When you draw up all of your plans before a project you never count on everything going according to plan. You leave wiggle room in your budget for potential calamities or broken equipment because that is what any smart contractor would do. It is one of the most unpredictable occupations to get into and one where it pays to be prepared. While you may have considered the ins and outs of your company’s equipment and staffing needs you may have forgotten to make sure that all of your insurance needs have been met. Listed below are a few Contractors Insurance Policies that you should be sure to not leave your house without when you are on your way to the work site in the morning.
General Liability Insurance
This is as close as you can get to a do-it-all insurance package. General liability insurance is designed to protect you against third party claims of property damage, injury or bodily harm. If you do not have it and someone gets hurt on your work site or you cause some sort of property damage you could be exposing yourself to a potential lawsuit. This insurance package will protect you from such a lawsuit and allow you to focus more on your business instead of on a court case.
Workers Compensation Insurance
Building off of the subject of potential worksite injuries you may want to think about getting workers compensation insurance. If one of your employees gets hurt on site they will likely look for you to pay for their medical bills. And without workers compensation insurance, you may end up actually paying for their bills (and then some). If you buy a policy from us you will effectively cover your employees’ injuries (loss of limbs, diseases, rehabilitation, etc.) and will cover two-thirds of your employee’s salary. So, not only will it protect you but it will make a traumatic injury less stressful for the injured employee during this hard time.
These are two of the most popular insurance packages across the country and many states require contractors to carry these insurance policies by law. So, if you do not already have them or have any questions about either policy please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!