If you think contractor liability insurance is something you cannot afford, you should think otherwise. Instead, you may want to engrain in your mind that this form of coverage is instead a level of protection that you cannot afford to go without; learn why.
Contractor liability insurance is an excellent safeguard for your customers, in several ways. On the one hand, in the event that someone on your team damages one of your customer's property while onsite, you can give the customer confidence that the damage will be covered.
This liability coverage will often provide protection not only for incidents that involve claims for accidental issues, but also those situations that are considered to be the result of negligent actions. When your customers know that you are looking out for their best interest, they are more apt to do business with you in the future.
Undue Claims Safeguard
When you hire your team, you assess their skills and you also expect each team member to perform their services professionally, however, when a team member does not meet this expectation, did you know that the client can come after you? Depending on the extent of damage caused by the employee, the level of financial consequence can be considerable for your business.
When you have a contractor liability policy, instead of having these claims targeted at your business, they will be handled by your insurance policy. This level of protection keeps you from spending money to defend yourself, which is a vital cost-saving.
It does not matter what industry you operate within, but especially the construction industry, having a solid status and reputation is critical to your ability to retain customers and attract new clients. When clients spread the word that you do not provide protection when your team members cause damage to their property, not only will they not continue to do business with you, but they can also deter future business transactions. Over time, this action can hurt your business.
The safeguard of contractor liability insurance assures that you protect your clients quickly in the event of damage. As a result, this swift action will inadvertently boost your reputation, both in the short and long term.
If your business is not fully protected, you want to speak to an insurance professional as soon as possible. An agent will sit down and discuss your insurance needs to ensure you are protected on all sides.
Reach out to a contractor liability insurance provider today to learn more.