As the traffic manager on a job, PA General Contractors manage building their companies by maintaining quality and timetables. With this duty comes some obligations to help shield your activities from a heavy amount of risk. Smart General Contractors will want specific kinds of insurance policies which will shield them from injuries that can occur at work.

Under your management some of the risk obligations for a project fall completely on you as a general contractor. Everyone knows it’s difficult to be safe and secured all the time, even if you’re keeping a close eye to prevent accidents, but they do occur. Coverage is essential, below we share the two most common types of policies to secure your overall risk.

You’ve worked hard to develop your company, and having it crashing down around your ears due to a collision isn’t good. With the growing amount of lawsuits and the increasing prices across the board, it is necessary to have insurance coverage that can insure you fully.

Contractor’s Liability insurance was designed to help pay for compensation costs in the case of property damage or when physical harm occurs to a third party. The insurance company will cover all litigation costs related to the claim and the medical prices.

Physical Harm:
Physical harm is physical damage that happens to someone who does not work for you. It may be a customer which is on the job site, if an injury is caused by actions from your workers during business hours, or it can be someone in the public who just happened to pass by.

Property Damage can be composed of two things.

  1. Personal Injury: It’s whatever can damage the standing of someone.
  2. Promotion Harm: Financial loss to another business due to your promotion.

Workers Compensation:
Workers Comp acts as a no-fault system, meaning the error of the injury is neither on the worker nor the company. This is an excellent system to help extended moves and cease claims that are frivolous.

Workers Compensation insurance will pay workers benefits if they’re injured at work. This could comprise of a long-term debilitating illness, increased by being on the job or from immediate harm. The benefits revolve around wage and medical pay-off’s to workers.

Workers compensation is not needed in every state. It can be a crucial coverage to have in the protection of your company despite the fact that you might not be compelled to have Workers Compensation Coverage. Should you not have Coverage you’re still liable to cover the medical and wage benefits for the wounded worker. In this case, its better to be safe than sorry for both yourself and your workers.

Whatever the contract type you work in, it is necessary to get the proper insurance coverage to preserve your business. Workers Compensation and liability Insurance laws and regulations change often, it is necessary to team with an educated Pennsylvania agent to ensure you are getting the coverage that is correct.

 

Questions About General Contractors Liability Insurance in The Keystone State