Why You Need Contractors and Trade Insurance

​Being a contractor takes a lot of skill and dedication. However, people in the industry face a lot of risks as well. Also, losses might be hard to recover from. Acquiring contractors and trade insurance can protect you from these risks. 

Coverages of Contractors and Trades Insurance
Whether you’re a residential painter or in a commercial cleaning service business, you will need the coverage this insurance provides. Typically, insurance providers offer various coverages, such as:

• Commercial general liability
• Commercial auto
• Property insurance
• Machinery and equipment
• Installation
• Cyber event expense insurance
• Business contents

Additionally, insurers allow additional coverages to fit your needs. Among others, these include crane liability and contract penalty coverages.

Why You Need Contractors and Trades Insurance
Contractors and trade insurance protect you from risks and losses. Experts recommend that you acquire contractors and trade insurance if you’re in the contracting business. 

Moreover, it doesn’t only protect you from losses. It also protects your reputation. Here are more reasons why you need contractors and trade insurance.

1. It helps improve your reputation.
   As mentioned, contractors and trade insurance protects your reputation. Acquiring this type of insurance is beneficial because customers typically ask for proof of insurance. Aside from this, insurance generally helps a business grow and retain customers. 
   
   
2. It protects tools, equipment, and supplies.
   Contracting businesses, especially those in the construction industry, rely on tools, equipment, and supplies. Consequently, damage and loss are inevitable. With this, protecting these items is crucial in the business.
   
   Contractors and trade insurance doesn’t only protect your finances. It also replaces these items if they’re damaged or stolen. 
   
   
3. It helps protect people and property. 
   Businesses in the contracting industry work on projects that have many moving parts. As a result, accidents happen. However, having insurance helps companies recover from the expenses resulting from damages or injuries to third parties.
   
   
4. It helps find more talented employees.
   Aside from providing protection, insurance also helps you grow your business. It doesn’t only help you retain your employees. Having insurance also helps you build your business’ credibility.

Final Thoughts
Being in the contracting business makes you vulnerable to risks and losses. With this, acquiring insurance is a vital step in protecting you and your business.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE.