Running a business successfully takes a lot of experience, and even more knowledge. When you’re in charge of staff, no matter how large or small, it’s your responsibility to make certain they’re all properly taken care of as employees. Plenty of ideas likely come to mind when you first think of ways to look after your staff but the most important thing you can do for them is cover them, and yourself, with proper insurance.
What Is It?
Contractors’ Insurance is typically a package of several insurance policies. These different policies cover all kinds of various mishaps, incidents, and accidents that can occur on-site. It’s important to have adequate coverage because it protects your business from financial loss in the case of someone filing a claim against you. General Liability and inland marine insurance are two common types of insurance required for many companies, but it’s always best to check with the local laws, regulations, and requirements to be certain you are properly covered.
Prepared for the unexpected
Imagine you’ve received a new contract and have begun work on the site, and, due to circumstances entirely outside of your control, work has to pause temporarily or stop completely. Perhaps property was damaged or safety concerns were found. Having some kind of general liability insurance for contractors is what will ensure your business is not negatively impacted.
Accidents happen, this is a fact of life everyone eventually comes to understand at some point in their life. Unfortunately, accidents are equal opportunity and can happen anywhere. At home or at work, you can expect at least some kind of small mishap, being insured is a smart way to make sure the unexpected doesn’t put a dent in your business’ earnings. Be it employee injury or property damage, you will have a plan to protect yourself and solve the problem.
Say, for example, you have a specialist working on the electrical wiring in a building who gets a sharp shock to their finger. In a knee-jerk reaction, they stumble backward and knock over a ladder, which smashes right into the property owner’s favorite hanging light fixture. You now have an employee who needs medical attention and damaged personal property. Instead of digging into your own pockets to pay for the medical bill of your employee and to replace your client’s beloved chandelier, you simply contact your insurance company and make a claim.
Choosing the right plan
With the right plan you are completely covered, your employee gets the green light from their doctor, and your client is relieved to know the fixture will be replaced. Work can continue on the project unimpeded while your insurance company takes care of the paperwork. Most importantly, your client and employees know you’ve got them covered, you can be trusted to make the best decisions because you clearly know what you’re doing. Even with construction accidents on the rise, you can conduct business with absolute confidence.
Liability insurance might be somewhat familiar to you given the name. If you have a personal vehicle then you probably have insurance on it, and liability insurance is generally the bare minimum required to be road-legal. This particular type of insurance covers mishaps of many kinds, accidents, and the unexpected. Inland marine insurance may be a more foreign concept, however.
Inland marine insurance is coverage that protects you and your property such as building materials. In the event that your employees are transporting supplies to a work site and something happens to the materials, like theft, you need only contact your insurance company and give them the details. You’ll be back on track to get work done in no time. Before you know it, the replacement materials will be delivered and your project’s schedule will be unaffected.
More than protecting yourself, your employees, and your assets, you’re also establishing your work ethic with the insurance you select. By finding excellent plans that offer more than adequate coverage you tell your staff and customers that you’re prepared to take care of them no matter the circumstances. Your work is backed by coverage that supports the project and the timeline, as well as the budget.