If you own a construction company and do not have contractors insurance, you are putting your entire company at risk if something happens in the foreseeable future. Having contractor’s insurance can be a wonderful way to protect your company and its assets. There are six major reasons why you should consider having liability insurance for your company and why it is essential to have this type of coverage.
1. It Protects Your Workers if There is an Accident
Your workers can get into accidents while on the job, especially if they are doing construction work. If an accident happens and you do not have insurance, you may be wondering how you are going to afford the medical bills. Having insurance for your company will take care of all of these bills for you.
2. It Protects Your Assets
If you have insurance, it will protect your company and its overall assets if you get hit with a lawsuit. There could be a client or even employee who is displeased with your company and wants to sue you to get compensation. Having insurance will protect you if you do have to go to court.
3. It Protects Machinery
As a construction company, you probably also have a variety of large machines and equipment that are used routinely. If one of these machines breaks down, you might have to spend your own money to repair or replace it. If you have insurance, the coverage will pay these costs for you.
4. It Protects Clients
When doing work for a client, your insurance will protect you and the client if something goes wrong on the job. For example, if you accidentally work on something that was not in the original contract, the client could hit you with a lawsuit. However, your coverage will pay for the repairs and damages so that this does not happen to you.
5. It Will Attract Clients
Many clients nowadays want to know that their contractor is fully licensed and insured. Without insurance, you could be severely limiting the amount of business that you are getting. Most people look to see if their contractor has insurance before hiring or paying them.
6. Employee Liability Problems
If one of your workers happens to do something that they were not supposed to do or if they did a bad job on a project, your insurance will cover the damages. Having this type of coverage is essential for anyone who happens to own their own construction company and employees a variety of people to work under their wing.
You will find that contractor’s insurance can help to save you a ton of money in the long run simply because it protects your assets so well. Between the machines that you use daily and the workers who do the projects for you, having contractor’s insurance can protect your company and prevent you from potentially losing millions of dollars if something goes wrong. Be sure to consider getting insurance if you do not already have it for your business. It is always better to have too much coverage than not enough because this will help if something does go wrong in the future that hits you with an incredibly hefty bill that is hard to afford.