3 Reasons You Should Always Pay Your Civil Contracting Insurance Premiums
How would you protect yourself in case of an accident at your work site? The answer is getting the right civil contracting insurance. Always assess the terms and conditions of the insurance contract to make sure that it meets all your needs. Below are leading reasons why you should always pay your civil contracting insurance premiums.
Safeguards you from unexpected expenditure
Getting the right civil contracting insurance safeguards a contractor from any unforeseen expenditure. This is because accidents can happen in the course of daily operations, and this can lead to a huge bill for the contractor. An example is when one of the workers at your site falls into an excavated area and breaks their arms. As the contractor, you are liable for such incidences, and the worker can sue the company for compensation. However, when you have civil contracting insurance, you have little to worry about. The insurance cover will facilitate the medical expenses of the injured employee and additional compensation.
It is a regulatory requirement
According to the law, it is a must for all contractors to have civil contracting insurance. This helps to safeguard the interest of various parties such as the workers and any individuals who might visit the site. Any company that does not meet this requirement is liable to pay a fine, and their operations can be suspended. To avoid such incidences, you should make sure that the insurance premiums are paid on time. The documentation should also be readily available at the site so that it can be provided to the relevant authorities when it is required.
Protects you from problems with unions
Workers have the freedom of joining trade unions in their particular industries. The goal of such unions is to ensure that all their members get ideal working conditions. Once the union detects that you have not updated your civil contracting insurance, it will lead to numerous problems with the unions. This will make it difficult for you to carry out your operations smoothly. The best way to solve such an issue is to ensure your civil contracting insurance problems are paid on time.
Although you might have the right civil contracting insurance, you should not compromise on safety at your site. Make sure that all the workers are in the right gear which protects them from any injuries. Additionally, you must always have visible warning signs which will make sure that people stay away from dangerous areas within the site.