Working as a general contractor is stressful as much as it is profitable. One of the gravest mistakes you could make as a general contractor is to not be under insurance coverages.
Owing to the unpredictability in life and business, getting insurance is a necessary thing that you should consider if you must continue being relevant in business. On reviewsbird.co.uk, you’ll find a variety of insurance companies offering different services and advice to general contractors.
But in this article, we’ll be sharing the most important insurance policies that general contractors require for their businesses. Below are three major requirements you’d require as a general contractor:
· Compensation Insurance:
As a general contractor, most of your jobs are on-site where you and most of your workers are prone to different degrees of harm. This policy covers for your workers in the case of unforeseen circumstances like death, disability and even funerals. One important thing you should take cognizance of in the compensation insurance is that it doesn’t bother on faults and blames. Even if your worker cut his own hand by mistake, he or she is covered provided it happened on site.
You’d find this one very important as a general contractor. Especially when you lease out property and office spaces. The commercial property insurance not only covers for your buildings or property, it also covers for the machinery in the property as well others under your care and control. This insurance policy always helps out greatly in the face of natural and artificial disasters where rebuilding is hard for you to shoulder all alone.
· Builder’s Risk Insurance:
The Builder’s Risk Insurance covers for buildings under renovations and constructions. This insurance policy is one of the most important ones the general contractor needs. Most insurance cover for buildings alone. But this one covers for labour costs in the course of building, transportation and a host of others. This is why it is a darling of most general contractors.
· Commercial Auto Insurance:
Commercial Auto Insurance covers for vehicles in use and in lease. Even in the case of theft, the commercial auto insurance is very much applicable. It is one of the surest ways of securing your automobiles used in your work as general contractor. In the case of accidents too, or your drivers causing damage to other vehicles while in transit, this insurance provides coverage too. Another interesting thing about this insurance is that it is also able to protect your investments in automobiles.
These listed items are the major insurance requirements for general contractors. They are quite fascinating. Aren’t they? Working as a general contractor is not as hard as people make it seem. Having a good knowledge and understanding of these requirements takes you past a lot of possible hurdles with ease. This is why you must fully understand them before you dabble into working in this area. Importantly, don’t forget to choose the right insurance companies for your various covers.