As a contractor, you are expected to put customers’ construction plans into action, meet their deadlines, and ensure both small and large projects are completed on time. With so much to keep track of, there is a great risk that you could end up making an error. Additionally, even if you do everything right, you face a variety of common workplace risks that could lead to issues. Because of this, it is vital that you have insurance for contractors.
What is Contractor Insurance For?
Contractor liability insurance protects you and your business in the event that something unexpected goes wrong. It can help protect your business, your employees, and your assets. Contractor liability insurance can offer you real peace of mind by ensuring that you will be covered if you face a loss or a lawsuit.
What Types of Coverage Should You Have as a Contractor?
There are many types of coverage available for contractors so it can be confusing to narrow them down on your own. The three types of contractor insurance you should have are:
- General Liability Insurance: This type of insurance protects your business from lawsuits that could be filed against you.
- Commercial Property Insurance: This insurance protects your tools, equipment, and the place you do business.
- Business Income Insurance: If something happens and you are unable to run your business, this will ensure you keep receiving income.
You have a lot to keep track of as a contractor. Having good insurance can make all the difference.