Why You Should Always Insure Your Contractors
If you own a business that employees contractors, or are one yourself, then insurance is certainly something that you’ve invested a lot of time and energy into. Being fully insured with at least liability and worker’s compensation will protect your business and prove your legitimacy to potential clients and that you deserve their business.
Of course, the benefits of having insurance coverage are obvious: you’ll be protected in the event that anything happens – if someone drops a wrench onto someone else’s head, or if the roof you Many states even require your business to be covered, and we here at Contractor’s Edge Insurance Services will find for you the best possible plan.
General liability will protect you from any property damage your contractors cause while on a project, and if anyone is injured on the job, worker’s compensation will cover their hospital bills and any potential lawsuits. These reasons alone should give you enough motivation to allow Contractor’s Edge to help you find the best possible plan.
As a general contractor, it’s your responsibility to ensure that the work both you and your subcontractors finish is up to the quality standard that you’ve set for your business. After all, your business is your livelihood. Insurance will insure that the customer – your client – is protected in the event that there are issues in any of the work you do, from electrical to general construction to everything in between.
Certain states won’t even issue a contractor’s license if your business lacks at least the minimum level of insurance coverage. Furthermore, if your subcontractors aren’t included in your own plan, then they’ll need to make sure that they have coverage of their own. Contractor’s Edge is fully capable of helping in either scenario.
What Can Go Wrong?
If you decide to let an unlicensed contractor assist with any of your projects, the ramifications for your business can be far and wide. There’s no guarantee that the work they do will be up to the quality standard you’ve established for your business. If their work is sloppy, then that will ultimately fall to your business, and as for worker’s compensation, if an uninsured contractor is injured or the cause of any injuries, the ensuing medical bills will be your responsibility. Furthermore, most insurance plans won’t cover any damage caused by knowingly employing illegal or unlicensed contractors.
If the worst-case scenario were to come to pass, then by hiring an uninsured (and a likely unlicensed) contractor, your business could be potentially sued into bankruptcy if anything were to happen.
So if you’re a business owner, ensure that each subcontractor that you employ is fully insured, and if you’re a subcontractor looking for work, know that most employers will not give you the time of day unless they know that you – and by extension them – are fully covered if anything were to happen.
We here are Contractor’s Edge Insurance Services can help to ensure that the livelihood of either you or your business are protected by the best-in-class insurance coverage available. We utilize specialty arrangements with insurance companies, unique pricing structures and world class client support.