Does a Fencing Contractor Need Insurance?

Introduction

Fencing is one of the most profitable businesses in the construction industry, with a high chance of earning good money. It is one of the businesses where you can make half a million dollars annually.

Therefore, as a contractor, one of the things you need to do is secure the tools that are used for fencing. This is because doing physical labor on someone else’s property is a liability, and there is a high chance of your tools or lumber getting stolen and laborers not getting paid properly.

So, with insurance, you can do the following things. In order to know more about it, please shift your focus over to the next part –

Reasons For Insurance For Fencing Contractors

Fencing contractors are responsible for building and installing posts to ensure they are secured and free from any physical attack from outside. Similarly, the construction industry is full of threats, where laborers can face deadly injuries, which can put their lives at risk.

Therefore, insurance is one of the key and important parts of securing business. Things that the insurance company covers are –

• Physical damage
• Damage to property
• Financial loss
• Lawsuits from customers

Basically, it gives you assurance of the sustainability of your business, offering additional securities that can even cover the legal expenses to ensure that you are treated rightfully.

Hence, the most important question that arises in our minds — what kind of insurance should we turn to in the hour of need? Well, we have a list for you that will surely act as a guide.

Insurances For Fencing Contractors

Here is a list of insurance that secures your business and allows you to focus on increasing the quality of fencing and not worry about anything else –

1.      General Liability Insurance

It is one of the cost-effective insurance for fencing businesses, and yet an important one for insurance contractors, as it covers –

• Bodily injury
• Property damage
• Medical payments
• Legal defense and judgment
• Personal and advertising injury

Further, it is also applicable for –

• Commercial property coverage
• Business income coverage
• Commercial auto insurance

Hence, it will help you to protect your business and the tools that you use for fencing. Finally, with a low price, you will get more benefits.

&

If you want a similar kind of insurance as yours as your fencing contractors insurance, then visit the website of Rhino Trade Insurance.

2.      Business Owner’s Policy

Among the cost-effective policies that can insure your business properly comes the business owner’s policy, which allows contractors to purchase general liability coverage cheaply. Further, with the help of the policy, you can also buy commercial property insurance — thus getting more benefits from one purchase.

Other things that are covered in the policy are –

• Accidental damage to the customer’s property
• Customer bodily injuries
• Business property damage

3.      Worker’s Compensation Insurance

For many fencing contractors, putting every employee under an insurance policy is important to protect them from any damage. Therefore, you will see in many states, compensation for employees is a must if they are employed for fencing jobs.

Further, contractors who are sole proprietors from work injury costs and provide them health insurance. Here are a few things to consider the insurance –

• Employee’s medical expenses
• Disability benefits
• Employee injury lawsuits

The main purpose of the insurance is that the medical bills of employee are in place, so even if they get injured, they don’t have to pay the bills from their own pocket.

4.      Cyber Insurance

Almost every business today is shifting towards online. Similarly, fencing contractors have their websites, which help them to get their clients – thus, it is important to have cyber insurance, which will secure your business from any data theft.

Today, data theft is one of the common ways of stealing valuable, sensitive information, and to shield your business, you need to acquire cyber security insurance. It will cover –

• Data breach notification cost
• Fraud monitoring costs
• Cyber incident investigations

In other words, you are secured from phishing and malicious attacks on your business.

The Bottom Line

Insurance for any business is important, as it will allow them to secure their businesses and protect their tools and employees. Similarly, it is more significant in fencing, as employees must work with important tools.

Therefore, fencing contractors should acquire insurance to save their business.