Liability Insurance for Contractors—Protecting Yourself On and Off the Job

Contractors typically offer highly skilled services that blend creativity, professionalism and quality. However, this profession has many risks, especially if the work involves being on someone else’s property. To help combat these risks, contractors need to have liability insurance.

Benefits of Liability Insurance for Contractors

The following are some of the benefits of liability insurance for contractors:

• Protect financial stability. Even the most careful and responsible contractor can experience costly accidents. Liability insurance can help cover costs related to claims and lawsuits arising from third-party property damage or bodily injury.

• Maintain a positive reputation. Having a good reputation can be essential for any contracting business. A single lawsuit or accident could jeopardize years of creditability. Liability insurance can help cover the costs associated with legal defense and settlements, saving a business from a damaged reputation.

• Comply with contract requirements. Before starting a project, contractors typically must sign a contract. More often than not, contracts will include insurance requirements. Without insurance, a contractor may lose out on lucrative projects.

• Prevent financial disaster for small businesses. Liability insurance is even more crucial for smaller operations because one lawsuit can have devastating consequences. Though it may seem like an unnecessary investment when a business is just starting, it can be vital to an organization’s ability to continue operating.

Learn More

Contact Don Atwell and Associates LLC to discuss your liability insurance coverage. We can make liability coverage recommendations based on the specific services your business provides.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.