If you’re a contractor, then you need to get yourself contractor general liability insurance. It can protect you and your business. Continue to read on to learn how insurance can protect you, as well as other useful information.
1. How Liability Insurance Can Protect Your Business– Liability insurance for contractors protects your company’s assets, which is what you want in the event a third party alleges that your company caused bodily harm or damage to their property. Not only that, but insurance can protect your business in the event you have to go to court and judgement passes because it may cover court costs, as well as settlements of up to a certain amount. Furthermore, it provides your employees with security because they too will be protected from uncertainty.
2. Key Details About Insurance Plans – Different insurance policies will cover different things, but generally speaking you can get insurance that includes bodily injury claims. As a contractor who works on various job sites, you know that accidents can and do happen, and this is especially true when untrained professionals are on the job site. Liability insurance can protect your business in the event an accident happens and a lawsuit is brought forward.
Property damage claims can cost a contractor their entire business, and this is another reason to get liability insurance. If a policy covers property damage, then your business will be protected against lawsuits that allege you caused damage to someone’s property. Just make sure you double-check your policy before purchasing it because you want to find out what exactly is covered and what isn’t.
Personal injury and advertising injury claims can sometimes be brought against a contractor, and this is why many policies includes coverage for it. The last thing you want is to be sued for copyright infringement by another company or brand. You might be surprised at how many contractors have been sued for it and if you’re policy covers advertising injury or personal injury, then you will be thankful, especially in the event you are sued.
3. Buying Insurance – Don’t just buy any old insurance policy. Different companies offer different insurance policies, and you want to compare as many as you can and find out what each policy covers and how much you can expect to pay for it. Remember, the cheapest policy may not be the best one, and the priciest one may not be the best one too. The good news is getting quotes from a number of companies within a short period of time is easy to do, as you can do it all online.
Now you know the importance of contractor general liability insurance and how to find and choose a good policy. It doesn’t matter what industry you work in, if you’re a contractor, then you should get liability insurance as soon as possible. All you have to do now is start shopping around for liability insurance and compare a few policies and then choose the one you think will best meet your needs.