Top Reasons to Get General Contractors Insurance

If you run any type of contractor business, you need to make sure that you and anyone who you work with on the job site is protected in every way possible. This does not only mean wearing hard hats, gloves, and steel toe boots but also means making sure that your business is covered by comprehensive contractors’ insurance.

There are a lot of different reasons why contractor insurance is supremely important, and if you are curious about learning the top reasons, then you have absolutely come to the right place! 

Continue reading to learn more about the reasons to get contractor insurance.

It provides protection

The top reason why you should be getting general contractors’ insurance is because it protects you, your employees, your tools, and the property that you are working on. Of course, you pride yourself on avoiding accidents throughout the workday by being a responsible and professional contractor. With that being said, accidents do occur and it is important to know that when they do, you are covered so that the accident doesn’t sink your business or your personal finances. 

Covers injuries

Chances are good you treat many of your employees like they are family. After all, you need to be able to depend on them just as they need to be able to depend on you. If an employee of yours is injured on the job site, you will be able to be sure that they will get the workers’ compensation insurance that they need and deserve in order to make up for lost wages and cover medical costs if needed. 

This will not only make you a more attractive business to hire for clients, but it will also make you far more likely to be able to hire the top workers in your area as they will feel safe knowing that they are covered by the insurance that you have taken out. 

Protect your assets

No matter what kind of work you do, your tools are incredibly important to you. After all, without your tools, you would not be able to do the great work that customers pay you to do on a daily basis. Many of these tools and equipment are quite expensive and if one breaks or is damaged, you need to be sure that you can easily replace it so that there is no stoppage of work and no stoppage of payment. 

Having insurance cover your most expensive and most important tools is a great way for you to be sure that nothing will get in the way of you and your business completing the job at hand on schedule. 

Helps attract contracts

Finally, having comprehensive insurance is crucial when it comes to building out your Rolodex of clients. Customers are far more likely to hire a contracting business if they know that the business is fully covered. That sense of security and professionalism that comes with insurance will surely land you many more jobs than you would get otherwise.

Annika Bansal

Annika "The Chick Geek" is the founder of Small Business Sense shares small business ideas, tips and resources for independent Entrepreneurs and Small Business owners.