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Types of Risks Contractors Face

As a contractor, you face risks every day out in the field. Contract companies have a lot of responsibility and handle multiple moving parts. As a contractor, it is necessary to obtain insurance and coverage if things go wrong. Here are some of the risks contractors face on the job.

Driving Abilities

As a subcontractor or tradesperson, you may be required to drive as part of your job. Although driving is part of the job, they are usually not hired based on driving skills. It is important to take into account the person’s driving history because they might be great at their job, but have a terrible driving record. This could cause the contractor to pay for any losses. 

Falling on Site

Because your subcontractors will be on site working on towers, bridges, and other structures, they must have adequate training to avoid dangerous falls. Certain precautions need to be in place to allow the risks of falling to decrease. 

Theft of Materials or Equipment

As a contractor, you have a large amount of equipment and materials that are specific and unique to the jobs being completed. If these materials are stolen, it could cause a large delay in the project and could increase costs. It is important to keep track of your tools and equipment to help decrease your risk of theft. 

New Technology Poses Risks

As new technology emerges, it changes the way construction companies operate. Although this technology is great to provide easier and more efficient work, it could also allow more hackers to gain valuable information, which could hurt your business. As technology increases in the job sites for contractors, more risk for cyber hacking and vulnerable businesses appears as well.

Central Insurance Agency

Because of the great number of risks faced by contractors, it is important to have coverage for your company. At the Central Insurance Agency, an insurance agency in Smithtown, New York, we offer a unique set of coverage options perfect for your company. Learn more about the Central Insurance Agency by visiting our website and requesting your quote today!

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