Contractors insurance is a policy designed to meet the needs of construction companies on building sites. Contractors are involved in risky business. Whether that is electrical work, sanitary work, plumbing, or any other kind of task, there is a range of potential problems they can experience.
Moreover, it is not just the individual contractor that is at risk but even people around them, the site of the work, and the company that are involved is at risk in the case something goes wrong. Having proper contractor insurance can help protect you, your business, and your clients from a number of problems.
The most common risk found on any worksite is the risk of injury. There are many tools, heavy equipment, electrical systems, and other threats that can cause serious injury. The first step to prevent such injuries is to wear all the mandatory safety gear but sometimes the gear alone is not enough. Even with safety gear on, employees can get injured. Moreover, some can develop medical problems even if you use safety gear. Good injury insurance along with medical insurance will help protect employees from injuries and medical issues that they may face at work.
If one of your employees makes a mistake at the construction site, the client will not want the specific employee that made the mistake, they will want the contracting company to handle the issue. In some cases, this can be quite a hassle for the company, yet if they don’t comply, they can face legal problems. In other cases, the contracting company might be getting bullied to do something that is beyond their scope of work. Having contractor business insurance gives you the legal cover to protect your company from these issues. If anyone tries to take legal action against your business, you will have a legal team to represent you in court.
The worksite itself can also be damaged during construction. Sometimes this can be extremely expensive to fix. It can also lead to other problems which are not related to the job itself. For instance, if a pipe leaks and floods the entire house, this is blamed on the contractor. With worksite protection, you won’t have to worry about the common problems that happen at worksites, nor about how you will pay for the solution.
Depending on the scope of your work, there are different kinds of worksite protection that you can get. The best choice is to get something broad that gives you coverage for a wide range of problems. If you have a very defined scope of work then you can consider getting more specific insurance.
Contractors, just like any business, also need to have legal cover. Whether it is a problem with your tax or an unhappy client, having a legal advisor on board will make life much easier. Ideally, you should get someone who is experienced in the contracting business and is also familiar with all the local regulations. You don’t need to hire them as full-time employees but can consult them every now and then to make sure you are on the right path. Get contractor insurance today for your own benefit and the betterment of everyone else around you.