To move or to remodel. That seems to be on the minds of a lot of American homeowners in today’s real estate market. Increasingly, homeowners are choosing to stay in their homes and add value to them through remodeling – instead of opting to move.
If you’re a general contractor, this may mean a great stream of revenue for you. New kitchens. Porches. Decks. Even full additions may be in your future. More than ever, you’ll be able to make homeowners happy and deliver quality work they’ll be happy to recommend.
Unfortunately, that dream could all come crashing down if you neglect to insure your business. Working with homeowners can be difficult. People take great pride in their homes, and they don’t let just anyone in them or working on them.
To protect your business, contractors should seek out coverage plans for:
Professional Idemnity: This can cover you against claims of negligence, unintentional breaches of intellectural property, losses of data or documents, or claims of dishonesty. If you’re relationship with the homeowner turns sour, this protection may be your saving grace.
Employers Liability: Your employees will be handling tools, working with heavy materials, or even climbing roofs. Protect them and yourself. This type of insurance is usually required by law – even if you’re a sole proprietor.
Public Liability: Also known as “general” or “product” liability insurance, it covers your company against any third party claims. Perhaps most fittingly for contractors, it will cover you if you accidentally damage property at your client’s site.
Don’t spoil this time of great potential for your company. Insure it properly, and boost the defense you have against some of the most common risks for contractors.