Insurance Considerations – What Should Contractors and Installers Carry?

When operating a small contracting or handyman business, many pro’s choose minimal insurance coverage to save money.  While this understandable because cash flow in a small business is key to survival, it also carries a few risks you might not have already considered.

Building relationships between a contractor and customer involves alot of trust. And that trust should be just as strong if they encounter a challenge or issue on the job site.

As a customer, you should be looking towards working with contractors that are prepared in advance; not for every job going perfectly, but rather for the reality that there is a chance something could go wrong. How well they handle the tougher situations will usually determine project success.

As a contractor, carrying adequate insurance coverage is part of this trust process and supports your ability to handle challenging situations. At the bare minimum a contractor should be able to produce proof of a Certificate General Liability Insurance, and Workers Compensation insurance. Some states require this by law, but it is is also just good business to ensure medical coverage, bodily injury and property damage insurance in your policy. If you are transporting employees (or any products) to your project site, you should have business auto insurance aswell.

Insurance is all about managing risks so if you are a contractor with a growing business, it might be time to meet with your local insurance office to discuss your options. This is a business overhead that you should build into your pricing – and your customers should be more than happy to pay for the added peace of mind.

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