Contractors Liability

Contractor Insurance

Contractor Insurance is usually bought by contractors to secure themselves against the risk that might happen in the workplace. Additionally, subcontractors need to provide a proof before beginning their projects in construction work. Also, contractor insurance is a form of liability, basically to protect contractors for any potential injury.

Types of Contractors Insurance

Builder’s Risk Insurance: Protect Contractors materials, tools and equipment that workers use on the site if there’s a disaster occurs.

General Liability Insurance: Protect businesses from claims that happen as a result of normal business operations.

Errors and Omissions Insurance: Protects your business against claims made because of negligence or a failure to meet the expectation of customers.

Professional Liability Insurance: Protects professionals like doctors, lawyers, and physicians against negligence acts and other claims initiated by customers.

Workers’ Compensation Insurance: Pay benefits to employees for injuries while on the job.

Property Insurance: Protect your business from financial loss that results from destruction or damage of your property assets.

Surety Bonds: Protect your business and your investment from loss when entering into a bond or a contract.

Pollution Liability Insurance: Contractor-based policy in which is a claims-made or occurrence basis. Also, it provides third-party coverage for bodily injury, property damage, and related defense costs as a result of pollution conditions.

Wrap-Up Insurance: A liability policy that serves as a combined insurance that protects all contractors and subcontractors working on large projects.

Why Do I Need Contractors Insurance?

Contractors who have the proper insurance coverage are in a better position to win new jobs. On the other hand, without the proper insurance, contractors are at risk of losing business.

Why is Contractor Insurance important?

• Law might require contractors to have certain types of insurance, especially workers’ compensation insurance.

Contractors who have the proper insurance coverage are in a better position to win new jobs. On the other hand, without the proper insurance, contractors are at risk of losing business.

• Clients may require contractors to have liability insurance.

If your business does work as a subcontractor for a general contractor, having liability insurance protects the work that your company does on the job site. On the other hand, the law allows general contractors to be held responsible for financial damages if their subcontractors don’t have Insurance.

• General contractors may require subcontractors to have liability insurance

Acquiring workers’ compensation is not only required by law but is also a wise business decision. Although you may do your best to work safely, accidents do happen. On the other hand, If your employee is experience injury on the job, without workers’ compensation insurance, your company will be responsible for paying for the employee’s medical costs and lost wages.

• Accidents or unexpected disasters can happen in the course of doing business.

Having adequate insurance coverage can protect the investment of effort, time, and money that you’ve made in your business when certain kinds of risks happen. On the other hand, without insurance, a single accident or injury could put your entire business at risk.