When contractors and business owners think of getting insurance, injuries – whether sustained by the company, client, or passerby – are often at the front of their minds. We’re also often concerned about property damage that can occur on many job sites.
But mishaps like these are far from the only benefit to having general liability insurance. Injury and damage are reason enough, but here are five more reasons you want good coverage.
You’ll be eligible for better projects
Hopefully, you’re moving up quickly. But even if you’re not, you can make a name for yourself by taking on progressively more higher-profile jobs. Before you can enjoy the visibility that goes with being awarded certain contracts, you need to make the short list.
Many clients won’t even consider your bid if you’re not insured. Stay on top of the pile by meeting the minimum requirements.
Truth in advertising.
How are you drawing in customers? What is it about the business that makes you the best choice? A disgruntled client might disagree that you delivered on what was promised, even if there was no sign of trouble at the time.
Unfortunately, clients trying to get their money back (and then some) isn’t unheard of in business. Whether or not you agree with their claim, you’re going to have to sort it out, and general liability insurance helps with these scenarios.
You don’t have as much control as you think.
Even if you do your very best to deliver quality work, and no accidents happen, something could have gone wrong with an installation that wasn’t strictly your fault. If there’s a problem with your materials that you weren’t aware of, a client can sue you for the faulty job.
It isn’t guaranteed that they would be successful given that you didn’t manufacture the materials yourself. But do you have the time and money to straighten it out? Settlements and judgments are just the tail end in a legal battle.
It’s so simple, there really isn’t any excuse.
Does the right insurance seem out of reach for you? You might be surprised at the entirely reasonable cost of general liability insurance that’s tailored to your business. Furthermore, it’s easy to set up online or over the phone, so it’s not an extra errand you have to run.
If you don’t take care of it and end up getting hurt or sued, imagine the regret you’d feel. When you get sunk due to lack of insurance, there’s no one to blame but yourself.
Meeting your own expectations.
When you started planning your business, you didn’t naturally assume that you’d go under in the first three years thanks to an injury or lawsuit. Getting the right insurance is part of any plan for success. You have goals to meet, and if you want to go the distance, you have to protect your investment and expect the unexpected.
When it’s all said and done, general liability insurance is the foundation of any secure business. Begin covering your livelihood from top to bottom with insurance that gets you noticed and keeps your plans for growth in place.
