In the construction industry, even well-planned projects have uncertainties and risks. Job site injuries, stolen materials, damaged equipment, faulty
In the construction industry, even well-planned projects have uncertainties and risks. Job site injuries, stolen materials, damaged equipment, faulty workmanship, and design errors can lead to unbudgeted costs and expenses, and you don’t want that.
If you’re a contractor, you will probably have some experience with construction insurance, whether it is bonding, general business liability, or workers’ compensation. The various tasks and activities required to meet the strict deadlines of your projects may expose your business and your workers to unique risks and perils. As you and your workers use potentially dangerous equipment, your work can cause injury to third -parties and even damage property.
General contractor insurance is a type of business insurance that protects your business, employees, and a-sets in case the unexpected occurs, causing significant liability or loss. Sometimes this policy is required by companies that you subcontract for, and often it’s required by construction and licensing boards in the country. You could benefit from general liability and workers comp benefits, whether you are a large construction contractor with hundreds of employees, a one-person cleaning company or a snow plowing firm. They will help in a case of a legal claim, theft or accident no matter what type or hazard it is.
Contractor insurance protects you financially and legally from amounts you may become obligated to pay because of medical payments or property damage, bodily injury, or personal and advertising injury to third parties that occur during the insurance policy period, either caused by or relating to your work. As an independent contractor, you should maintain this quality coverage for your protection, and because you are usually required to provide evidence of this coverage to get accepted for a construction project.
In construction work, every contractor has a different coverage needs — keep in mind that your business is unique, and so has to be your insurance coverage. You must know and understand the basics of what you have and what you may need down the line to ensure you have the broadest protection if you run a contracting business. Buying the right insurance policy from a reliable company is essential to lower your risks.
GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
