Your Asphalt Contractor Should Be Fully Insured
There are many synonyms for insurance, including security, protection, assurance and indemnification. In other words, insurance is something that is used as a defense against an eventuality that could potentially occur. Most people who own a car, a business or a home understand the need to have insurance to protect themselves from unforeseen events. However, not everyone understands the importance of making sure that when they hire another company to provide services on their properties, it is essential that the provider be fully insured. This requirement includes any asphalt contractor performing work on your property.
Why Your Contractor’s Lack of Insurance Could Pose a Serious Threat to Your Financial Health
Suppose you hire a contractor to build a new parking lot, but two years after it is completed, the pavement develops severe alligator cracking. What if you hire a contractor to apply fresh sealcoating and one of his workers damages a car belonging to one of your customers? Suppose one of the contractor’s workers is injured while completing your project, or suppose that his employee’s action results in an injury to you, your employee or your customer. If any of these events occur, your contractor’s insurance should cover the financial implications of the damages or injuries. However, if your contractor is not insured, you could be held liable for the costs.
Types of Insurance Your Asphalt Contractor Should Carry
Contractors in Nevada who have at least one employee are legally required to carry workers’ compensation insurance. This type of insurance will provide payments to the injured employee, but it will not cover payments to any person who is not employed by the contractor or pay for damaged property. However, it is critical to remember that not all employers obey the laws related to workers’ compensation insurance, so it would be wise to verify that the contractor you select actually has coverage. Otherwise, the injured worker — or in the case of a fatal accident, the worker’s family — could sue you for compensation.
In addition to workers’ compensation, your contractor should have a general liability insurance policy. The policies typically have limits of at least $500,000, but many contractors choose higher limits or carry an umbrella policy. General liability insurance covers a wide range of events. For example, if your contractor causes an injury to your employee, this type of insurance will pay for his medical treatment. If a newly constructed parking lot fails, the contractor could file a claim under this policy to cover the cost of replacing the pavement. Should the contractor damage your building, landscaping or other property, general liability insurance can be used to pay for repairs. Even if the contractor has a general liability policy, however, he may choose to cover the losses himself rather than file a claim with his insurance company.
The third type of policy that your contractor should carry is vehicle insurance. Every one of the contractor’s company trucks and cars driven onto your property should be covered by the policy. A commercial vehicle insurance policy typically provides better coverage than the state-mandated minimum requirements for personal policies.
Always Choose a Reputable Contractor
Affordable Striping & Sealing, an asphalt maintenance contractor in Las Vegas, stands behind our work. We have established an excellent reputation throughout the greater Las Vegas area by delivering exceptional work at affordable prices. We offer many services to help you maintain your asphalt pavement, including asphalt crack sealing, sealcoating, parking lot striping, road markings, curb painting and traffic sign installation. Call us at (702) 222-9009 or submit the online form to receive a free quote.
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