Why A Contractor Should Have Insurance
Construction is a risky business. Yes, contracting has plenty of wonderful perks but with it comes a tremendous amount of responsibility. As the owner of a contracting company, you are not only obliged to deliver a project as promised; you also have to safeguard the interests of your clients and those that work for you.
It is crucial for a contractor to have all the necessary insurance before starting a project. In a labor-intensive industry, the possibility of workplace accidents and liability cases loom over a business all the time. Without insurance, a single claim can crush your entire company in one fell swoop – and mind you, this is not uncommon.
You pay very close attention to your clients’ contracts and accounting; why not do the same with your insurance? Insurance coverages are your safety nets against lawsuits and claims. Whatever the grounds of the complaint is, your insurance will help cover the fees and compensate you for the losses. Suffice to say, insurance is the lifeline that will keep your business afloat during the more trying times.
The rising cost of lawsuits and court expenses alone should compel you to get covered. Just in case you need more convincing, check out the infographic below for the 5 reasons why having the right insurance policies is integral to your contracting success.