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On any given day, during a project, a contractor could be held liable for many things, including: damage to a client’s property, bodily injuries sustained by a third party or damage to the reputation of a third party. The cost of these claims can add up to millions of dollars very quickly.
The contactor can’t control the final cost of injuries to a person injured because of on-site operations, products, or services. That person may be a child, a blue-collar worker, a professional, or a homeless person. Without proper insurance coverage, these costs will be the responsibility of the contractor and could possibly destroy the whole business.
For example, a plumber goes to fix a leak in someone’s home. While working beneath the kitchen sink, he accidentally damages the waste disposal unit. After he has left, the homeowner drops something in the drain and reaches down to retrieve it, activating the broken disposal unit and badly damaging their fingers. A general liability policy will help cover not only the medical costs, but any court-ordered payments or settlements reached in event of your business being found liable.
Therefore, keep your business safe and get a quote from us today
Insurance contracts usually include a sub-contractor clause which states that they can deny coverage if the sub-contractor doesn’t have equal or greater coverage himself and that its mandatory for the sub-contractors to name your company as additionally insured. This is so that if you’re sued for something done by the sub-contractor, the claim is charged against his policy, not yours.
Another reason is the fact that having your own insurance means that he is indeed in his own business. Not having this segregation can cause tax penalties, workers compensation liabilities and a possibility of insurance company denying coverage for something done wrong by the sub-contractor.
Having said that, the most important thing is the language of your insurance policy, since some of the contracts say that coverage will be denied if the sub-contractor’s insurance can’t be proved, while other’s say that coverage won’t be denied as long as an attempt was made to collect insurance certificates.
You need to always double check with your insurance agent, or even an attorney, if you have any doubt and you must always keep proper records.
As an independent contractor, you do need to protect your business from all kinds of litigation and suits. Not only would it affect you financially, but as an independent contractor, it would affect your name and reputation as well. That’s why a lot of companies offer independent contractor insurance which is a type of general liability insurance. It covers injuries, damages, reputational damages, and advertising damage.
It doesn’t matter what field you’re in, you need protection regardless. Now, there are two ways to get insured: ask your client to get liability insurance for you as a part of the contract, or get it yourself. The former will cost a lot for the client, however, the latter will be safer and cheaper for you. Once insured you will receive a certificate of insurance, which can be given to customers as proof of insurance.
While a general liability insurance policy is a must for every contractor, some of the following can be added as per your requirement:
Broker for insurance are useful in that: help you get the best contractors insurance policy.
The cost of contractor liability policy depends upon many factors, mainly the niche business you’re in. That will determine the risk factor. For example, roofers are at greater risks than a plumber, therefore, their policy will be costlier.
However, general liability insurance policies usually start at $30/month after paying the down payment.
Builders risk insurance reimburses your business for losses. For example, if thieves steal copper wire or tools from your project site. It covers the cost to repair or rebuild if a fire or an extreme storm damages your project. Builder’s risk may also cover the cost of cleanup and clearing away debris so you can get back to work without delay. Over working a building can destroy it, so you need builder insurance group.
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