General contractors call the shots in construction projects the most, lead in all important operations, including coordination of subcontractors, supervise job sites, and many other responsibilities to ensure the project remains on time and within budget. Many of the risks involved with leading these projects make an important contractor business insurance to protect against losses that may arise from a lawsuit.
Most general contractors understand the risks of construction projects, such as injury to a subcontractor, not paid on time, do not follow the time frame agreements, and other risks that should be considered when establishing the general construction agreement. A commercial liability insurance policy may include provisions for issues such as negligence and safety.
Speaking of contracts, all contractors must carefully read any contract and even ask their attorney to review the agreement before they sign on the dotted line. Depending on the size and length of the project, certain clauses can hold hidden costs and obligations that the contractor is not clear.
Remember to keep the following risks when you talk with your insurance contracting company:
• Defective products: As a general contractor, you are responsible for all work performed by subcontractors you. Manufacturer ultimately responsible, but you and the electricity will also likely be included in a costly lawsuit.
• Construction contracts: Everyone entered into a contract with the best intentions. But when things go wrong, the fingers started pointing. As a contractor, you should ensure that the contract reviewed by an attorney to make sure your business has the proper insurance for each job.