As a Concrete Contractor, getting best buy Contractors Liability insurance can protect your business in the event of a lawsuit by covering damages and costs if you lose. Damages can include injury to property or persons or financial loss caused by your business activities.
What are the chances of being sued as a Concrete Contractor?
Unfortunately, working in the construction industry brings with it a high risk of litigation. Construction is estimated to make up 8-10% of the United States’ GDP – that’s over $20 trillion. And in what could be argued an overly litigious society, that kind of money is bound to draw attention.
Construction law is notoriously complex, and legal experts estimate that 10-30% of all construction projects experience legal disputes of some kind. With those odds, it’s essential to find the best Contractors Liability insurance to buy.
What makes the Construction Industry so susceptible to legal disputes?
Construction is a potentially hazardous industry where accidents happen despite field conditions being highly regulated. But what makes the legal environment of construction even more complicated is that projects invariably involve multiple parties. As a Concrete Contractor, you’ll be working alongside and in collaboration with plumbers, electricians, engineers, architects, and possibly others.
All of the relationships down the payment chain are (or should be) governed by contracts. The commitments made to the client are often passed down to unwary sub-contractors via complicated clauses, including arbitration clauses, pay-if-paid/pay-when-paid clauses, claim notice provisions, and so on. Sound overwhelming? That’s where best buy Contractors Liability insurance can provide peace of mind.
What else exposes Concrete Contractors to being sued?
Moving, mixing, and pouring concrete all carry the risk of causing damage to property or people. Unbalanced loads, faulty equipment and vehicles, and inattentive employees are just some of the common causes of incidents resulting in legal action. And the consequences of faulty workmanship can come back to bite you years down the line.
Depending on national and state requirements and the type of project being undertaken, construction contractors will often be required to obtain special permission to carry out their trade. Failure to acquire the necessary permits and licenses can constitute a crime and render contracts void. Not only could you find yourself not able to collect your payment, but you could be sued to pay another contractor to finish your work.
Where can you get best buy Contractors Liability insurance?
Wherever your business sits in the construction payment chain, finding the best Contractors Liability insurance to buy is something you should take seriously. Contractors Liability specializes in Concrete Contractors Liability and can advise you on the best Contractors Liability insurance to buy for your Concrete business. Call Contractors Liability at 866-225-1950 for 1 minute quote!