Contractor’s insurance is a type of policy that protects your business in case of accident or disaster. Carrying such a policy is beneficial for multiple reasons – here are some:
- A great risk management tool – accidents and disasters can ruin a business financially as well as morally or in other ways. A contractors’ insurance policy provides financial protection for those types of events, ensuring you that you will have the financial resources to start again;
- Wide coverage – there are four main types of contractor insurance policies: commercial general liability insurance policies protects you if you are sued because of an injury or property damage that resulted from your activity; workers’ compensation insurance pays for the medical expenses if an employee of yours gets injured during work; property insurance protects you financially if your business premises get damaged or destroyed and commercial auto insurance policies covers your business vehicles;
- Increased trust – your potential clients and customers probably want to work with a reliable contractor and these insurance policies are a great way of proving your trustworthiness to them. Your employees will also appreciate an employer covered with insurance – that way they will know that they will not be abandoned if anything bad happens to them during work.