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All contractors in the state of New Jersey are required to carry contractor insurance. It’s an important requirement that protects you, your business, and your clients in an emergency or accident. While it can be a confusing process to get the right coverage, it’s essential that you do so to protect yourself, your employees, and your customers. Let’s inspect why contractors’ insurance in Bloomfield, NJ is vital to your business and is more than just a legal requirement.
Why Does a Contractor Need Insurance?
Contractors insurance helps protect you from legal action taken against you because of mistakes or accidents on the job site. This type of liability insurance covers medical expenses, property damage caused by employees, and other costs that may arise from an incident on the job site. It also covers potential legal fees associated with such incidents. This protection can help mitigate any financial losses that may result from such events. E.S.T.I.R. Inc. can help you sort through the policies and plans to find the best one for you and your business.
What Type of Coverage Do I Need?
The coverage you need depends on several factors, such as what type of work you do and who your customers are. Most contractors need general liability and workers’ compensation insurance if they have employees. Depending on the job and specific risks, additional types of coverage may be necessary.
For example, equipment coverage may be necessary if you use large machinery or other special tools. It’s also important to consider product and completed operations coverage, which covers damage caused by the work you have completed.
If you’re looking for reliable contractor insurance in Bloomfield, NJ, that fits your needs and budget, contact E.S.T.I.R. Inc. today to see how we can help safeguard your business.