Liability claims are on the rise, especially for contractors. The financial loss associated with a liability claim can be devastating. If you are a contractor that works with any construction, your risk of a claim is already higher than it would be with other industries. It’s important to talk to an insurance agent who can discuss your risks. Once you know your risks, it will be easier for your agent to find a liability policy to protect you.
Know What Your Policy Covers
Many contractors buy a liability policy without knowing exactly what it covers. Call your insurance agent and ask them to review your policy with you. Discuss your goals for the future and talk to your agent to find a policy that will allow you to reach your goals and secure your company’s future. Even small liability claims can have devastating consequences that will affect your business for years.
Know Your Risk
Every type of job has risks. If you work on roofs, falling from the roof may be a risk that you have to deal with. If you work with heavy equipment, you may risk damaging the equipment or other vehicles. Understanding your risks will help you get the type of liability coverage you need to cover your known risks. Being underinsured can be a major problem if you don’t fully understand your risks.
Ask About Umbrella Insurance
Umbrella insurance is an extra layer of protection that will pick up where your regular liability insurance cuts off. With the cost of medical care continuing to rise, having the additional coverage offered by an umbrella policy can provide you with much-needed security if the expenses associated with a claim are higher than you expected.
Understanding your risks as a contractor is important if you want to protect yourself and your business from expensive liability claims fully. Contact the agents at Steve Wilk Insurance Agency to learn more about how a good liability policy will keep your company financially secure if a liability claim is ever filed against you. We have the answers you need and can work with you to find a commercial liability policy you can live with.