Contractors insurance is a specialized coverage for risks associated with contractor's work as a result of a contract. The purpose of purchasing this insurance policy is to protect contractors against liability arising from personal or employee injury, property damage or in the event of any damage or injury to a third party, for which the contractor is held liable.
Contractors face the liability of being sued because of errors
As a contractor, your workplace is prone to certain hazards such as accidents or injuries and thereby you are likely to be affected by third party claims. It covers medical, legal and compensation costs. Let's take a look at some of the liabilities CI covers.
Things covered by contractors insurance
It covers for injuries or damage to property of others (not the employee or the contractor himself) that is caused by the negligence of the contractor or employees of the contractors. Things that are covered under contractors insurance are:
Points to consider while purchasing contractors insurance
Now that you understand the importance of having contractors insurance, you need to purchase a coverage according to your occupation. Make sure that you check for exclusions, if any, and also, if any liability the policy does not cover.
To get a clarity on what is covered and what is not, you need to be fully aware of your occupation's requirements and then discuss it with reputed brokerage agencies. They will give you professional advice on which and how much coverage is required for you, as a contractor.
Keystone insurance limited is a premier supplier of public liability insurance and business insurance solutions to Irish industry. We offer a broad range of builders insurance, construction insurance, and business liability insurance products. Keystone public liability insurance Ireland offers great value to contractors and general business customers.