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California Contractors Insurance
As a contractor, you will always be making investments in hopes of protecting and improving upon your business. The right insurance coverage can help you make sure that your business and your income are safe from potential lawsuits, claims, liabilities and other expenses or costs that can damage your business. But many general contractors, builders, developers and others in the construction business today find that without acquiring California contractors insurance, they cannot obtain work.
What is General Liability Insurance?When you research different kinds of California contractors insurance you will come across the term “general liability insurance”. General liability insurance is the coverage you need to protect yourself from potential financial damages to your business. The kinds of situations where your business can be liable can include:Independent Contractor LiabilityIf you have hired an independent contractor and this contractor causes a situation where for example someone is injured, or you need to complete additional repairs for a project, your general liability insurance can provide financial coverage.Operations/ Products LiabilityIf you complete construction work for a client, and your business sustains losses due to repairing appliances or installing additional plumbing because certain products or parts of your operations demand this, the general liability insurance section of your California contractors insurance can help you.Personal Injury LiabilityIf you damage the reputation or the rights of a person or a business due to anything from a wrongful eviction to slander or copyright infringement, your personal injury section of your California contractors insurance keeps you financially safeguarded. Note that should you use advertising that slanders the competition, causing them losses, this is usually covered under a separate “advertising injury liability insurance”.Physical/Bodily Injury LiabilityIf someone should get injured at your place of business or if one of your employees damage or injure someone or cause damage at a client’s site this part of your California contractors insurance provides coverage.In some cases you can add in other kinds of liability, such as medical expenses. Discuss your needs and concerns with your California contractors’ insurance broker at contractorsinsurance.org, it will help clarify what kind of coverage you should consider for your particular business situation. What is Workers Compensation Insurance?All employers have a responsibility to ensure their workers are safe at their workplace, and as a contractor you do too. Workers compensation is a type of California contractors insurance that offers your employees legal benefits should they be injured or fall ill while working on your jobsite.Nobody who runs a business wants to consider the possibility of an employee being injured. But if this were to happen, you as an employer could become liable for medical care, rehabilitation, lost income and other costs from any and all lawsuits. If you have workers compensation as part of your California contractors insurance coverage then your workers will be taken care of if something happens. In the event of a tragic death, the surviving spouse and dependents will also receive benefits under workers compensation insurance. If you are unsure of whether or not your California contractors insurance package contains workers compensation insurance coverage, always ask. It is often sold separately. Also ask about additional policies, such as for disability liability for example. Learn more about California contractors insurance by contacting contractorsinsurance.org. Our team of insurance brokers can help you find the best and most reliable coverage for an affordable price. For more information, click for a free quote or call our contractors insurance specialists at (516) 294-1072 today. |
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