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coffee and notebook on tableAs a contractor, having general liability insurance is a critical component to building your business. Without it, you may have trouble finding clients willing to work with you. And, there are situations where a single incident and claim could lead to financial ruin. To avoid that, purchase the right type of insurance to protect your business. Here is some insight into how to do that properly.

Choose Coverage Right for Your Business Size

If you are just starting out, you may not have a large number of clients. You may not have a lot of employees. This may help reduce some of your risk. As a result, you may not need as much general liability insurance. If your business is growing, be sure to update your insurance coverage. Your agent can help you gage the right level of protection as you work to grow your company.

Know What Risks Are Present

Contractors face many risks in terms of liability losses. It is not uncommon for a company to struggle with claims of inferior workmanship, employee mistakes and false claims.

Not only do you need the right type of general liability insurance, but also the right risk-focused policy. Let your agent help you. Tell them what type of business you do. Talk about the equipment you use. Be sure they understand the way you operate. This helps your agent to get the right policy in hand.

Know What Expectations Exist as Well

A key concern you may have is having enough general liability insurance to meet the expectations of your clients. Contractors typically bid on projects. They need to demonstrate they have financial responsibility available to pay for any damage they create.

Most often, clients will not work with a company lacking adequate coverage. To determine the right level here, talk to your agent and your clients. It’s a good idea to know what the local industry typically needs. You also want to consider any requirements the company places on bids.

Getting the right amount of general liability insurance is important. Work with your agent to ensure you choose the right type of coverage as well. This information can help you to protect your company. It also helps you avoid costly problems down the road. Every contractor sets out to do a good job. Yet, mistakes happen. The right insurance policy keeps you protected from such mistakes.

Posted 1:12 PM

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