In the construction business, General Contractors operate as the traffic director on a project. With this responsibility comes some liabilities to help protect your business. General Contractors need certain types of insurance policies which will protect them from accidents that can happen on the job.
As a general contractor some of the insurance responsibilities of independent contractors fall under your control. Everyone knows it is hard to be everywhere all the time, so accidents do happen even if you are keeping a close eye on everything.
You have worked hard to build your business it would be bad if it all came crashing down because of an accident. With the rising costs of medical bills and the rising number of lawsuits it is important to have an insurance policy that can cover you completely.
Below you will find the top 2 insurance policies ever General Contractor should have.
Important General Contractor Insurance Policies:
General Contractor Liability Insurance
Liability insurance was designed to help pay for costs in case bodily injury or property damage happens to a third party. The insurance company will pay for the medical costs and all litigation costs associated with the claim.
General Contractors Liability Insurance Protects Your Company From:
Bodily injury is physical damage to someone that doesn’t work for you. It can be a client that is on the job site, or it can be someone in the public if one of your employees causes an injury while during company operations
Property damage works a lot like Bodily Injury except it is to someone’s property instead of to themselves. As a General Contractor you have electricians working for you, if they happen to cause a fire that damages the house you are working on plus the house next door, liability insurance will pay for the cost of the damage.
Personal injury occurs from slander, copyright infringement, invasion of privacy, wrongful eviction, or false arrest. It is anything that can damage someone’s reputation.
Financial loss to another company because of your advertising.
Contractors Workers Compensation Insurance
The Workers Compensation Insurance system was designed to help both employees and employers. Workers Comp acts as a no fault system, which means the fault of the accident is neither on the employee nor the employer. This is a great system to help claims move a long and stop from frivolous claims.
Workers Compensation insurance will pay benefits to employees if they are injured on the job. This could include immediate injury or a long term illness gain at work. The benefits that Workers Comp pays for is medical benefits and wage benefits to employees.
Workers compensation is not required in every state. Even though you may not be required to have Workers Compensation Coverage it is an important policy to have in the protection of your business. If you don’t have Coverage you are still liable to pay for the medical and wage benefits for the injured employee..
Regardless of the industry that you work in, it is important to have the right insurance coverage to protect your company. Liability Insurance and Workers Compensation laws and regulations change frequently, it is important to team with a knowledgeable Florida broker to make sure you are getting the right coverage.