Those who are new to contracting might not have enough knowledge of Contractors Insurance in Austin TX. Making mistakes with insurance can definitely be costly to a business owner. The last thing a contractor wants is to think something is covered and find out after something happens that they aren’t really covered.
Theft Coverage
A new contractor might not know much about how theft can affect them. A good number of claims with Contractors Insurance in Austin TX are about theft. Since some tools are expensive, it’s important to have the right coverage to guard against theft. Tools can be stolen onsite when the contractor isn’t there. In some cases, employees will steal tools. Without the right tools, a contractor won’t be able to complete their job.
Workmanship Coverage
It’s important to understand that a general policy might not cover any problems with workmanship. If a contractor does a job and it causes some unexpected problems, they might have to file a claim with their insurance. If they don’t have faulty workmanship covered in their policy, they will be out of luck. It can cost thousands of dollars to resolve a workmanship problem, so it’s best to be covered when something goes wrong. Even the best contractors can make mistakes with their work from time to time.
Other Concerns
When dealing with a company like Perdue Insurance Group, it’s important to keep things updated. If a contractor’s business expands and starts dealing with other things, they might need more coverage. If the business contracts, it might not need as much coverage. An agent or broker isn’t responsible for keeping up with how a contractor’s business changes. It’s the responsibility of the contractor to keep their agent or broker in the loop.
Getting into the contracting business isn’t easy. A person has to get equipment, advertise, and make sure they have the right help. Part of setting up a business is making sure that the right insurance policy is purchased. Unfortunately, insurance is often overlooked, and mistakes are made. Contractors should definitely put the time and effort in so they make sure they get the right insurance for their needs.
