As a Lubbock, Texas contractor, you know that you face a lot of risks every day on your job, from the moment you leave your home until the time you return in the evening. You may be concerned that your choice of professions could eventually cause a major liability that would put your financial stability in danger. Luckily, there are a variety of insurance products designed specifically to protect your valuable assets and cover your costs if an accident does occur. Contractors Mark specializes in insurance products to protect Lubbock contractors.
General liability insurance protects you and your business from expenses caused by unexpected problems that occur during work. Its covers two primary events: Accidents and advertising mistakes that injure other businesses or people.
Typically, accidents cause expenses such as property damage, bodily injury, and personal injury. For example, let’s say you’re working on a building and a piece of your equipment bumps over a pole that strikes a pedestrian. If the owner of the pole and the person injured wanted you to pay them for the expenses they incurred because of the mistake, your general liability insurance would cover the cost of repairing or replacing the pole, the person’s medical bills, and any repayment he or she wanted for missed time at work, for example. In serious accidents, those costs can be high, so liability insurance will protect your business from those losses.
General liability insurance also protects you from lawsuits for advertising slander. If your competitor sues you for lost business because of something you said in an ad, your liability insurance will cover that expense.
Commercial Auto Insurance
If you have company-owned vehicles, commercial auto insurance is an important way to protect that investment. Unlike personal auto insurance that only protects named insureds, a commercial policy covers any person who uses the vehicle for activities related to your business. This is an important distinction for a couple of reasons. First, it saves you the hassle of constantly adding and removing people from the policy as staff members are hired or leave the company. There is no risk of forgetting to change the policy and suffering financial losses when an uninsured employee has a vehicle accident.
Second, commercial auto insurance provides higher levels of coverage than personal auto policies. Many contractor vehicles are larger and heavier than other vehicles, which can increase the amount of damage caused during and accident. Contractor vehicles also have added features to help organize tools, attach large items like ladders or shovels, and maintain occupant safety. In an accident, these could be damaged, driving up the cost of repairs and the amount of insurance needed.
Tools and Equipment
If you frequently work on job sites with other contractors or leave tools onsite overnight, Tools and Equipment insurance is another policy you may want to consider. This insurance covers tools that get lost or stolen from a work area while you aren’t there. It also covers equipment that gets accidentally damaged during the work day.
Call Contractors Mark For The Best Insurance Policies In Texas
Contractors Mark has premium insurance products designed to protect Lubbock, Texas professionals. Call us today to learn more about these valuable policies.