| Amity Insurance Stresses Importance of Liability Coverage for Contractors
Adequate liability insurance is a must for contractors and subcontractors, as this kind of coverage offers financial protection from accidents, injuries, and property damage caused during a project, according to Amity Insurance Agency, Inc. The contract should also state that the contractor does not claim any responsibility for damages occurring during the construction process that are the fault of one or more subcontractors. Residential building insurance is important for any worker in the building industry. As a rule, commercial contractors performing riskier tasks have higher coverage amounts; for example, a roofing contractor would have a higher amount than a contractor remodeling the inside of a one-story commercial structure. However, the contractor must require every subcontracting party to have their own coverage. A good construction liability policy will protect contractors from loss in unexpected situations and a range of lawsuits. If there are injuries on the job site, some workers may also file lawsuits against the contractor or homeowners. Commercial contractors are usually expected to carry multi-million dollar policies. Policy amounts are related to the amount of money the contractor executes, so it is essential to quotation a realistic figure. Amity Insurance Stresses Importance of Liability Coverage for Contractors |
Friday, 8 June 2012
Amity Insurance Stresses Importance of Liability Coverage for Contractors
