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Louisiana Contractors Insurance
We know how much your company means to you. It is your pride and joy, your greatest investment, asset, and livelihood. You would do anything to help nurture and protect it, and ensure its future – that is why Louisiana contractors insurance is a vital element of your business plan. Without it, you would be putting your company at risk for expenses that can be easily avoided.
What Does Louisiana Contractors Insurance Include?Every Louisiana contractor’s insurance plan starts with reliable general liability coverage. This is required by the state, and without a sufficient amount of coverage – starting at one million dollars – most clients will not take the risk to work with you. General liability is essential in case a lawsuit or claim is ever brought against you for any personal injury, damage to property, or even accidental death. It will pay for medical expenses, the value of material goods, and even for the legal costs that can be incurred during a potentially lengthy trial or negotiation.Is Workers Compensation or Disability Insurance Necessary?It is actually quite rare that general liability insurance is the only Louisiana contractors insurance you may need. In most cases, if there is any danger of bodily harm or illness resulting from the workplace, a supplementary insurance is recommended. Workers compensation insurance is very common – it covers all legal and medical costs that can arise from a sustained injury, as well as provide death benefits in the most extreme cases. It also assists with lost wages; financial compensation can be very important when you are unable to continue working to earn an income.Sustaining a permanent disability is never pleasant to think about, but it is a risk that all contractors must face. In the case where you or an employee is no longer able to work due to a work-related accident, disability insurance will cover a large percentage of the worker’s salary, over a period of several years if necessary. In extreme cases, disability will pay out until retirement. What Other Insurance Is Available to Me?While many contractors’ chief concerns lie with medical expenses, there are many other ways to protect your business with Louisiana contractors insurance. Commercial auto and truck insurance for example is a smart way to protect any vehicles you may use for work. If your work takes you clear across the state, you also need protection for any materials or equipment you are transporting – inland marine insurance is available for just such a situation.There are even more types of insurance as you get more specific about the scope of work your business handles. On projects where there are multiple parties involved, something like bonds insurance will protect the project in case one or more of the parties is unable to fulfill their responsibility. When you are choosing a Louisiana contractors insurance plan, the first think to do is assess your company’s risk. Not all the insurance out there might apply to your business; work with a specialist at contractorsinsurance.org to determine which providers offer the coverage you need at the price you want. For more information, as well as a free quite, contact us today at (516) 294-1072. |
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