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Subcontracting? Here Is Seven Reasons To Have Insurance
16 Oct 2019
When you are managing a contracting business, you can use subcontracting to complete a number of tasks. You still need insurance to protect yourself, your company, and your employees. Plus, you need to make sure that you have found an insurance policy that will work for you. There are seven reasons listed below for carrying insurance, and you need to start thinking about what you can do to find the right carrier.
- You Are Still Doing The Work
Your client signed the contract for the construction or remodel, and you need to get the trade risk AUS trade insurance for your company. When you get the insurance, it can cover your company and all the subcontractors that you have invited. If something happens on the worksite, your company is the one that will be sued.
- You Never Know What Might Happen During The Project
Anything could happen at any time. If you have a subcontractor come to your worksite and they are hurt, they will expect that your insurance will pay for the damages or injuries. These subcontractors use their own insurance when they have been hired for the job independently.
You also need to make sure that you have let your subcontractors know that you have insurance. Some people will not take the job unless they know that you have insured yourself to the appropriate level.
- Your Client Does Not Have Business Insurance
Your client does not have insurance that can protect you or your company. Plus, your client will need you to handle any issues that happen on the site. Clients who are waiting for a remodel or construction project to be completed are not expecting to file insurance claims or handle any of these problems.
- Theft And Damages Cannot Always Be Proven
When damage happens on a worksite, it may be hard to prove who did it or how. Thefts could occur on the worksite, and you do not have time to investigate how it happened. You need insurance that will pay for these things so that you can move on with the task-at-hand. When your company has its own insurance company, you can file a claim right away.
- You Can Take Quick Action
You can take quick action when you need to file a claim. You can call your insurance company the same day, and you can get the claims process started. You want the client or subcontractors to know what you re doing something about their problem, and you can tell them that you ave a claim and reference number. The subcontractor or client may even see the adjuster the same day.
- You Cannot Finance Without Insurance
If you are financing part of the project, you need to get insurance. The financing company is going to expect that you have proof of insurance when you come in to close the loan. Plus, you need to let them know that you have the right level of coverage. You may not know how much coverage you need, and you can talk to the insurance carrier to figure out how much you need.
- Peace Of Mind
You can get more work done if you have peace of mind because you got insurance for the project. You do not want to worry about how the project will get done or what you should do if someone gets hurt. You can afford to pay for any issues that occur on the worksite, and you can talk to the insurance company about how to avoid damage or theft. Insurance companies know how to help you may wise decisions, and you can even distribute this information to your staff.
There are a number of new projects that you are trying to do this year. You need to get insurance for your company, and you need to look for insurance that will help you cover your company and the subcontractors. Most people who would like to get insurance for their company can get an agent who will help them. Plus, the insurance company can give you a lot of information that will help you avoid thefts and damage in the future.
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