A contractor has a lot of responsibilities aside from providing quality work for their clients. One thing on the list that should always be a top priority is having good insurance coverage. This is important as everything from failed projects to employee injuries can be costly. For this reason, a building contractor must protect themselves appropriately. Providers of contractors insurance in Honesdale PA can help contractors find policies with coverage that closely matches their needs.
Protect Your Business
There are several important considerations when shopping for insurance. As a building contractor, you want to protect your equipment, property, and insure against damage liability when working on a project. There are many different types of insurance to look at. In most cases, it’s necessary to have multiple policies in order to adequately safeguard your business interests. One of the best places to start is by checking out liability policies. Every contractor realizes that a number of unexpected incidences can happen on any job.
Types of Coverage
Some of the events that coverage includes would be property damage or theft, employees that become injured, and in rare cases, injury to other parties such as pedestrians. Because the number of liabilities can be far reaching, discuss with your insurance agent concerning the best policy. Typically, depending on your specific needs, either public liability or employer’s liability is needed. A large contracting company would likely require having both plans in place.
Indemnity Insurance Policy
The next consideration is professional indemnity insurance coverage. This can be an essential policy for a contractor. If a mistake is made during the course of your usual services you can be held liable for damages. Even when it’s not directly your fault, as a contractor, you are responsible for the actions of your employees. In a worst-case scenario in which a client files a lawsuit against you and your company, you want to ensure you are protected by contractors insurance.
Another form of contractors insurance in Honesdale PA is income protection. If you become unable to work due to injury or sickness, running your business becomes difficult. This normally means no source of income until you recover fully. An income protection plan covers a large part of your expenses and provides at the very least a partial income. Other forms of insurance to consider include disability and life. This way, you will have all your bases covered in the event of a disaster.
Choosing the right business insurance can be a daunting task. We make the process easier by helping clients find the best type of contractors insurance for their specific industry. To learn more, visit us at nepainsurance.com.