CSIS Insurance Services, Inc. Blog
Being a contractor is a lucrative business while giving you the option to work at your own pace. As profitable as it is, being a contractor also poses a lot of risks. Plenty of things can go wrong as you undertake a new construction project. That's why you need to consider getting contractors' insurance and protect your investment.
As a contractor, you will never know when someone will get injured on the construction site. You also don't know when one of your machines will malfunction. These events can disrupt the operation of your business and put a strain on your finances. Here are some reasons getting contractors' insurance is a must for your business.
Protection From Liabilities
While running your construction business, some liabilities may come along the way. One of your employees or visitors may get injured, or property damage can happen. You could also be held liable for libel and slander. This may come from your advertising or what you say about your customers.
Contractors' insurance provides a general liability clause. To cover legal fees, settlements, or damages if you get sued for these events. The general liability package will preserve your finances. In case the lawsuit drags on longer than you expected.
Covers Employee Injuries
If you have workers, more contractors' insurance becomes beneficial. Under the law, you will be required to carry workers' compensation insurance. This will provide coverage to your employees if they get injured while working on the job.
Without workers' compensation, you could be held accountable for medical expenses. That could hurt the reputation of your business. Besides, you may include disability insurance. It supports employees who miss a significant amount of work.
Protects Assets & Machineries
Getting sued can be costly and can have a huge impact on your assets. Without insurance coverage, you could end up selling some of your assets. To pay off the legal fees and other expenses you may incur as part of the lawsuit. With contractors' insurance, you could use your coverage to shoulder these costs.
The machines and equipment you use are vital for continuous business operations. A robust contractor insurance policy covers the expenses for repairing or replacing equipment so you can continue generating income.
Your construction business is a major investment that you cannot afford to lose by negligence. Get contractor's insurance to give you peace of mind. You can continue operating without missing a significant amount of time.
Being a contractor can provide you with a profitable and rewarding career. But all your hard work will go for naught if you get sued or lose your clients.
At CSIS Insurance Services, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (888) 501-2747. You can also request a free quote by CLICKING HERE.
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