If you are a contractor in Texas, one of the things that you will need to think about is insurance. You might have believed that, as long as you subcontractors have their own insurance policies, you don’t need one, but that’s definitely not correct. The truth is that you might need it for several different reasons and that it is even often required by the law of the state you are living in.
The moment you realize you will need this coverage, you might want to try and get some free quotes and estimates on how much it would cost. That’s when you will get surprised with just how expensive it can actually be. And, since it is something you cannot actually avoid, you will definitely be ready to pay any price. Should you be ready for that, however?
Well, before we get to the cost of it all and make it clear what’s worth paying and what isn’t, let us first take a look at what liability insurance actually covers and why you would need it in the first place. Then, we will proceed to talking about the prices. This way, you will learn exactly what it is you will be paying for, as well as how much.
What Is Contractors Liability Insurance?
To put things simply, this is the insurance that contractors buy in order to get protected from any property damage or bodily injuries that might occur during the process and that might be cause by them making one mistake or another. It covers both the errors committed by the contractors and the ones committed by any third-parties, such as architects, engineers, vendors and similar. We all know how the construction business can get complicated and how there’s always room for mistakes, which makes it clear that this type of insurance is absolutely necessary.
This is something that needs to be thought about in the long run. Even though you might not be prone to making any kinds of mistakes, the truth is that you can never know what will happen and you can never guarantee for the work of someone else. Since this is your company’s future we are talking about here, getting Texas contractors insurance is certainly one of the most important things that you can do for the success of your business.
Why Do You Need It?
You are probably now wondering why it is that you might need this type of coverage. Well, apart from the obvious reason that we have already explained above, i.e. getting the protection you need in case something unpredicted happens on the site and you end up needing to make certain payments, there are a few more reasons why you shouldn’t take this for granted. All those reasons are connected to the success of your business.
For starters, people might not even want to hire you to work for them in case you don’t have liability insurance. I suppose you aren’t keen on losing clients this way. Then, there is also the fact that liability coverage might be required by law, meaning that you won’t be able to operate at all without the insurance. Not to mention the fact that it safeguards you against lawsuits and similar unpleasant situations.
While you might be completely sure that your specific workers won’t make any mistakes in the process, as I have already explained, injuries are something you cannot predict. Then, there’s also the danger of subcontractors doing something wrong and you will probably be held liable for that. Of course, by getting this insurance, you will also get protection against trespassers, which is certainly something you cannot predict.
How Much Does It Cost?
If you have been reading carefully, then I suppose you understand that getting liability insurance in Texas is certainly worth your money, regardless of how much this might actually cost. Yet, if you start thinking like that, it’s pretty easy for you to get ripped off and pay an enormous price for a coverage that includes only some of those things. Basically, the actual cost depends on your particular line of business and on the specific coverage. What you should do is get a few quotes from different companies and then choose the one that provides the best protection at reasonable prices.