For those of us that love working with our hands, there probably seems like no
greater job than owning your own construction business. If you love installing kitchen cabinets, hanging drywall or installing home siding, being in the diverse construction field is exciting to work in, and that can be labor intensive.
But making sure that you are covered in case something goes wrong isn’t always the first thing on your mind.Making sure that you have the right contractors insurance is an important step in working in the construction field, and owning your own business.
The main reason that you should purchase contractors insurance –
You want to make sure that you and your company are protected against liability. Working in this field can sometimes be dangerous – a brick could fall off a tier of scaffolding that you are working on, or one of your workers could accidentally break a china cabinet in someone’s home while you are installing their new kitchen cabinets. Accidents happen, but making sure that you are adequately covered is very important.
There are a few different types of contractors insurance that can be purchased such as structural damage and injury.
Structural Damage Insurance:
This type of coverage is necessary because when you find yourself in someone else’s home, sometimes accidents happen. No one wishes for them, but they have a funny way of showing up, especially when you are unprepared. If you are installing new siding on a home and break something, say a window, with your careless hammer swinging, then you and your company would be held responsible for that damage. This is when your contractor’s insurance comes in handy as they would pay to replace or repair the item or items that were damaged.
This insurance will help pay the medical bills of someone who is injured. If you are working on a roof and your hammer slides off and hits someone then having injury coverage would come in handy. If the person who was injured then decided that they wanted to sue you or your company then your injury coverage would help you pay the legal fees that are associated with the case.
There are also some other types of coverage you could buy that would come in handy if you caused an accidental form of damage. What that means is that if you were moving a stove for a customer so that you could replace the cabinets above the stove and the floor started to rip up because the stove was the only thing holding it down, you would technically be responsible for that damage that you caused. No, it wasn’t your fault that it happened, but you did move the stove in the first place.
Making sure that you have the right contractors insurance is crucial to operate safely in the construction field. No one wants to get hurt, or cause damage to someone’s home, but we can never be to careful, and we always want to make sure that we have the best of the best on our side.