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Home Money Why It’s Important for Contractors to Have Insurance

Why It’s Important for Contractors to Have Insurance

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As an independent contractor, you are doing important work that property owners need to get done in a fast, effective and affordable manner. That can be a lot of pressure, so it’s really important that you have someone in your corner at all times.

For many contractors, that means having extensive insurance so that you can be financially protected in the case of some unforeseen thing taking place.

Related Post: General Liability Insurance for Small Businesses

If you’re wondering why contractors insurance is so important, here are some crucial things to keep in mind.

It can help you win contracts

This might not be what you expected, but it is actually very true! More often than not, potential clients are going to be much more encouraged to work with you if they note that you are comprehensively covered by insurance. The reason why is because not only does insurance help cover you, it also helps cover their property. Paying for contractors insurance can actually pay for itself in the way in which it helps contractors earn contracts over their local competitors.

Accidents can happen

Even if you have years of experience and have never suffered an accident that has impacted you, one of your workers, equipment, or the property you are working on, that does not mean that they cannot happen at all. Making sure that you are protected in the event that accident or injury does occur is heavily important to make sure that you are covered at all times!

Also Read: How to Calculate Employer Tax Liabilities?

Protect your own property

property insurance

It’s important to remember that lots of insurance companies are often able to bundle general liability with property insurance. That means that in the event of fire, disaster, theft, vandalism or other kinds of damage, you will not be financially liable for your belongings. So, if a piece of machinery that is very important to your work and very expensive is stolen or damaged, you can rest assured that your property will be back in your hands in no time. That means that you won’t have to go through any substantial breaks in work because you don’t have the materials you need to get the job done.

Also Read:  Why a Virtual Assistant Can Be the Edge in Scaling Your New Business

Ensure your business vehicle

For a contractor, making sure that they have a great working van or truck to get from job to job and to transport your materials and tools is heavily important. Commercial auto insurance is a key component to your success. Make sure that your commercial auto insurance will be there for you in the event that your car is damaged or breaks down for whatever reason.

Workers comp benefits

If you have a team of workers on your payroll, you are going to need workers compensation in place in case they have experienced some kind of injury or illness on the job. On top of that, your business will be protected in the case of a costly lawsuit that alleges poor workplace conditions. This makes sure that you won’t be financially liable in the event that this happens.

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