The Necessary Insurance Policies Contractors Should Have
Contractors face many on-the-job risks that should be noted by those businesses seeking safety and financial comfort for themselves and their employees. If you are a contracting business working in plumbing, construction, or electrical work, the right insurance policies can keep your business stable amid unexpected risks.
Ultimately, any job that involves machinery and many employees working in tandem means that there will be a lot to consider on job sites. Human error will always be an issue, so it is essential to remain covered in the event of claims and job site incidents. An insurance plan that considers these factors is key.
The robust offerings of Central Insurance Agency will allow any contractor the ability to remain secure on the daily. As for some of the types of insurance that are often necessary for contractors, read below:
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General Liability- Contractors’ insurance plans must have a secure general liability policy option. With general liability insurance, you as a contractor can be shielded from property damage and other job site hazards. General liability is an important and necessary step in any insurance plan, helping to protect you from incidents and unforeseen problems on the job. However, general liability insurance does not cover purposeful negligence and other illegal acts.
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Worker’s Compensation- Job sites may contain a host of hazards that employees will find themselves having to deal with. When an accident occurs, it is important to ensure your business is secure, and that your employee’s well-being is cared for. Worker’s compensation often covers an employee’s medical needs, allowing your employee to return to the workforce without financial strain.
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Commercial Auto- Insuring your business’s vehicles is a necessity. Depending on the scale of your commercial vehicle fleet, commercial auto insurance becomes even more of a necessity. Insuring vehicles (ones only used for your business needs) under a commercial auto policy plan will keep your business going through the financial hardship of a vehicle being damaged or unusable.
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Professional Liability- Professional liability insurance is a mainstay of any good contractor’s insurance plan. When catastrophic mistakes are made at a human level that affects a job, it is important to be covered, and this is what professional liability insurance does best. Essentially, negligence claims from those outside of your business are insured.
Central Insurance Agency benefits contractors by working with your business to find the best policies for you. A coverage plan that can navigate the minefield that is contractor insurance risk can help your business remain secure. Keeping employees aware of insurance risks can help to reduce unnecessary accidents. At the end of the day damage to your client’s property can affect your bottom line. No matter the injury, if it is caused by an employee or job site negligence, you may be liable.