There are several different reasons that you might want to think about getting contractors insurance as soon as possible. Perhaps the most important, and most obvious, reason for getting contractors insurance is that you need to have it for all employees in order to follow the laws regarding contractors. If you or any of the people employed by you are working on the property of another individual, you need to be properly protected.
An individual may have property protection in the form of home-owners insurance, but that insurance policy will not cover injuries that you or your employees may suffer due to your own negligence or actions. This is where the contractors insurance comes in. Home-owners liability coverage would pay for an injury that is the fault of the home-owner, however your own contractors insurance will pay for injuries that you or your employees occur for any other reason.
Another reason that you need to get contractors insurance is that many employees consider this a benefit. Some employers require their employees to furnish their own contractors coverage out of their own pockets. This can be a considerable expense for some people and is a drawback that might prevent some potential employees from being interested in working for you. However, you can get a package deal on contractors coverage that will include not only you but also all of the people who work for you. Buying your coverage in a package in this manner allows you to get a significant discount on the insurance in many cases.
If you already have business insurance for the protection of the property where you do business, you can often add contractors coverage on to the business policy very easily. This is a process commonly called insurance bundling. Your insurance company may offer you an additional discount for bundling your insurance products together this way. Most contractors coverage is deducted from your account automatically each month to make it easy for you to keep fully covered at all times. If you need to look for some of the policy options in contractors coverage, check out the site for website online today!
