Insurance for contractors is a broad term encompassing several products to protect general contractors from financial loss. Commercial insurance packages, including public liability and commercial property coverage, are available via  Semel risk consultants & Associates.

In what ways might contractors protect themselves financially?

Contractors insurance is not a different kind of coverage offered by insurance companies. Instead, they will tailor a business owner's insurance to the specific requirements of a contractor by bundling together several complementary coverages. Every contractor has to hold the following three forms of insurance:

Truth be told: Construction sites often pose risks to workers. A contractor will take safety seriously, yet accidents may still occur. That's why it's important to have a company like Semel risk consultants on your side to ensure you and your staff are cared for in the event of an accident. For a deeper appreciation of the importance of the protections above, let's take a closer look at each of them in turn.

The purpose of general liability coverage.

Business owners may rest easy knowing they're covered if their operations result in physical harm or property damage to a third party. If the job you've completed causes harm to others, your liability insurance could pay for it. Take the installation of a new sink in a completely remodeled kitchen. But, after several years, the sink's plumbing starts leaking, which causes extensive water damage throughout the dwelling. The homeowner may try to hold you accountable even if you don't want to create any problems. In the event of a lawsuit, the opposing party's legal fees will be covered by your general liability insurance policy. In addition, it will pay for your medical costs and any other costs covered by your insurance. Keep in mind that there is a deductible that must be met before any claims can be paid out.