If you think that your projects will always go smoothly–that your years of experience and expertise will make you exempt from accidents or injury, then you’re making a very common mistake. It’s this type of flawed logic that causes many contractors to avoid purchasing the proper insurance. Unfortunately, by the time these individuals realize just how much they are liable for, it’s usually too late. If you’re trying to make up your mind about whether or not you should purchase contractor insurance, then it’s important that you take into consideration a few of the benefits before you make your final decision. But first, let’s talk about who needs contractor insurance.
Who Needs Contractor Insurance?
Are you someone who works with heavy machinery or electrical equipment? Whether you are a plumber, electrician or in construction, you need to be equipped with contractor insurance. These are the fields of work in which errors can be very costly in both money and in health.
Benefit #1: Prevents Legal Issues
A lot of contractors tend to assume that their clients would never take them to court. This is especially the case if they are working with a long-term customer who has given them repeat business. It’s important to remember that even if you’ve built up a friendly rapport with your clients, you should never assume that should something go wrong they wouldn’t sue you. Your customers may feel like close friends to you, but at the end of the day this is a business deal. And if there is a problem, you will be the person takes all liability. Contractor insurance ensures that your liability is limited and will cover legal expenses in case something does go to court.
Benefit #2: Safeguards Personal Health
Another benefit of contractor insurance is it protects you in cases of injury. If you happen to get hurt on one of your jobs, then its important that your injuries are treated by licensed medical professionals. This is extremely important if you work with heavy machinery and tools and electrical wiring. There’s always a chance for machine defects. Not every customer offers worker’s compensation or be willing to pay for the injury. So in cases were it is your fault or you’re waiting for the case to go to trial in order to prove liability, then you need to be able to get the proper treatment.
Benefit #3: Safeguards Health Of Third Parties
In some cases, non-workers may be injured as a result of the work you are doing. For example, if you are standing on a ladder while painting a home and happen to drop the paint can on a passerby’s head while working, then you need to be able to cover the cost of that particular injury.
In some extreme cases, contractor insurance will even apply if a third party’s injuries results in death.
As in most cases, it’s better to be safe than sorry. And contractor insurance allows you to remain safe. Different plans cover different incidents, so take the time to compare several companies and plans so that you know you will be completely covered in times of emergencies.