Contractors are subject to some unique loss exposures. When a prospective client needs certain types of construction work done, contractors either bid for the job or negotiate a contract. Due to this, the customer specifies what should be done in the job specification. It is common for contracting businesses to have multiple locations. There are frequent changes to the job site. There may be a contractor who controls one job site while the employees or subcontractors control other job sites simultaneously or sequentially. As a contractor, you are exposed to a unique range of loss exposures. It is imperative for any contractor to evaluate and analyze their risks before obtaining contractors insurance.
However cautious you may be when carrying out your projects, mishaps and accidents can still occur. This is an indeterminate situation that is beyond your control. You can’t always rely on your people and equipment to perform perfectly. If you are legally obligated to cover accident and machine expenses, it will cause delays and income reduction for you as the contractor. Liability insurance for contractors is undoubtedly the safest way to prevent financial ruin. In a nutshell, an insurance policy for contractors covers all third-party claims. Any damages or accidents that occur on your business site can also lead to lawsuits and complaints from clients and other parties. You and employees under your supervision are covered when claims are made against the insurance. A contractor is a business manager and a contractor. The construction site requires many employees to work. Some of these individuals are also expected to commute and work across multiple job sites. The possibility of these people being involved in an accident or causing one to a passerby is thus high. Typically, contractors have liability insurance to cover Property damage and bodily injury. A person may sue a contractor if he or she suffers an injury or damage to their property. Completing operations and products and Advertising injuries and personal injuries: Libel, slander, and false claims may result in damages. In addition to other types of insurance coverage, contractor liability insurance is a must-have for any contractor.
To obtain a contractor liability insurance quote, please contact www.safeproins.com
Business liability insurance, or general liability (CGL) in insurance terms, protects you from various types of claims arising from the operation of your business, such as bodily injury, property damage, personal injury, among others. A quote for general liability insurance typically includes:
Bodily injury liability & property damage liability
Personal & advertising injury liability
Products & completed operations liability
Damages to property rented to you