Whether you’re on-site or in the office scheduling future work, operating an independent construction contracting business involves juggling several daily tasks that sometimes can expose you to different risks. Because of the construction business’s unique professional hazards, a general liability policy might not be tailored enough to suit your needs. Instead, here are some of the reasons you might want to consider dedicated small contractor business insurance.
One Contractor’s Policy Could Cover Several Risks
With a single tailored professional liability policy in place, you could potentially cover several key contracting risks. While the exact coverage will of course vary, you can check out a policy offering coverage for each of the following and more, or any blend thereof:
- Mitigation of loss
- Coverage for sub-contractors
- Loss of important documentation
- Claims coverage
- Injury on site
- International coverage
- Court costs
Depending on Your Revenue, You May Be Eligible for More Coverage
How large a policy you take out can depend on your company’s annual revenue. For instance, if you bring in several million a year, you may be eligible for more coverage to protect those additional assets.
Part of the hard work of running a small construction business on your own is dealing with the various exposures that can crop up in the course of business. Consider checking out small contractor business insurance to cover yourself and your independent firm.