A Guide to Contractor Liability Insurance

When you are in the contracting business, you need contractor liability insurance. Every company needs insurance in some form. While your job may not be dangerous on an average day, the circumstances in which you work make you more liable for various problems than other occupations. It’s important to find an insurance agency that covers third person personal and bodily injury as well as workers compensation for their injuries. One accident can be the difference between bankruptcy and continued success.

You’ll need your insurance to cover a few things. Bodily injury happens when someone is injured on your premises. If someone falls ill or is hurt while on the job, your insurance will be able to pay for all medical charges, including follow up doctor’s appointments. Conversely, if a third party person is hurt at your place of business, you will be covered with the Damage of Property clause.

In the case that someone finds your advertisement to be false or hurt your competitor, advertising injury will cover the legal fees associated with such a claim. Any other lawsuit from a customer, a fellow business or stockholder will be taken care of by your personal injury coverage. Different companies will cover various problems; however the most common are slander, trademark infringement, and privacy issues. If you believe any of these will give you trouble, be sure that your insurance company actually covers all of them.

While some companies may differ in their available plans, you want to be sure that your coverage includes everything mentioned above. You insurance should then pay for all medical expenses, hospital bills and first aid at the scene of the accident. If the mishap requires surgery, x-rays or other work such as dental, and worst case scenario, a funeral, the insurance should be able to cover all of those fees.

It’s important that you check in the fine print that there are no variations on whether they have to pay or not. It is not uncommon for this to happen. Because of something as minor as improperly filed paperwork you can be responsible for every fee. Finding an agency that is upfront about what they will cover and the circumstances under which they will not cover it is very important. As a business, you will eventually need various forms of insurance, and you want to find one good company that is honest. Down the road you may be able to get bundled package prices for the different insurances. Finding the right insurance agency can save you money in many ways.

It is important that you get your contractor liability insurance. At any time a problem could happen on your premises, whether to you, an employee or third party person. When that happens, it would be devastating to your business to be caught without coverage. To decide what company to choose from, glance through our list of pre-screen insurance agencies. They have been provided to you for your convenience from the professionals at Business.com.