Contractor Insurance and Surety Bonds
General liability insurance and a contractor bond play a vital role in safeguarding your assets and personal belongings as well as yourself. If there is any damage to your business, whether small or big, you can claim a specific amount from the insurance company. It provides you security for:
• Asset protection
• Protection of your business and contractors
• Survival plan in case of accidents and injury
You need insurance and proper contractor bonding if you are working with clients, offer design-build-services, or you are working for some other person as a contractor. Apart from this, it also offers a wide variety of services for your construction companies along with protecting the construction company. Some of them are as follows:
1. Bodily injury claims
If your contractors or any other person visiting your construction company meets an accident on the premise, you will be liable to pay the medical expenses and injury charges to the third party. If you want to get the people protected against any damage, then get general liability insurance. The insurance company is liable to pay for any injury to a person in your construction company. Hospital fees and medicine charges are paid by the insurer. But remember your workers are not covered under it as you have to purchase workers compensation insurance to safeguard them.
2. Property damage claims
This insurance provides you the safety of your construction property. If your property gets destroy due to natural calamity or is damaged by the workers, then the liability insurance company is liable to pay a certain amount for the same. However, it does not covers your contractors or workers property if damages.
3. Completed products claim
This factor covers the product and services generated by your business. For instance, if you sell any product which causes damage to your customer then you need not pay any damage charges or injury fees as these are covered by the insurance company.
4. Faulty workmanship claims
This feature is available only in few insurance packages. If there is any carelessness in your work or if any project doesn’t complete according to the time or if you went greater than your budget then you can claim the insurance company. However, it is not provided by every insurance company so ask the insurer if there is any term for the same.
5. Personal and advertising injury claim
General liability insurance policy covers libel, slander, and copyright issues. If you have decided to advertise your construction company on social media, then you will be insured against these cases.
6. Immediate medical expenses claims
The most important coverage it provides is the protection against sudden accident in your construction company. The company will immediately pay all the medical expenses if any client gets wounded in it.
Since uncertainties can’t be predicted before it happens, therefore, it is essential to get insured under general liability insurance and protect your company visitors, cover the medical expenses, and property from damage. Do not wait for the right time, get it now and save your belongings and near ones.