Six Things You Need to Know About Contractors’ Insurance

If you’re in business for yourself, you already know you need some type of business insurance, and this is especially important when you’re a contractor. Building homes and offices for people is a job filled with responsibility, so you can’t take any chances when it comes to liability issues. A good contractors’ insurance policy will cover you in case something goes wrong on one of your jobs, and below are a few things you should know about these policies.

1. It Can Help with Legal Issues

If injuries or accidents happen on the job, you could be held liable for them, which not only has the potential to cost you a lot of money but it can get you in trouble with the law. While insurance companies aren’t staffed with lawyers, they usually have lawyers they can contact to help you prepare for the unexpected so that the likelihood of running into these issues is greatly reduced. They take a proactive approach when it comes to potential legal issues so that you can avoid them in the future.

2. It Protects Against All Types of Losses

The right contractors’ insurance covers things such as theft, loss, or damage to your tools, machinery, and equipment. You likely paid a lot of money for all of these things, so having something happen to them can set you back a lot of money. With the right policy, you can eliminate part of your stress because you’ll know that you are covered under these circumstances. After all, helping you prepare for the unexpected is what insurance companies do best.

3. Having Insurance Can Give You an Edge

Just like most business people, contractors usually want to portray a professional image, and the right insurance can help you do just that. When a business is insured, clients will feel more confident in hiring you because it provides a certain image that lets people know you are a true professional with the experience to get any job done the right way and on time. Simply put, having the right insurance gives potential clients another reason to feel confident about your abilities.

4. It Covers More Than You Think

When you think about it, it’s pretty amazing what business insurance covers. For contractors and others, the right insurance will cover financial loss, expenses due to bodily injury or property damage, situations where you have to use heavy machinery, loss or theft of various items, and even incidents such as pollution, natural disasters, fire, and more. You usually get basic coverage with your first policy and the option to include other incidents, so you can be completely prepared even before starting your first job.

5. It Helps with Business Logos and More

When you set up your business, you likely developed a logo, marketing materials, and even certain artwork. With the right contractors’ insurance, you can protect yourself in case someone tries to steal some of your original designs and logos. Copyright infringement is considered a very serious crime, and with the right insurance, you have a tool to go after the individuals and/or businesses that try to copy something that is originally yours.

6. The Right Provider Is Important

Finally, just know that not all types of business insurance providers are the same. You have to shop around and research insurance companies to make sure you’ve chosen one with a good reputation and one that will provide you with the coverage you need not only in the beginning but also in the future. Spend some time checking out the companies so that, in the end, you’ll have the complete coverage you need to do business for many years to come.