Is General Liability Insurance Comprehensive Enough To Protect Professional Contractors?
Are you a professional contractor? Whether you’re just starting out or you’ve been in business for a while, it is always a good idea to review your business operations to make sure that things are running smoothly and that you have provided yourself and your business with all the tools that it needs to be successful. One of the most important of these tools is proper insurance. Though many business owners believe that it is an unnecessary expense, being insured guards against the very real possibility that you will be held responsible for damage done to a client’s property or for injuries. Contractor liability can cost you your business, so having adequate and appropriate coverage is essential. In most cases, what is needed is general liability insurance.
Though some business owners express concern that they need a full business owners’ policy, if you don’t own commercial buildings that require property insurance or require protection for payroll or other operating expenses there’s a good chance that general liability insurance will provide everything that you need. It will cover you against both customer property damage and injuries, and any lawsuits that may arise in association with either.
General liability insurance is important to both you as a business owner and to your clients, who want to ensure that you understand the intricacies of contractor liability and have demonstrated that you take it seriously and have prepared for it in a responsible way. In many cases, your clients will require you to provide them with proof of general liability insurance before they will sign a contract with you for services. Depending upon your location, you may also be legally required to have this important coverage.
Whatever the size of your business, you need to make sure that you can meet your legal obligations regarding your clients’ safety and protection. General liability insurance will help you cover your own legal fees as well as pay for any damages that you are deemed to be responsible for, and which otherwise you would be required to pay out of pocket. A single lawsuit with a significant jury award to an injured party could easily wipe out your business if you do not have proper protection.
As a business owner, you are responsible for the work that your company does. That includes any damage that may be the result of actions by your company or your employees. Contractor liability is a reality in your business, and it is essential that you have put safeguards in place for yourself and your clients. Contact us today to learn more about your responsibilities and how to protect yourself.