Protect Your Business By Purchasing Contractors Insurance
It was a lot easier a few years ago for most contracting companies to recover in the event of a potential disaster (financially speaking) regardless if we’re talking about small or large companies. In fact, when the economy is great, then they can easily replace a car by paying for it from their own profits. On the other hand, in a bad economy, contractors have reduced their cash reserves, their equipment and also their profits to the extreme. What this means is that if they experience a loss (be it a lawsuit or vehicle), they may face bankruptcy soon after. However, they can easily avoid that if they have the right insurance policy in place.
Most contractors though think that getting proper insurance is expensive, yet that’s not really true. In fact, there are many types of rates insurance companies charge, so the best way to see if you qualify for an affordable premium is to speak to several of them.
Finding the best insurance policy for contractors
Since contracting companies are all different, they need to get a specific type of insurance policy that fully meets their needs. In general, coverage is determined by certain factors, such as the company’s structure, the way it operates and the type of jobs they handle.
For instance, no matter the type of contracting company you run, your contractors insurance coverage is certainly going to include some type of commercial vehicle insurance, workers compensation and business property insurance. On the other hand, buying key person insurance is not something that every company needs to consider. In fact, this is a great choice for companies that are structured as a partnership, since it can provide the necessary funds for the company to continue its operations in the event one of its business partners can no longer work as a result of injury.
You can choose from a wide range of insurance coverages, but if you need help to learn more about the specifics of each one, then be sure to contact us here at The Clausen Agency Inc. and we will help you choose the right coverage for your needs.