In the construction business, general contractors operate as the traffic director on a project. With this responsibility comes some liabilities to help protect your business. General contractors need certain types of insurance policies which will protect them from accidents that can happen on the job.
As a general contractor, some of the insurance responsibilities of independent contractors fall under your control. Everyone knows it is hard to be everywhere all the time, so accidents do happen even if you are keeping a close eye on everything. Click here.
You've toiled to grow your business to where it is and it would be bad if it all came crashing down because of an accident. With the rising costs of medical bills and the increasing number of lawsuits, it is important to have a contractor’s policy that can cover you completely.
Below are the two vital contractors’ insurance policies any general contractor should have.
General Contractor Liability Insurance
Liability insurance was designed to help pay for costs in case bodily injury or property damage happens to a third party. The insurance firm can only pay for the medical costs and all litigation costs associated with the claim.
General contractors’ liability insurance protects your company from:
Bodily Injury
Bodily injury is physical damage to someone that doesn't work for you. It can be a client that is on the job site, or it can be someone in the public if one of your employees causes an injury during company operations
Property Damage
Property damage works a lot like bodily injury except it is to someone's property instead of to themselves. As a general contractor you have electricians working for you, if they happen to cause a fire that damages the house you are working on plus the house next door, liability insurance will pay for the cost of the damage.
Personal Injury
Personal injury occurs from defamation, invasion of privacy, copyright infringement, false arrest, or wrongful eviction. It is anything that can damage someone's reputation. Learn more.
Contractors Workers Compensation policy
The workers compensation policy system was designed to help both employees and employers. Workers compensation acts as a no-fault system, which means the fault of the accident is neither on the employee nor the employer. This is a great system to help claims move along and stop from frivolous claims.
Workers Compensation insurance will pay benefits to employees if they are injured on the job. This could include immediate injury or a long term illness got at work. The benefits that workers compensation pays for is medical benefits and wage benefits to employees. Know more.
Regardless of the industry that you work in, it is important to have the right contractor’s insurance coverage to protect your company or yourself. Liability and workers compensation laws and regulations change frequently; it is important to team with a knowledgeable broker to make sure you are getting the right coverage. Visit site.