To work as an independent contractor places you in the position of manager. It doesn’t matter whether you own the company outright or are one of several partners; you still hold a leadership position.
While there are many benefits to being a contractor, there are also many obligations. Buying appropriate contractor insurance is one. It’s not just good business practice; it’s a legal necessity to shield your company, employees, and clients from potential harm.
Read on to learn the four compelling reasons for securing insurance for your contracting business.
1. To Shield Your Company From Any Legal Action
As a business owner, you always seek ways to protect your company from legal action. One way to do this is to have contractors’ insurance. It will help to cover the costs of any legal fees that you may incur if another party sues you.
Also, you will want to make sure you choose a policy that covers all potential risks your business faces. You should also ensure that you get the best price for your policy.
2. Safety of Your Staff
You must look out for your staff members’ well-being and ensure they are safe. It includes shielding them from potential dangers that may arise while on the job. Having contractor insurance is one method for accomplishing this goal.
There is always the possibility of getting hurt on the job, but this is especially true for high-risk contracting professions like roofing, where even the slightest misstep might have catastrophic consequences.
If you don’t have workers’ compensation insurance, the injured worker can sue you for their medical expenses and lost earnings. Protecting your employees can help ensure they can do their jobs safely and effectively.
3. Safeguard Yourself Against Monetary Losses
You are always at risk of financial losses due to unforeseen circumstances. It is essential to have contractors’ insurance to safeguard yourself against potential monetary losses. One of the most common losses contractors face is equipment damage. You may not be able to complete your work and could lose out on payment. Contractors’ insurance can help to cover the cost of repairs or replacement of your equipment.
4. Promotes the Acquisition of Contracts
Securing contracts is one of the most significant things you can do for your company. It is how you attract new customers and maintain a constant flow of income. You may not know that being insured as a contractor might help you win more business.
The potential client will ask for insurance proof when bidding on a new contract. They want to know that you are protected in the event of an accident or damage to their property.
By having contractors’ insurance, you show that you are a responsible business owner prepared for any eventuality. It can give you a competitive edge over other businesses without insurance and ultimately lead to more contracts.
Conclusion
Insurance for contractors is crucial for many different reasons for businesses. Businesses can benefit from this coverage since it helps safeguard them against many risks, including monetary losses incurred due to accidents, injuries, or property damage. While the price of this insurance can be significant, its protection can be well worth the investment.
Are you searching for contractor insurance in Fort Myers? Check out Bassine Insurance! As your company evolves, so can we; we can extend and modify our product offerings accordingly. If an accident occurs, our claims department will work tirelessly to get your company back in operation as soon as possible. Our general contractors’ insurance policy is highly comprehensive. Call for a quote today!