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Framing contractor liability insurance is there for you if your business gets sued for any amount of money or damages. Could that happen? In this litigious society, you know it can. It can occur during the job as well as after completion. You don’t want to be thinking about the possibility of that as you frame several structures at a time.
It is crucial to purchase the right liability coverage as part of your framing contractor insurance program. You know the policy is appropriate because it comes from a good insurance agent who represents a reputable, reliable insurance company known for timely handling of any liability insurance claims.
Framing contractor liability insurance covers anyone who does any type of work for your company. An employee, spouse, sibling or son are all covered if they do work for you. It doesn’t matter how small a task, if you authorized it, then that person is under the policy protection while doing it. It’s a good thing because you never know what activity or who could cause a liability claim that has the potential to bring your framing business down, if you’re not protected with a solid liability insurance policy.
The right policy covers any and all reasonable costs generated by the claim or lawsuit such as the expense of defending you, court costs and the amount of any judgment or negotiated settlement you are liable for should you lose the case.
The policy protects you from many potential calamities including:
You never know when someone could get injured while in or around your shop. A simple slip and fall could result in a lot of medical expenses, lost wages and even a lawsuit charging negligence. This liability insurance takes care of all of that so you don’t have to.
Property gets accidently damaged all of the time, especially in a business like yours. If you or an employee cause damage to property that you are working on, the individual who owns it will receive funds for repair and/or replacement of the property.
Sometimes, this gets confused with the bodily injury portion. Starting at usually a $5,000 limit, Medical Payments is used when the charges are at or under this limit so the situation does not have to become a full-blown bodily injury claim. Many claims fall into this category.
A clumsily worded advertisement that inadvertently slanders a competitor or other business can could generate a lawsuit from an aggrieved business person or consumer. This insurance policy clause handles this type of situation.
After the job is done, for some reason, it could go bad and result in a claim for damages. Your liability insurance will cover that claim and take care of any damages.
If you rent or lease a facility to house the operation of your framing business and the structure catches fire, any damages will be paid for from this section of the policy.