Why You Need Contractors Insurance
If you are a contractor in any type of field, you understand that there are certain risks that you and
your client undertake when performing the necessary work to accomplish the task at hand. These
risks could be solely upon either party or involve each equally. Each party involved needs to have that
risk minimized so it will not interfere with their own business or even their personal lives. Contractors
insurance provides this coverage to give you and your client the peace of mind that you both are
Contractors Insurance is a policy which is acquired by the contractor themselves. This policy covers
and protects the contractor from any kind of liability which can occur while performing the course of
the work. These types of insurance policies not only cover the contractor themselves but, they also
cover any agents, employees, partners and the like from any kind of claims that may arise.
Depending on the type of policy which you will want to take out, the covered occurrences could
include, fire, leaks, acts of God, war and terrorism, safety issues, etc. Before signing any policy, be
sure to review every article within the policy to ensure that the liabilities you could incur are covered.
Be sure to also exclude any type of liabilities that would not apply to your certain field. You wouldn't
want to purchase and pay for coverage which you will never need.
There is a multitude of professional fields that could benefit with the added protection of carrying
some form of Contractors Insurance. Most of these fields are predominately grouped into the
construction field. They would include roofers, electricians, plumbers, framers, architects, engineers,
Other fields that could use a similar form of insurance would be computer technicians, designers,
landscapers, any form of demolition contractors, any many more. To see if you could protect yourself
with this kind of insurance, write down all of the circumstances that could go wrong during your
normal course of project completion and consult with your insurance agent. They will have the final
answers for you and be sure to bring up your concerns with them. Your agent might have a different
kind of insurance that would be better suited to your specific needs.
There are five different options of insurance to consider when forming your policy. They are General
Insurance, Workers Compensation Insurance, Inland Marine Insurance, Disability Insurance and
Bonds. For your particular area, you may need one, two, three or even all of the available coverage's.
Be careful to not waste your money on insurance options that you will not need. For example, if you
do not transport goods such as a trucking company or other courier service, you would not want to
spend the money on Inland Marine Insurance for that is what this type of insurance is for. However, if
you have employees that are on your active payroll, you will not want to pass up the coverage for
Workers Compensation Insurance coverage. Consult with your insurance agent to get the best
coverage at the most reasonable price.
Long Island Contractors Insurance