage. Instead, explore your options for contractor liability insurance to protect yourself and others while you're working in the construction business.Share