Contractors and their construction businesses often face a myriad of risks and liabilities to their business. These can include workplace injuries, property damage, and other health risks. Of course, no one likes imagining themselves in or preparing for an accident, but they can strike when least expected. As a contractor with a construction business, you should be actively searching for ways to protect your business from failing because of one bad day. Read on to discover how contractor accident and sickness insurance can protect your business.
Gaining New Clients
The recruitment of new clients presents one way accident and sickness insurance can protect your contracting business. Contractors with proper liability coverage are much more likely to be hired by consumers. When they see that your business is properly covered with a commercial liability insurance policy, a client takes your company more seriously. Therefore, you have a higher chance of successfully winning their bid. Most clients will shy away from hiring contractors without liability insurance, in fact. If an accident occurs without coverage, the client themselves may be on the hook for damages. Certainly, proper accident liability insurance will protect your business by ensuring an influx of new clients.
Customization and flexibility options represent a second way accident and sickness insurance can protect your contracting business. Many firms offer various plans that can be customized to fit your business’s specific needs. Examples of this include accident-only, sickness-only, or accident and sickness coverage. You may also have the option to receive a lump sum in the case of disablement. Typically, benefits offered depend on your income and the deferred period you choose. You may have a waiting period in your policy, or you may be immediately covered. In addition, you get to choose how long you want your policy to last, possibly until you retire. Taking these factors into consideration and thinking about which policy would be best for your business will go a long way in keeping it afloat. Definitely, customization options offered by various firms display an additional way accident and sickness insurance can protect your business.
Considerations for automobile accidents present a third way accident and sickness insurance can protect your contracting business. You will be spending a lot of your time traveling between sites as a contractor. If you are using your personal vehicle for business purposes, your auto insurance may not be enough in the event of an auto accident. Therefore, you will need commercial auto liability insurance to protect yourself. There are several types to know for the specific needs of your business. They include collision coverage, uninsured motorists coverage, and medical payments. Covering all bases in this regard is a prudent decision for handling all types of accidents. Indubitably, commercial auto coverage displays another way to protect your business using accident and sickness insurance.
Builder’s Risk Coverage
Builder’s risk coverage represents another type of coverage that can help protect your business by using accident and sickness insurance. These policies cover structures and buildings while they are under construction. Policies protect losses and damages resulting from fire, vandalism, the weather, explosions, and theft. Some may also cover lost revenue resulting from construction delays, damage to temporary structures, debris removal, and environmental standards-related changes. Without builder’s risk coverage, you would be on the hook for these damages. Brokers recommend coverage begin before materials arrive on site and end when the property is sold or otherwise ready for occupation. Surely, builder’s risk coverage presents an additional method of using accident and sickness insurance to protect your contracting business.
Making various safety considerations at your job sites displays a final factor in protecting your construction business with accident and sickness insurance. The average cost of an untimely workplace death is around $1.4 million, and a disabling injury hovers around $58,000. Therefore, insurance companies will do everything they can to avoid paying out such large sums. For instance, they require certain safety standards on every job site they insure. These standards can include regular walk-throughs and safety meetings, keeping the site free of debris, as well as using proper PPE. Additional measures can include guardrails, equipment inspections, and the escorting of non-employee guests. Be sure to stay up-to-date on new construction job site safety laws as well. Of course, keeping everyone safe in the first place displays a final method used by accident and sickness insurance to protect your business.
All it takes is one bad accident to cripple a business completely. Make sure it does not happen to you by employing accident and sickness insurance policies, which can net you new clients. Customize an insurance plan to your business’s specific needs for optimal coverage. Consider commercial automobile insurance as well for complete off-site coverage. In addition, think about builder’s risk coverage to protect your site itself as construction progresses. Finally, follow your insurance company’s recommendations for maintaining safety to mitigate the risk of accidents in the first place. When wondering how accident and sickness insurance can protect your business, consider the points above.