Accidents happen, even when precautions are taken.
For small construction businesses, contractors' insurance is a crucial safety net that can make recovering from accidents and other losses possible.
Contractors' general liability insurance and other business policies will not only protect small businesses when mishaps happen but can also help them gain public trust and new customers.
A good policy purchased from a knowledgeable contractors insurance agency is one expense that no small contracting business should ever do without.
Contractors' General Liability Insurance Is A Must For All Small Businesses
Contracts' general liability insurance is the most crucial protection every small business contractor should have to protect themselves, their employees, and their customers.
This essential policy covers when things go wrong, the property is damaged, or someone gets hurt.
Whether working on someone else’s property and damage is caused, or someone comes to the business property and is hurt, it is this contractor's insurance policy that will pay for the damages, including medical care for anyone injured, relieving small contractors from having to pay these costs out of pocket.
Business can continue as usual in most cases so long as the policy limitations are sufficient to cover the loss.
What Other Contractors Insurance Should Small Businesses Have?
Although contractor's general liability insurance is the most critical coverage for any contracting business, there are other important policies to add on that can provide different types of protection.
All sold by experienced contractors insurance agencies, they include the following:
- Commercial Auto Insurance - Any business that uses vehicles must protect their work autos with a specifically-designed policy. As using personal vehicles for work purposes is not permitted by insurance companies, this separate policy covers businesses and their owners against accidents and damages occurring while performing job duties.
- Commercial Property Insurance - The opposite of commercial liability coverage, property contractors' insurance protects the property owned by the business, whether physical structures, equipment, tools, or more.
- Commercial Umbrella Protection - A commercial umbrella policy provides additional protection that goes above and beyond the limitation of the standard procedures. Umbrella coverage purchased from a knowledgeable contractors insurance agency provides essential coverage should any damage exceed standard insurance limits so the business can recover and stay in business.
- Workers’ Compensation - Required in many states, workers' compensation insurance protects businesses by allowing them to cover when an employee becomes injured on the job. With this low-cost, essential coverage, small companies can avoid lawsuits by injured employees.
- Crime Insurance - Another worthwhile business insurance policy that will protect against theft, vandalism, and other crime occurring at business worksites and locations.
Build An Insurance Safety Net
Every business needs insurance to protect it when things do not go perfectly.
Contractors' general liability insurance is an essential policy that every contracting business, small and large, must have to protect itself and its customers.
With great contractors' insurance protection, even small businesses can safely and legally handle mishaps when they happen!
About
An experienced contractors insurance agency such as Service Insurance Group can help every small contracting business find the insurance protection they need based on the type of company, the size of the business, number of employees, and other details.
If looking for any personal or business insurance, the Agents at Service Insurance Group shop for the right person or business insurance policy to fit individual needs – call them at (979) 300-7345 to get a quote!
