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.
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 As a business owner, you should be fully aware of the importance of workers' compensation. First of all, every state requires businesses to provide workers' compensation insurance. Once they reach a certain number of employees. The limit varies depending on the state. But most require insurance coverage upon hiring.
When managing a small business, it is understandable you will find ways to cut costs. It could keep your business going. But, one area that you should not cut costs on is workers' compensation. You may think of it as an unnecessary expense. If none of your employees got seriously injured while working.  Your business is a major investment, and so you want to protect it at all costs. Aside from the rental cost, you'll also spend money on equipment. Ensure the smooth operations of your business. But as a business owner, you should also be aware that there are things beyond your control.
Accidents like fire or natural disasters can happen at any time. When these incidents occur, you could face huge expenses that can drain your bank account. For your peace of mind, consider getting a business owner's policy (BOP). In this article, you will learn more about BOP and how your business can benefit from it.  If you have employees, you're responsible for providing them with worker's compensation. It covers them if they get injured while performing their work. This insurance type charges the employer. It may vary from one state to another. As it is a business owner requirement.
Worker's compensation insurance can be a little bit complicated to understand. Unfortunately, this has paved the way for the rise in the number of misconceptions. Let us take a look at some of these myths and try to debunk each of them. |
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