Any number of things can go wrong at a job site. This is something of which all contractors who have been in the business for any length of time are well aware. This is one reason most reputable contractors carry various forms of insurance; protection against possible workman’s compensation claims, injuries to non-employees and the possibility of manufacturing or equipment malfunctions.
Moreover, in most states contractors are required by law to obtain at least some form of insurance against these and other potential litigation possibilities. Finding the right insurance for your particular business, however, can be a labyrinthine process rife with the possibility of winding up with insurance that may not be what you really need for your individual situation. That’s why it is so critical to seek out contractors insurance quotes before signing on the bottom line.
If your contracting service is a relatively small operation-just yourself and a few helpers, for instance-your insurance needs will be very different from a company that employs hundreds of workers and subcontractors. Insurance is definitely not a one size fits all proposition. Getting contractors insurance quotes early in the game can help assure that you will have the coverage you need at a price you can afford.
Likewise, a large contracting service is likely going to require more than one insurance policy, or a policy which covers many different aspects of it day to day business operations. Insurance for employees, materials, personal injury suits and many more potential “at risk” areas of doing business will need to be insured against.
A good policy will cover things listed under such esoteric headings as “premises and operations risks,” which involves the potential mishaps that could occur at a customer’s location or other job site, not only possible injuries to employees and other individuals near the job site, but also damages to property, materials or the existing structure near where the work is being carried out. Other possible headings include “products and completed operations risks,” which covers injuries or property damage associated-even tenuously-with materials or construction completed or under way at a site. “Contractual liabilities”, “independent contractor liability”, and “construction risks” are headings you’ll likely see when perusing possible insurance policies.
So its easy to see why getting several contractors insurance quotes is so important. It’s a good idea to do as much research online as you can prior to meeting with an agent, so you have some idea which questions to ask and which policies might relate to your own particular business. Once you feel you have some idea which direction you want to go in, meet with a reputable agent or perhaps more than one. Once you’ve received several contractors insurance quotes, you’ll have a better idea of choosing the policy that is right for you.
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