A preferred insurance company can help you avoid mistakes with your Contractors Liability Insurance. Here are 3 of the common insurance mistakes that contractors make.
Stop thinking your business is too small to need Contractors Liability Insurance!
If you are a small business you may think you don’t need liability insurance. This thinking can be an expensive mistake. It can even result in the closing of your business. Contractors Liability assists if you are sued for causing bodily harm and/or property damage to another. You may not work on big projects, but you could still face a big liability claim.
A lawsuit is very expensive. The costs of a legal defence are high. The damages that you have to pay can also be enormous. Without this insurance you will have to pay these costs from your own pocket and that could cost you everything.
Stop thinking Contractors Liability Insurance is enough!
A preferred insurance company will explain to you what coverage Contractors Liability Insurance provides. Typically this will be for liability claims for bodily injury, advertising mistakes, property damage and reputation damage. There are things that are not covered by this insurance. These include:
Injuries sustained by your employees
Contractors Liability Insurance covers bodily injury to third parties. It does not extend to your employees. Workers Compensation covers this. It assists with medical costs as well as loss of income as a result of the injury. This insurance is mandatory. Yours needs to be updated correctly and must be accurate so your employees are protected. Without this you could face a penalty as well as costs.
Damages as a result of mistakes
You can be sued by a client for mistakes you make that cause them financial loss. Some examples could be for bad advice given to a client, poor workmanship, or faulty design. Additional coverage is needed for this in the form of Errors & Omissions Insurance, also known as Professional Liability.
Protection for your property, tools and equipment
Contractors Liability does not provide coverage for your own property. Additional coverage is needed. An example of this is Course of Construction Insurance (or Builder’s Risk). This will protect your materials, tools and equipment from perils like fire, theft and vandalism whilst building is in progress.
Stop paying too much!
As a Contractor you want to pay as little as possible for your insurance. You don’t want insurance to eat into your profits. At the same time not having the right coverage can be a very expensive mistake. The solution to this is to work with a preferred insurance company that understands your business. They will customize your insurance package so you get the right coverage. You won’t pay for coverage you don’t need, and you pay a price you can afford.
Contractors Liability is a preferred insurance company
Contractors Liability insurance company represents regional and national A-class carriers. We can get you the best options at the best rates. Most importantly, we specialize in insurance for contractors. Call our consultants on 866-225-1950 for a tailored solution that will protect your business.