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Get your construction business insurance built to fit your needs
The construction sector is filled with danger. However, there are various types of construction insurance that can protect your company from the most typical risks.
If you don't have the appropriate business insurance coverage in place, one accident or obstacle could financially ruin your firm. As a result, every construction firm owner or contractor should be familiar with the various types of insurance plans available to cover their business and building projects.
We'll go through which policies you'll need for your construction and contractor small business, as well as how much you should expect to pay.
Construction insurance is a type of insurance that provides coverage for risks associated with construction projects. It can include coverage for property damage, liability, workers' compensation, and more. The coverage varies depending on the policy and the specific needs of the construction project.
Are you looking for options to protect your construction company from the risks it receives on a daily basis?
First and foremost, you will want the appropriate construction coverages. You want to protect not only your own and your employees' health but also the financial health of your business. But what types of construction insurance should you consider? We'll show you how below.
Types of construction insurance
Although there are many other insurance options to take into account, we'll concentrate on five particular coverages that would best safeguard your small business. These are some examples:
- General Liability Insurance
- Workers’ Compensation
- Commercial Automotive Insurance
- Commercial Property Insurance
- Surety Bonds
General Liability Insurance
Accidents are unavoidable in the construction sector. As a result, several governments require construction firm owners to get general liability insurance before accepting work. General liability coverage will frequently protect you against the following liabilities:
- Injuries to third parties - Clients will frequently visit your job site as a contractor. If a client trips and falls during a progress check-in, you could be held liable for their injuries as the business owner.
- Third-party property damage - Heavy machinery is frequently used in construction. If your team accidentally damages adjacent property while using these machines, you may be held liable for the repairs.
- Defence spending - Working on a huge construction project carries the danger of injuring a third party. A legal struggle could ensue if harm occurs. You would have to pay for a legal team out of pocket if you did not have general liability insurance.
A general liability policy will protect you from the financial consequences of all of the above.
Workers’ Compensation
General liability coverage, on the other hand, will not protect your construction workers from on-the-job injuries; for that, workers' compensation is available. If you have employees, the law requires you to have some sort of workers' compensation.
Workers' compensation offers coverage if an employee is injured on the job or while performing a job-related task.
Commerical auto insurance
Construction employees are frequently required to drive huge vehicles such as dump trucks, box trucks, and work vans. If your company owns those vehicles, you'll need commercial auto insurance to protect yourself and your employees from the inherent risk of an accident.
Commercial auto insurance covers the following:
- Accidents involving uninsured drivers
- Collision and bodily harm
- Medical expenses
- Automobile accident liability
Commercial Property Insurance
Your equipment is priceless. Commercial property insurance covers your personal property on job sites (or when it is transported from one location to another).
Commercial property insurance coverage protects your company's future by protecting the following:
The building(s)
Your equipment
Your inventory includes the property of others.
Your landscaping
Your fencing and signs
Any physical assets are an essential component of any business. You may be unable to function without them. A commercial property insurance policy will help you avoid having an accident or unforeseen mishap disrupt your operations and cause business interruption.
Surety bonds
In several cases, a contractor must get a surety bond in order to work. This bond serves as a monetary guarantee of their performance, honesty, and adherence to contractual and local, state, and federal legal obligations.
Surety bonds function similarly to insurance policies. If you fail to deliver the promised task, the surety provider will cover the employer's losses. So, if you are unable to complete the job or pay for the materials, the surety bond will assist in covering those costs.
