Florida Remodeling Contractors Insurance
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Florida Remodeling Contractors Insurance
Risk is an uncertainty most people assume everyday as they go about their usual business. However, it can result in huge losses when unforeseen events happen. With insurance, you are protected from huge financial losses since the risk gets transferred to the insurance company. In exchange for just a small fee, you are protected. A remodeling contractor is responsible for the house that is being remodeled. During the course of the project, any number of unpredictable things can happen that could result in a potential claim. Remodeling contractor insurance makes sure that you are well protected from such losses.
One thing to note about this kind of insurance is that it will not only cover you as the contractor, but it will cover the homeowner as well. For instance, if one of your workers is not covered by workers compensation insurance and gets injured at the jobsite, he/she may be unable to pay the medical expenses. As a result, the injured worker and the unpaid health care providers may decide to file a lawsuit against you as a means to pay for the cost associated with the injury. Lawsuits can also be filed by members of the public who may sustain injuries while trespassing on your work site. Whether these lawsuits are merited or not, you will be required to spend some time and money arguing these claims in court. Since the losses can sometimes be substantial, it is important that you have insurance in place to cover these costs.
Protection against Loss
There are two kinds of insurance available to remodeling contractors, workers compensation and general liability. The difference between these two is the workers compensation will cover your employees while general liability will cover the members of the public affected by the operations of your remodeling company.
Compensation for the workers takes care of such things as the cost of medical, death and disability claims by employees who may suffer work related injuries and illnesses. It also covers the cost for rehab and vocational training needed in order to help the employee with the process of getting back to work after recuperating from a work related injury.
On the other hand, general liability insurance provides protection against claims from the general public as a result of negligent acts or faulty equipment. This will not only cover bodily injury sustained, but also damage to the property. For instance, a roofer is responsible for installing a weather tight roof in order for the house to remain dry at all times. Now consider a scenario in which the roofer does a poor job and the roof leaks during rain, hence, damaging the walls, ceiling and floor of the house. This will result into a claim by the homeowner and damages will have to be paid for.
As a contractor, paying out of pocket in order to do damage control can be quite expensive. You can find yourself out of business in no time at all if you are not under an insurance coverage. Insurance will ensure that you are able to complete the project in time without having to worry about such events.
It is always good to consider the wellbeing of the public as well. Sometimes, a member of the public may get injured as a result of your activities. For instance, someone may trip over the debris at the construction site or even fall into a trench hence injuring themselves. The claimant may say that the site was unmarked and unsecured, forcing you to take care of their medical expenses. The general liability insurance will address all medical and disability expenses of the injured persons, protecting you from the extra unforeseen cost.
When under remodeling, the value of the house is sometimes overlooked. There is a lot of money that goes into remodeling projects and at the end, the homeowner wants to see the result of your work no matter what happened in the course of the project. There is no way the home owner will dole out extra cash for damages that are caused by your company. You cannot start using the money meant for other things in the project dealing with claims and damages. This will stall the project and may lead to your company being closed down. Instead of spending money on things you had not planned for, it is much cheaper to opt for insurance which has you covered in case of any such events. You will no longer have to worry about expensive damage control or lawsuits. Instead, you can focus on finishing the project and leave the risk to the insurance company.
In case the materials that were meant for the remodeling project get lost or damaged, the insurance company will have them replaced as soon as you inform them, making sure that your project is always on track. You will not be asked to pay any extra money to have this done for you as the insurance company has taken on the responsibility on your behalf. There are many aspects of risk associated with a remodeling business and these risks can result into huge losses. As an insurance company, Best Rate Insurance understands your needs and we have come up with the very best insurance policies which have been designed with you in mind. That is why we offer to provide you a non-obligatory free quote so that you are able to see for yourself how much you can gain by purchasing a remodeling contractor insurance policy. We do not ask you for any money neither do we require that you purchase a policy once we give you the quote. This is to ensure that all our activities are as transparent as possible since you are the one that stands to gain from this. So why don’t you get your quote right now and start your project with the peace of mind that you deserve.
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