As a business and business owner, you are exposed to a lot of risk and liability. For contractors, the risk and liability is greater due to the nature of the work. Contractors Insurance helps protect you from claims for things like injuries, damage to customer property, company vehicles, employees and more. This protection is the benefit many think of first, but there are other benefits to Contractors Insurance as well:
It Will Help You Get More Customers
It’s no secret that when it comes to contractor work, most customers prefer a company that is insured. This is especially true for first-time customers that are initially deciding on which company to choose. Not only does having contractors insurance help bring in first time customers, but it can even grant your company access to a whole new set of commercial customers since many companies require contractors to be insured. Simply put, having contractors insurance will help you get more customers.
It May be Required by Law
Depending on your state and jurisdiction, contractors insurance may be required by law. For many locations, having a minimum of general liability insurance can be required before you are issued business permits and licensure. It is also very common for different certifications and accreditations to require varying forms of insurance to meet the standards of those designations.
It Allows You to Stay Focused on the Business
It can be really hard to focus on the business when a customer is suing you for an injury that happened on the job site or when you get a call that an employee just accidentally broke a customer’s upstairs water pipe and it has spilled water into the walls. Having contractors insurance helps make accidents okay while allowing you to stay laser focused on growing your business.
Who Needs Contractor’s Insurance?
While we feel strongly that every contractor, no matter the profession, should have contractors insurance, some contractor professions have more to gain than others from a contractors insurance policy. There can also be a lot to consider based on the size of a company and the number of employees they have. For the contractor professions listed below and any other contracting company with two or more employees, it is important to meet with an insurance professional to review all of your companies liabilities and ensure that your business is setup for success.
- HVAC Contractors
- Construction Workers