subject: Using Contractor Insurance Is The Perfect Choice [print this page] When you happen to be running your own company as a self-employed contractor on a building site, the expenses can mount up very faster. Not just you have to pay taxes, life insurance and policies on all your equipment, but you are even required by law to take out other forms of insurance designed to protect the owner of the property you are operating on. There are also other policies that you may consider taking out because they give protection to you and your sub-contractors, but they will also be very expensive. You may easily be torn between taking them out as insurance, or saving the money you would be spending on that and investing that in other things.
One such policy where you may be undecided is contractor insurance. This is a necessary insurance to have because it can be supposed to guard you and your workers from injury at work, either caused by themselves or by someone else on the job. Without contractor insurance you may find yourself having to pay $1,000s in compensation if a contractor has been injured, whereas you could have no economic alternatives you could end up having to stop working whereas you recover.
Another good factor why contractor insurance is essential is that it can also protect you against damage to the building during the time you are operating there. Contractors will usually have to take responsibility for the construction until they have finished the work, thus if something happens through that point, even if it is not your responsibility, you could be liable. Again, without contractor insurance you could be accountable for this damage. You would, of course, also be accountable for any damage, or sub-standard work that happens during your period of responsibility, including any errors made by employees, and this could typically extend beyond the ownership of the current property holder.
This is often why taking out both contractors and builders insurance is essential to ensuring that you have total cover for any accidents or harm that happen when you happen to be working on a property. Devoid of this insurance, you could seek yourself owing other people thousands of dollars, and for a self-employed person this may ruin you, and will almost certainly put you out of business. Keep your company solvent, and secure your future along with those of your employees, by taking out the complete contractor insurance with a reliable company today.
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