Are You A Contractor? Why You Should Protect Yourself With Contractor Liability Insurance
Posted on: 28 October 2018
Working as a contractor can land you in some very diverse environments. One day could find you in a residential client's home as you repair their walls after a pipe lets loose and destroys the existing drywall. Another project might lead you to a construction site where you put the finishing touches on a new building.
Each of these types of jobs comes with its own set of risks, and it's important for you to protect yourself. Purchasing a contractor liability insurance policy gives you the freedom to take on your daily tasks with the kind of backing that protects your bottom line.
One Lawsuit Can Put A Big Dent In Your Financial Status
No matter how careful you are when completing your work activities, you just never know when you're going to make an error that can cause someone else to injure themselves. If this happens and you don't have contractor liability insurance, you could be placing your entire financial future in jeopardy.
Think about the following scenario: A client calls and asks you to repair the steps that lead up to their front door. You take on the project and believe that you have done a great job. However, one of the steps has a weak point in it, and when the client rushes down the stairs to head to their workplace, they hit that spot and immediately take a serious spill. You could be on the hook for their medical bills, and if the person is seriously injured and can't work, the tab can quickly grow so high that you can't seem to come up with enough money to cover it.
Financial Protection Is Everything
Situations like these are not as uncommon as you think. You never can really tell if someone is going to hurt themselves because of a job that you thought was completed to perfection. Having the contractor liability insurance means that you can avoid coming out of your own pocket to pay for hospital and litigation expenses. The customer can file a claim against your policy and receive a payout, meaning that you're able to conserve your own money.
When you purchase the contractor liability coverage, you can boldly display your proof of insurance so that clients know you are serious about your profession. Talk with your insurance agent to find out what you need to do to get this valuable protection put in place immediately.
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