Most of you roofing construction companies have shown concerns about liability for contractors and what it is possibly that you have to fear about while working as a independent contractor or construction firm. In the following article I will try to explain some of your worries about roofing contractors liability insurance and hopefully help alleviate your concerns.
The idea of roofing contractors liability insurance is to deliver coverage for the insured from the possibility of financial repercussions that their business may unwittingly incur as a result of their operations. Those in need of contractors liability insurance can include any business or person whose nature of business may be held responsible for both current and possible future occurrences to the general public or to the clients and third party members with whom that contractor was worked for. An example of this might be a construction firm who has installed a deck that they did not realize was faulty, only to have the installation break and fall a few years later, causing physical injury to a person and physical damage to the building. A general contractor liability insurance policy would, under average liability conditions, pay the medical costs and any other damages deemed to the injured, and offer a nice buffer against cost and potentially devastating court trials.
Contracting without roofing contractors liability insurance is a very bad idea and very dangerous. Although the expense of having it can seem a little bit steep, the possible consequences for you of not having it are for more steep than you may want to think. Most policies will allow for an additional insured rider or special wording that is designed to cover specific clients who may be affected by the operations or working conditions of you or your company. When you are in any situation in which a person might be injured as a result of your operations it is of highest importance that you cover yourself, your contracting firm and any clients that look for coverage and defense under your contractors insurance policy.
When shopping for a roofing contractors liability insurance policy you might be quoted an aggregate liability limit that will be a given of the highest amount of monetary damages your construction company will be covered for in one year under that particular policy. You might also be informed of the amount of coverage your company is insured for per each specific claim, or per an occurrence.
You must also be sure to know specifically what your rights are, what types of endorsements exist in the policy and what type of litigation assistance you are entitled to should an accidental event come to pass. In many states contractors must warranty their work against certain defects for a specific number of years. If your insurance policy has an endorsement limiting the coverage to under that number of years, that insurance policy might not be correct for you.
Even with the building and contracting trades have declined recently, any operation posses tremendous risk that makes general liability insurance not only a must have but imperative. One more point that you might want to think about is that no matter how competitive your prices could be an increasing number of prospective clients will not hire a roofing contracting firm who does not purchase roofing contractors liability insurance. The dangers are just too high to rely on homeowners insurance policies or contractor's license bonds for coverage and you must obtain the protection that a contractors insurance policy is designed to deliver.
The idea of roofing contractors liability insurance is to deliver coverage for the insured from the possibility of financial repercussions that their business may unwittingly incur as a result of their operations. Those in need of contractors liability insurance can include any business or person whose nature of business may be held responsible for both current and possible future occurrences to the general public or to the clients and third party members with whom that contractor was worked for. An example of this might be a construction firm who has installed a deck that they did not realize was faulty, only to have the installation break and fall a few years later, causing physical injury to a person and physical damage to the building. A general contractor liability insurance policy would, under average liability conditions, pay the medical costs and any other damages deemed to the injured, and offer a nice buffer against cost and potentially devastating court trials.
Contracting without roofing contractors liability insurance is a very bad idea and very dangerous. Although the expense of having it can seem a little bit steep, the possible consequences for you of not having it are for more steep than you may want to think. Most policies will allow for an additional insured rider or special wording that is designed to cover specific clients who may be affected by the operations or working conditions of you or your company. When you are in any situation in which a person might be injured as a result of your operations it is of highest importance that you cover yourself, your contracting firm and any clients that look for coverage and defense under your contractors insurance policy.
When shopping for a roofing contractors liability insurance policy you might be quoted an aggregate liability limit that will be a given of the highest amount of monetary damages your construction company will be covered for in one year under that particular policy. You might also be informed of the amount of coverage your company is insured for per each specific claim, or per an occurrence.
You must also be sure to know specifically what your rights are, what types of endorsements exist in the policy and what type of litigation assistance you are entitled to should an accidental event come to pass. In many states contractors must warranty their work against certain defects for a specific number of years. If your insurance policy has an endorsement limiting the coverage to under that number of years, that insurance policy might not be correct for you.
Even with the building and contracting trades have declined recently, any operation posses tremendous risk that makes general liability insurance not only a must have but imperative. One more point that you might want to think about is that no matter how competitive your prices could be an increasing number of prospective clients will not hire a roofing contracting firm who does not purchase roofing contractors liability insurance. The dangers are just too high to rely on homeowners insurance policies or contractor's license bonds for coverage and you must obtain the protection that a contractors insurance policy is designed to deliver.
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