Lawsuit Protection With Contractors Insurance
More than many other businesses being a contractor could expose you to a number of unforeseen hazards on a daily basis
. While some risks are understood and expected, many of them are not predictable. Understanding some risks may be a good move, however, as a contractor you need to have adequate backing in the form of contractors insurance. There are various insurance policies to choose from. While some are optional, others are mandatory by law which includes employers' liability insurance.
Construction, heavy equipment, and engineering are some of the main industries where risks of injuries and failure of equipment are higher as compared to other industries. Plumbers, electricians, masons, heavy equipment operators and welders, among others, are amongst the high-risk occupations. Contractors insurance is designed to protect contractors from accidents and other incidences that occur at the job site. These policies offer protection against fire, theft, natural disasters, claims made by a third party and more. Lawsuits and allegations made by employees or clients who visit your premises can cause a significant of financial losses. Contractors insurance usually includes a liability cover of up to GBP 10 million in the case of employers' liability insurance and public and product liability as well.
Experienced contractors can also miss deadlines while a simple human error could result in loss of production or injuries to others. Without insurance it would be impossible to survive if you had to foot the bill for any claims or repairs for breakdown of your equipment.
There are several tailored insurance policies to ensure that you do not under or over insure and that cover your legal expenses and compensation that may be awarded to employees or clients.
Moreover, clients require that you are insured prior to accepting your contract, which includes professional indemnity insurance for those offering their professional services. This type of insurance will protect you against any claims even if they may be unfounded. The costs involved are high, and insurance is the only way to protect you from paying for the damages to a third party from your own pocket. Clients and organizations frequently ask for professional indemnity insurance prior to accepting the services of a professional.
Commercial insurance must include a liability insurance that covers your equipment and property as well as your client's. This will also give you the confidence to carry on your business in the appropriate manner without the fear of having claims made against you. The premiums involved depend on the nature of your business, the turnover, the number of employees, and the level of insurance cover required.
Merely being cautious does not mean that accidents and mistakes can be completely avoided. Many circumstances are beyond your control, which can leave your client or you with damaged property. All these problems can be eliminated with an appropriate contractors insurance policy.
It would be prudent to consult your insurance agent in order to procure the right contractors insurance policy. Once they understand the nature of your business and the risks involved, you will able to include important policies and eliminate some or opt for less cover for other policies that may not require much attention.
by: Paul Delaney
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