Many contractors will find greater earning potential and contract awards when they carry the proper liability insurance. The construction industry is demanding and dangerous, and clients want the assurance of proper protections against accidents, injuries or property damages. Presenting proof of contractor liability insurance helps secure lucrative contracts but also protects your business from costly litigation or damages claims.
There are several benefits to carrying comprehensive insurance for your construction company, in addition to the confidence it gives potential clients. These are just a few of the more important benefits.
- Financial assistance to cover the costs of either injury or property damages by a member of your team or piece of equipment
- Financial backing for the costs of settlements or awards issued by a court judgment or negotiations
- Peace of mind that your employees and assets are protected
- Expense assistance to cover court costs, witness fees, attorney fees or more when litigation arises
- Protection for the company as a whole and potential individual claims made against the business
Liability coverage could address injury claims where medical expenses, court-awarded compensation or funeral expenses are required. It could also cover damage claims to a customer’s property or equipment/asset that your company installed. It may also cover copyright claims in the event of a lawsuit over product similarity claims from a competitor.
Commercial contractors have greater risks of liability claims than other professions. The right insurance coverage is the best protection for these situations.