Working As An Independent Construction Contractor? Why You Need Contractor Insurance
Posted on: 6 July 2018
Being involved in the construction industry is undoubtedly a very noble profession. People depend on you to build every part of the houses that they live in and many wouldn't be able to maintain their dwelling without your expertise. This comes with a lot of responsibility and an even greater amount of risk. You must cover yourself in the event that someone tries to levy a lawsuit against you and your independent business. Contractor insurance is the only way to go and this article will help you see why you need to take out a policy immediately.
Construction Tools Can Be Costly
Having to replace one of your tools because it was damaged while you were trying to complete a repair job is nothing to laugh at. Construction tools are costly and when you have to come up with the money on the fly it can put a lot of strain on your pockets.
One of the main categories of your contractor's insurance policy is aimed at protecting you from having to absorb the total cost of getting new tools when they are rendered unusable. Your business personal property will be protected, and this gives you a lot of confidence to get your work done in an effective way without the worry that can come from thinking about having to replace some pricey gadget.
No one Is Foolproof
No matter how long you may have been doing construction work, there is still the chance that you will do a project which is considered to be unacceptable by the person you are working for. Maybe you install a deck and the stairs seem to be not level. If someone falls and hurts themselves on the deck you could be facing a very expensive lawsuit.
Protect yourself against these kinds of things by getting the contractor's insurance. Include a rider which stipulates that if one of your clients tries to dispute payment for your work after the job has been done you will still be paid by the insurance company itself. This is very reassuring because it means that you won't be subject to the whims of a client or two who is looking to get out of giving you the funds that they promised.
Contractor insurance is a safety measure designed to protect you. Get your policy up and running and you'll soon see just how valuable the coverage is for your independent business.
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