In the world of construction, it is the general contractors who work as general directors on construction projects. This is a great responsibility because you are faced with different liabilities should things go wrong on your part. For this reason, it is important for general contractors to equip themselves with general contractors insurance to help protect their business. There are quite a number of insurance policies needed in order to fully protect themselves from liabilities that may occur on the job. Due to this, it is vital that they have general contractors insurance as a means of protecting their financial interest. Otherwise, if there are claims, they will shoulder all the expenses for it.
If you work as a general contractor, there are some insurance responsibilities particularly that of independent contractors that need to be in your control. Accidents happen even when you are fully monitoring everything at the work site. But since you cannot fully monitor everything each time, it means you will be encountering more risks. It is bad for your business if an accident occurs, especially since the costs of medical bills, not to mention lawsuits are on the high mark. To protect your overall financial interest and not to put your business and profession at risk, getting certain policies on contractors insurance is important.
One of the most important general contractors insurance is the general contractors’ liability insurance. This type of insurance protects your company from damages that come as a result of:
Bodily Injury – this is injury to someone that does not work for you. If anyone, especially a client, gets injured while on the construction side, they will be covered by this insurance.
Property Damage – if somebody else’s property that is inside the construction site or surrounding properties get damaged, the liability insurance will cover the cost of damages.
Personal Injury – this is copyright infringement, slander, wrongful eviction, invasion of privacy and is all part of personal injury.
Advertising Injury – the financial loss of another company brought about by your advertising.
Aside from the liability insurance, contractors’ workers compensation insurance is also important to have. By having this insurance, any worker or employee that gets injured while on the job will receive pay benefits from the insurance company. The pay benefits from workers compensation includes both medical benefits and wage benefits. Although this insurance is not always required, it may be beneficial on your part to have one should any worker incur any injury while on the job.