As a contractor, you work on the “wild side” of things when it comes to employment because of the high risks and dangers associated with your line of work. Being a contractor means that you are not covered by employment laws such as workers compensation, and often times even unemployment. Knowing that you are not covered by some employment laws is all the more reason why you need to make sure you have contractors liability insurance coverage. You want to get a policy that is right for you at a price that works for you.
Here are the answers to some of the most commonly asked questions about general contractors insurance.
Do I Really Need General Contractors Insurance
There are some states that will not allow you to operate at all without this insurance and even if you are in a state that does allow it, clients want you to have it. In today’s economy and environment management, companies and homeowners alike are asking to see proof of liability insurance before allowing you to set foot on the project site.
A lawsuit can also happen for any reason when working on a site and the insurance is a basic protection for you. Contractor’s liability insurance will not protect you against poor workmanship, but it will protect you against an umbrella of other things that can happen on site.
If I have a company do I need my contractors to have insurance?
Yes, whether you are a single contractor or a company with many contractors, coverage is needed. Since neither employer’s liability insurance nor workers compensation will cover a contract worker, you need to make sure that you and your partner are covered. For example, if a contractor is working with you for two weeks and during this time they fall off a ladder, they can sue you for medical expenses, lost wages, and even negligence.
Protecting clients is also important. If a contractor hurts him or herself while in a clients home, there could be a lawsuit and that is not good for anyone. Lawsuits will cost time, money, work days and some may have to completely close down a business do to financial loss.
As a contractor how do I move ahead?
The simple answer is that you purchase contractor liability insurance and most of the time you will be required to have it before you can get the job. In the case that a job does not require it, you should not see this as a way to save money, because the coverage will protect you against unexpected accidents and damages that can eventually cost you financial loss.
Also remember that your clients will feel more confident in your work if you have insurance. The more confident your clients feel about you as a company and how you handle responsibility, the better. They will feel more persuaded to work with you and you will attract more jobs and referral business as your reputation is built on safety, responsibility and trust.
So what is the cost for contractor liability insurance?
The only way to know your exact cost for insurance coverage is to get a quote. The cost of insurance can vary greatly depending on a variety of things, so there is no set price. One of the first things to think about when you get your quote is how much coverage you need. For example, you can opt for coverage that is $100,000 in property loss and $500,000 in bodily injury. Once you make your choice, the premium costs will be controlled by certain factors such as payroll expenses, receipts and the type of work you do.
How Can I Get a Cheaper Rate on Insurance
It is understandable to want to keep your costs affordable when you are working as a contractor. While it may seem like an added expense, contractor liability insurance is something you must have. It is okay to shop around and find the best policy at a price that works for you, get quotes and do your coverage research before making your decision. If you want to save yourself the time of asking around for the best rate, get a general contractors insurance qoute with ContrctorsLiability.com. We shop around for you.
Get a Fast Same Day Qoute with Contractorsliability.com
If you’re on the market shopping for general contractors insurance, you’ve come to the right place. ContractorsLiabilty.com has a reputation for providing, fast and easy service. Instead of wasting your time shopping for insurance, we do it for you. We help you find the best rates, and send them to you the same day, so you can save time and money. If you’re a contractor you need insurance. Click here to get a general contractors insurance quote.