Insurance
As a contractor you no doubt try to deliver the absolute best product you can, as quickly as you can, and as safely as you can. You do everything in your power to ensure nothing goes wrong. But sometimes, it isn’t enough. Things break, people make mistakes, accidents happen… whatever it is, it could cost you hundreds of thousands or even millions of dollars. Being blindsided like this can cripple even the most well-established contractor businesses, and if you are just starting out or running a small operation with only a few employees, it will likely be the end for your company. This is where contractor insurance services come in. Providing specialist insurance for builders and tradesmen, contractor insurance services can protect you from bad luck in almost any situation, all you have to decide is what protection you need.
General Liability
This is the most common form of contractor insurance and an essential for any tradesman or builder. Although not technically required by law this comprehensive cover is a requirement to work for any respected business and win any substantial contracts. In essence this general contractor cover protects you from claims involving bodily harm or property damage caused by services you provided, such as your equipment or the product of your work. This is an excellent starting point with contractor insurance services and will provide you with a safety net if things go wrong.
Workers’ Compensation
One thing general liability does not cover however, is employee injuries that occur under your employ. For this, you need to look at a plan that covers workers’ compensation. This is a vital addition for any employers, as your employees are often legally your responsibility in the state of California. This means that if they get injured while working for you, they could have the right to sue you for malpractice, inadequate training, dodgy equipment or any number of things, even if the accident wasn’t directly your fault. Now you may think you have a close knit staff, and no one who works for you would ever do something like sue you, but if your business has under 500 staff there is a 20% chance that one of your staff will try to sue you at some point. Add on to that the fact that each lawsuit costs on average over $100,000, and it really is not a risk that you can afford to take.
Commercial Bonds
If you want to land big contracts, be seen as a credible business, or even let clients fully trust you and relax, you are going to need commercial bonds. These function as a guarantee to anyone looking to hire your services that if for whatever reason the job they hire you for is not completed or finished to a poor standard, they will be financially compensated and will not lose out. We know what you are thinking. You are an excellent tradesman and would never let down a customer like this. We know. Unfortunately, the customer doesn’t though, and that is why a commercial bond puts their mind at ease and allows you to get on with what you are best at.
Commercial Auto
While not necessary for everyone, commercial auto insurance is a useful tool for any contractor who either uses, or has employees use, specified work vehicles. Think of this just like you would your own personal insurance, covering all the same issues, just for vehicles with your company name on. There are lots of small differences that you will need to go over when reviewing an actual policy, but for deciding whether commercial auto insurance is necessary this is all you need to bear in mind.
Hiring Contractor Insurance Services
All of that may have been a bit overwhelming and technical in parts, but rest assured we are here to help! If you think you may need any of the services we have discussed above, simply head over to Contractor’s Prime Insurance Services, click on the category you are interested in and fill out a form. That’s it. It really is that simple. Then one of our experts will be in touch to discuss what sort of coverage you may need, and work out what approach is best for you. Don’t get caught out, get insured.
