As a general contractor, you`re responsible for overseeing a team of workers and managing construction projects, big and small. With so many moving parts and so much at stake, it`s important to have insurance coverage in place to protect you and your business.
There are several types of insurance that general contractors should consider, including liability insurance, workers` compensation insurance, and builder`s risk insurance.
Liability insurance covers you in case someone is injured or their property is damaged as a result of your work. If a worker accidentally damages a client`s property or if a passerby is injured on the job site, liability insurance can help cover the cost of legal fees and damages.
Workers` compensation insurance is required by law in most states and provides coverage for employees who are injured on the job. This type of insurance can help cover medical bills and lost wages for injured workers, and can also protect you from lawsuits filed by injured employees.
Builder`s risk insurance covers property damage and loss caused by events like theft, weather, or vandalism. It`s important to remember that builder`s risk insurance only covers the construction project itself, not liability or worker injuries.
Having insurance coverage can give you peace of mind and protect your business in case of unexpected events. It can also make you more attractive to clients who want to work with contractors that have insurance coverage.
Overall, general contractors need insurance for personal and business protection. It`s important to evaluate your specific risks and determine the type of insurance you need to protect your business, employees, and clients.