Reasons Your Business Needs Contractors Insurance
BY: BERNADINE RACOMA ON TUESDAY, APRIL 17, 2018
Contractors are exposed to various types of risks. The nature of the job is quite complicated and there is a huge chance for a contractor to be exposed to any sort of injury while working. The chances are a lot higher than many other fields. Statistics even show that 1 in every 200 accidents is fatal. This is why getting contractors insurance is a must. Without the necessary insurance, such accidents could really impact your company. Here are some more reasons why you need insurance.
Cover equipment from theft
The equipment and tools used by contractors in doing the job are really valuable. Without these tools, work can’t be done. In the event that they are stolen, the insurance will help cover the cost.
Payment for property damages
It is also possible to damage the property or anything within the property while working. This is true especially for those who are hired to do bathroom and bedroom remodeling. The damages could be severe and would cost a lot of money. Insurance will help cover the cost of any damage incurred.
Coverage for medical expenses
If anyone is injured while carrying out the job, it can be very expensive. Therefore, it helps a lot to have insurance since it could cover the medical expenses. The amount depends on the severity of the problem, but it can be very high in some cases. Also, there is a separate type of insurance that covers the compensation of the employee while recuperating from the injury. There are two types of insurance that will cover the cost of medical injuries. One is for employees only, while the other, general liability insurance, covers the cost for third parties who have suffered injuries on the site.
Protection of commercial vehicles
You also use different types of commercial vehicles in carrying out operations. This includes dump trucks, tow trucks, trailers, dozers and many others. They are expensive. With the help of insurance, these vehicles are protected in the event that they are stolen or badly damaged while carrying out the job.
Payment for defense fees
In almost any type of insurance that you get as a contractor, you will also get help paying the cost of the legal team that you hire. The claims can be outrageous at times and you need to go to court just to defend yourself or even make a settlement with the other party. The defense fees can be very expensive, and it is great having insurance that covers the costs.
You never know what could go wrong while working. It is never easy being a contractor. With the right insurance, you will at least feel better. You know that in the event things go wrong, you won’t have to spend a lot of money.
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