Contractor Liability Insurance
For a very long time, contractors have been left in the wild when it came of matters of insurance. But thanks to the new Contractor Liability Insurance, contractors too can enjoy insurance services specially designed for them. Here below is an overlook of this type of insurance.
What is Contractor Liability Insurance?
This is a type of insurance that protects a contractor from any loses that may occur during his/her course of work. There are many dangers in relation to this profession that only need an insurance company to take care of.
Reasons for Contractor Liability Insurance
There are many reasons that have necessitated the need to have this kind of insurance. The reasons benefit both the contractor and the client involved with a contractor. Some of the reasons are mentioned below here.
The contractor liability insurance helps a contractor to get several permits for execution of his work. There are some permits that require applicants to have liability insurance and therefore only contractors with this type of insurance will benefit from it fully.
Another benefit of having contractor liability insurance is that it helps you get more contracts. Many clients prefer to hire contractors who are insured to work for them. Therefore, you get an upper hand over some contracts if you have this insurance.
A benefit of Contractor Liability Insurance to the client is that he/she is assured of quality service and in the event of property damage; there is compensation without having to go to courts. This is why many clients prefer contractors who have their liability insurances.
A contractor who has a company and has employed staff to work for him/her stands to benefit from this insurance. Any accident of an employee is covered in the insurance and therefore no employee will sue such a contractor. And even if the contractor is sued, the insurance company will gladly take care of the compensation fee.
The quality of work by contractor who is insured is always better than the non-insured contractor. The confidence that an insured contractor has is what brings about the good quality of service.
Therefore, if you are a contractor and you have not yet insured your professional work, it is high time you do so because clients have resorted to use contractors with valid Contractor Liability Insurance to work for them.