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Why You Must Obtain a Contractor’s Bond and Insurance Policy

The things that can potentially go wrong on a job site are very numerous. Seasoned contractors well aware of this insure against such risks. Such covers include protection against possible workman’s compensation claims, injuries to non-employees, malfunctioning of manufacturing equipment to mention but a few.

Due to this wide range of potential risks, many states have legislation that requires contractors to acquire some form of insurance against these and other potential litigation probabilities.

That said, whenever one goes to look for an insurance product that fits their need, it can be a complicated process rife with the possibility of winding up with insurance that may not be the appropriate one for your business needs. To avoid such risks, it is important for one to make sure that they seek out contractor’s insurance quotes and purchase coverage before sealing a contract.

In a nutshell, a company that employs hundreds of workers and subcontractors has wider insurance needs as compared to a small company. This aspect brings out the fact that insurance is not a one size fits all proposition. To ensure that you get the correct coverage at an affordable price, it is advisable that you get a broad range of insurance quotes as early as possible.


General Liability Insurance and Contractor’s License Bonds

If your needs entail a large contracting service, it is possible that you are going to require multiple insurance policies or a policy that covers different aspects of the day to day operations of your business. We highly suggest having  proper insurance coverage and contractor bonding in place from Speak with a specialist to determin an accurate cost of bonding.  Some of these operations that you may need to take out insurance for include insurance for employees, materials, personal injury suits and another potential “at risk” areas. In insurance, there are many esoteric headings such as:

Premises and operations risks

Such risks entail, the potential mishaps that could occur at a customer’s location or another job site, possible injuries not only to employees and other individuals near the job site but also damages to property, materials or other existing structures near where the work is being carried out. Good insurance policies will provide cover for all such risks.

Products and completed operations risks

These risks cover injuries or property damage associated even tenuously with materials or construction completed or underway at a site.

With such a wide variety of options to consider, it is advisable that you set up a meeting with more than one reputable insurance agent as you will have a better idea of choosing the right policy if you have several contractors insurance quotes.