(Image above attributed to Pixabay.com)
Construction and professions that involve contracting are often said to be one of the trickiest and at the same time most rewarding fields of human endeavor, because it involves planning and executing with many safety issues and many unknown variables – there are constant challenges. These fields are also unique in that they carry with them inherent risks in various areas. Insurance is a necessity.
Because construction and contracting is a unique field, it often requires insurance that protects against unique threats. It’s important to ask: ‘Am I properly covered?’ Here’s how insurance such as general liability insurance for contractors online best protects your contractor business.
Physical injury
When you are in an industry that is physically labor-intensive, personal and physical injuries are bound to happen, no matter how much you try to prevent them. Good safety measures may reduce the frequency and the seriousness, but they can never eliminate them. Insurance against physical injury is a good step forward.
Immediate medical expenses
Immediate medical expenses – especially in cases of emergencies – can be quite costly, and it could be a hassle to cover all the needs in a short period of time. Insurance can step in right away and help you cover this.
Property damage
Damage to property of third persons or public property is something that unfortunately occurs too often, and it’s usually caused by simple accidents, miscalculations, or negligence. In these cases (in this day and age) a lawsuit is just waiting to happen, so it’s important to protect yourself in this regard. Note: third party damage doesn’t cover any damage to property of the client you are currently working with or for.
Completed projects
When projects are completed, they should be done well – but make no mistake, there are instances in which a project is not completed to the satisfaction of the client, or causes accidents that aren’t foreseen. For example, the shelves you installed may have had a loose screw, resulting in the injury of a child. Your legal and damage expenses can be minimized with the proper coverage.
Faulty workmanship
It’s always a hassle when someone claims your work is flawed or faulty in some way (and perhaps it’s not the case, depending on the contract). Nevertheless, you’ll have to deal with it and be properly covered.
Life, and especially the construction and contracting business, is loaded with various kinds of risks, but that doesn’t mean you shouldn’t try to minimize risks and get a safety net to fall back on when things go wrong. You can’t leave it all up to chance. The contractor with the right kind of insurance can be certain that all will not be lost if (or rather, when) unfortunate events happen; they are also able to confidently focus on what every business should: growth and expansion.
