Most small and large business owners in this day and age realize that a good worker’s compensation insurance is not only highly important but that it is considered a must. Especially the construction industry faces unique risks and challenges on a daily basis and it’s important for contractors, such as masons, to be adequately protected. Masonry Workers Compensation insurance should be part of construction companies’ insurance portfolio no matter how big or small the business may be.
While there’s usually a high demand for the services of the construction industry, there are also slow times, such as during an economic crisis, that can lead to a high unemployment rate among contractors. A slow or declining economy can hit businesses in the construction industry very hard financially, sometimes even harder than other industries. Additionally, it’s not unlikely for contractors to injure themselves or get sick on the job. When unfortunate accidents or incidents like these happen, covering the expenses associated with lost wages, medical bills and other compensation could become very costly. Not to mention any legal expenses if a contractor decides to file a lawsuit.
A single incident can have far-reaching consequences for construction businesses. Not only can it lead to lost productivity, it can also lead to enormous expenses that – without proper insurance – would have to be covered somehow. Worker’s compensation insurance, such as in the form of masonry workers compensation insurance, provides a safety net that covers these costs and allows construction workers to focus on their business.