Contractor General Liability Insurance is one of the ways you protect your business. This isn’t just because this coverage is required by law in most states. Being sued for negligence is an ever-present risk for contractors. Litigation is becoming increasingly common in construction. This threat won’t just vanish as a result of Covid-19.
While the pandemic is occupying the thoughts of many at the moment, it is helpful to look beyond it and see what you can learn about protecting your future projects.
Lessons from Covid-19
Covid-19 has taught us that even with the best planning, the unexpected can happen. It has reminded us that when something goes wrong, it can have a significant impact. It has also demonstrates that you need to make provisions because some things are impossible to avoid.
Sometimes it is out of your hands.
Who would have thought that 2020 would turn out the way it has? Most people the world over were blind-sided by this pandemic. It has shown in stark relief that the unexpected can happen. Planning is an essential part of any project, but unexpected events can always happen.
What can we learn:
This pandemic has demonstrated that many things are beyond our control. Often these events come out of the blue. A good example in the construction industry is an accident that causes bodily injury and property damage to another person. This is not an event for which you have planned. On the contrary, you take many precautions to prevent an accident. For this reason, it is critical to have Contractor General Liability Insurance.
Things can go badly.
Coronavirus has had a significant impact on our lives. However, it’s effect has not been felt equally by all. Some businesses have fared better than others. However, Covid-19 has shown us that projects, and indeed businesses, can be severely affected by events.
What can we learn:
The impact of an event can be severe. In the course of your work, an accident can happen. As a result, a third-party can sue your company for negligence. This can have a disastrous impact on your business. If you have to pay for the costs of a lawsuit yourself, your company may not survive. Contractor General Liability Insurance can assist.
How can Contractor General Liability Insurance help?
The costs of a lawsuit can cripple your business. If you do not have adequate insurance to assist, your business may have to close. General Liability is mandatory in almost all states. If you have the right coverage, you can protect the future of your business. Contractor General Liability Insurance provides coverage for bodily injury and damage to property claims. It also covers claims such as reputation damage and advertising mistakes.
Good news about Contractor General Liability Insurance
Be better prepared for the future by assessing Contractor General Liability Insurance. Are you adequately covered, or are you underinsured? At Contractors Liability Insurance Company, we can help because we specialize in this insurance. All it takes is a phone call to arrange the right protection. Call a consultant on 866-225-1950.