Looking for a Plant City parking lot paving contractor can become burdensome because of the many consideration you have to make—the quality of equipment used, the number of crew, the duration of the project, the price of the services, etc. But there’s another aspect of hiring a contractor that we don’t see—that is, the insurance.
Contractors need to be covered by an insurance policy not only to protect themselves from harm but also to provide great and quality service to your clients.
The most common insurance policy that contractors have is the general liability insurance. This covers almost everything—from the workers’ health to the equipment the contractors use.
An insurance can range from $500,000 to $1,000,000, the latter chose the most because the difference between the two policies is very little (in terms of premiums). The general liability insurance covers mostly bodily injury and property damage on premises and operations, damage on products and completed operations, legal liability, and medical payments to employees.
If you are hiring a Plant City parking lot paving contractor without a general insurance policy, you are essentially shouldering any future payments that may arise from accidents or damages to property. For example, your pavement suddenly collapsed and either damaged a vehicle parked on it or injured a person walking on it.
When your pavement company has an insurance, the insurance company will cover the cost of the repair of the pavement and the compensation needed for the vehicle or the person.
Without that coverage, you would have to shoulder everything—from the medical fees to the repair and re-installation of the asphalt. This could cause a great deal of stress on you and your company’s finances.
The reason why businesses need to be protected by insurance policies is because they don’t want to be burdened by having to pay these kinds of unforeseen incidents. Most insurance policies will just have an annual premium of $1,000, which is a fairly low amount for the kind of protection the asphalt paving contractor can get.
Aside from the general protection of the property and bodily harm, the insurance will also ensure that the contractor’s equipment will always be in good condition.
Maintaining the equipment is standard for all asphalt pavement contractors, but the routine checkup and repair of the equipment are not exactly cheap.
The insurance policy makes sure that you have the money to repair the equipment in case something goes wrong. Remember that a Plant City parking lot paving business depends heavily on using the right equipment.