Why Obtain Home Improvement Contractor Insurance?
Home improvement contractor services include the remodeling, repairs and the adjustment of structures that are already in place. This service may necessitate home improvement contractor insurance cover for liabilities incurred in the process of construction. The insurance cover is taken by the contractor as an assurance that the owner of the property will be indemnified in the event of damages to their property. The cover also extends to the workers who are part of the team involved in the construction so that a work man’s compensation is taken out. By taking out the home improvement contractor insurance, the contractors protect themselves against claims and legal costs made to them directly.
In some cases, the home improvement contractor insurance is sometimes compulsory for the contractors to have. This is especially common where the contractor services are being rendered to government organizations. The insurance cover also serves to attract the potential clients to the specific home improvement contractors. The customers are assured that any damages on their property will automatically be compensated against. The need to take out the home improvement contractor insurance policy on the property and the work men has increased since there are more law suits involving the contractors and their workers as well as the owners of the property where they are contracted to offer their services.
Home improvement contractor insurance is offered to both the casual workers and the professional workers. The claims made by casual workers may be too small so that they are not adequate. The home improvement contractor insurance cover taken for the professional workers within the construction site however deal with a large scope of work and are therefore exposed to more harm in comparison to the casual workers. The professional workers normally work on basis of contracts and should also have their personal insurance cover against disability and accidents as well as omissions and errors. This policy will enable the contractor to determine what additional risks he should take cover against.
Other Beneficiaries Of The Insurance Cover
The home improvement contractor insurance cover not only covers the workers on the construction site but also to passersby who may be injured by debris or as a result of the activities of the contractors. When hiring a home improvement general contractor, the client should bear in mind the benefits accrued from such insurance cover. The premiums paid against the insurance cover are based on the turn over of the company so that a small construction company does not pay the same amount of premiums as the larger ones. In conclusion, the home improvement contractor insurance goes along way to give the contractors and the owners of the property an easy time since they have assurance that the insurance companies will settle any claims against them.
