Top Reasons You Need Contractor's Insurance
There can be many different type of contractors insurance like general liability insurance, workers compensation, equipment and tool insurance, builders risk insurance and so on. Many contractors are not even familiar with the word Contractors insurance until they land themselves in a little trouble or two.
Why do you need general liability insurance as a contractor? Let’s say you were working on someone’s roof fixing the tiles for the guy. And accidently a tool slips out of your hand and lands on the guy’s brand new car, smashing the wind screen? Of course you would be asked to pay for the damages and if you have contractors insurance you can easily ask your insurance company to pay for the damages.
Similarly, if an employee you hired to do a particular work gets injured on the job or gets sick, whether or not it is your fault, you are to be blamed. And you would have to compensate the employee or land into a law suit, defending which can be a real problem and heavy on the pocket. So, to be on the safe side… contractors insurance is a necessity.
Now a days, people would even ask for contractors insurance proof when you are bidding for a contract, especially any government contract and failing to show a valid insurance can mean you lose the job that you have had your eyes on for many a months. And it is fast becoming a norm and a law to ask for contractors insurance before you is awarded the job. It has been observed that clients feel much safer working with a contractor having contractors insurance.
For best deals on Contractor’s insurance you can visit UK Business Directory where you can search for different companies offering Contractor’s insurance and can compare the premium and the services against it and find yourself the best deal.