Success in the business industry comes by serving the best interest of your customers or clients. Other imperatives include offering a safe and sound work environment for the employees and keeping everything legal and insured. However, you are already at risk since the first day of your operations.
Accidents, natural disasters, and other unforeseen circumstances might occur at no time to wipe the fruits of your effort and dedication through the years. Thus, getting general contractor insurance ensures that your business can resolve concerns and go back on track.
What is Contractor’s Insurance?
Contractor’s insurance is a requirement asked by companies and licensing and construction boards to protect the business and the rights of the two parties, considering the existing risks.
For instance, construction-based contractors have different restaurant business insurance policies. Businesses are all unique, so are the coverages they need. As a business owner, learning the basics will save your business from financial or legal damages in the future.
Below are the three types of insurance under the essential tier. They will not most likely represent every coverage, and you must find a much specific tier for your needs. Yet, you could still consider them as a basis in determining the insurance products you may want to leverage.
- General Liability Insurance: Most states mandate contractors to have this insurance type. The general liability insurance compensates for the clients who sustained injuries and suffered property damage. Besides, its other counterparts also protect clienteles from defamation claims and product liability. Hence, despite living in a state that does not impose this law, you may still need it for assurance purposes.
- Commercial Auto Insurance: Car collisions may occur anytime, anywhere. Your company drivers, including the contractor, are at risk of these road accidents resulting in unwanted injuries and property damage. Getting commercial auto insurance keep the cost of incurred losses at a minimum liability limit.
- Worker’s Compensation Insurance: The worker’s comp allows businesses to cover the cost of injury or death of an employee while doing their job. Without this insurance type, your business will experience paying large sums of money for medical bills, disability income, and legal fees at the same time.
Contact ISU Armac by calling our main number, (760) 241-7900, fax number, (760) 241-1467, or email us at firstname.lastname@example.org for more inquiries.