Any kind of contractor, be you a standard specialist or a subcontractor, you cannot afford business operations without this insurance-the contractors liability insurance. The reasons why this actually stands to be a kind of insurance that you will actually be dependent on for your business is due to the fact that it will earn you more tenders easily as it will inspire confidence in those you will seek to serve and as well you will be of course well covered in terms of the need to provide for any accidents and incidents that may come your way as you go about your projects undertaken.
Contractors liability insurance policy as a product actually has several types of insurance covers. All these insurance coverage will work to commonly protect your customers, witnesses, subcontractors and employees against charges such as marketing harm, damage that may be done to property, and injury(physical and individual). Some of the costs that are covered under the contractors liability insurance are like the legal and judgment costs against the party covered and these will include the person’s hospitalization costs and the lost earnings that the party may have suffered. Below are some examples of the claims that you will be covered against as a contractor with liability insurance cover.
The first one we will look at is the “Advertising Injury” cover. This stands as one of the covers under this insurance policy but it generally as well stands as one of those which is not so frequently registered all the same. Advertising injury is sustained when there is a continual loss suffered as a result of some other party making malicious or slanderous statements against another in business.
The individual injury claims are the others that are covered by the contractors’ liability insurance. Such statements may be of course resulting in psychological injury to the harmed person all out of the purposeful or inadvertent acts by the accused party. These are basically caused when a statement in a job site causes unintentional harm to another person caused by the negligence on the part of the specialist.
Just as we have mentioned above you need to know that you will have to posses the general contractors insurance so as to be able to win bids from customers as this is one of the key factors that the clients look at. As a client seeking the services of the general contractors, it will be advisable if you go with a list of proposals. Look up to Poms and Associates for your needs for risk consultancy services and ideas on general contractors insurance covers for your contractor business that you have set up.