Is Contractor General Liability Insurance still one of the most important types of coverage you need? The pandemic has taught us some big lessons, right? Can you take them into the future to make your construction business more resilient?
We’ve identified five critical lessons :
- Even the best plans can still go wrong.
- Unforeseen events are exactly that – unforeseen.
- If you haven’t made provision for something, it can trip you up badly.
- Some risks cannot be avoided.
- Having the right insurance is essential when things go wrong.
One less thing to worry about
Does Contractor General Liability Insurance really give you one less thing to worry about during the Coronavirus pandemic? The pandemic has highlighted some of the reasons why it is so important. Let’s look closer at some of the lessons:
1. Even the best plans can still go wrong.
Planning is a cornerstone of every construction project. One of the most important plans to give attention to is a safety plan. It is essential to keep your building site safe. Even with stringent measures and compliance, accidents do still happen. When they do occur, Contractor General Liability Insurance will protect your company.
2. Unforeseen events are … well, unforeseen.
This sounds obvious, but it is essential to consider. It is challenging to prepare for things when you do not know what to prepare for. One of the best ways to do so is to transfer the risk to another party. If things happen that you do not expect, you are protected. You cannot foresee that an accident will damage someone’s property, but you can transfer the risk.
3. If you haven’t made provision for something, it can trip you up badly.
This is particularly true when it comes to liability insurance. An accident can lead to a liability lawsuit. This is very expensive. Without Contractor General Liability Insurance, you have to pay for costs yourself. Not many businesses can afford to pay these very high expenses. It could even result in you having to close your business.
4. Some risks cannot be avoided.
Contractor General Liability Insurance assists when a third party sues you. It covers claims for bodily injury, property damage, advertising mistakes, and personal damages (reputation). This coverage is for accidents that occur and result in these damages. It is not for intentional acts.
5. Having the right insurance is essential when things go wrong.
If someone makes a liability claim against you, you need to have this coverage to protect your business. It assists with your legal defense and includes witness fees or the cost of evidence. It also helps with the settlement. Don’t get caught out with insufficient coverage.
It is time to assess Your Contractor General Liability Insurance
How will you know that your Contractor General Liability Insurance provides the coverage that you need? Ask Farmer Brown Insurance. We have been operating for more than 20 years. We are registered in all 50 states. Our agents are experts with a good knowledge of the construction industry.
We can assist you in getting the right coverage for your business. Our agents will also negotiate the best price for your insurance. At Farmer Brown Insurance, we pride ourselves on our customer service. Put us to the test. Call Farmer Brown Insurance on (888) 973-0016.