Contractors Liability Insurance
The shortest answer to this question is “yes.”
Whether you work as a plumber, snow plow, mechanic, handyman, painter, landscaper, electrician, carpenter, or field service technician, you need to obtain contractor’s liability insurance coverage.
The current workplace environment makes it a requirement for contractors to bear full responsibility for any accident that occurs while on duty. Here’s everything you need to know about contractor’s liability insurance.
What Contractor’s Liability Insurance Entails
Contractor liability insurance refers to the coverage that protects contractors whenever they are faced with claims associated with bodily injuries and property issues at the workplace site.
The insurance policy offers protection to the jurisdictions and assignments under the contractor’s custody, control, and care. Generally, a contractor’s liability insurance policy covers the settlement costs, judgments, and claims during and after completing the project.
Contractor insurance liability coverage is multifaceted and product-specific. Here’s the list of protections associated with contractor liability insurance covers.
· Equipment/ product – The insurance policy covers the potential destruction caused to the products or equipment that the contractor installs. The coverage may extend to improper installations and malfunctions.
· Bodily injuries – This includes all medical expenses incurred due to the contract.
· Property damages – This covers the property damage costs caused by the contractor.
Why Get Contractor’s Liability Insurance Coverage Options?
Contractors must be fully accountable for all accidents and incidents associated with their lines of operation. One must pay close attention to this matter.
If you are not entirely convinced, here are other reasons to get contractor liability insurance.
· Offers protection to business owners who wouldn’t want to face legal and financial inconveniences in case of miscalculations and accidents.
· Added advantage when placing bids as it acts as a safety measure.
· Meeting legal requirements – Getting contractor’s liability insurance cover is a matter of law and not a matter of preference.
From the general contractor to other contractors and property owners, contractor liability insurance must be a key consideration each time a construction project is initiated. Similarly, contractor insurance must be a no-brainer if you are conscious about protection against liability, abiding by the law, and winning business..