No matter the size of your business, as the owner of a construction company you’re aware of the hazards associated with your operations. Not only do crew members work with potentially dangerous equipment, but they also perform in work zones that require specialized equipment and training for safety, including fall protection and gear for working in confined spaces among others. In addition to the various insurance coverage that most businesses require, your clients require you to have construction business insurance that covers claims as a result of the projects you deliver.
What Coverages Do I Need?
Contractors and construction companies need to consider standard business policies as well as protections that relate to their unique work environments, deliverables and business contracts. Consider every aspect of your operations when weighing construction business coverages:
- General Liability – Third-party injuries or damages at the office
- Professional Liability – Claims for negligence or from work product/deliverables
- Property Insurance – Losses and damages to property and other assets
- Workers’ Compensation – Employee injury protection
- Employment Practices – Protection from employee lawsuits
- Commercial Auto – Coverage for work-related use of vehicles
Your company may need other types of coverage for equipment breakdown, risk for facilities under construction and pollution liability, among others.
Is There Anything Else?
It’s important to work with an insurance provider that can provide all the coverages needed. Damages from an uncovered loss can take your entire company out. Umbrella policies and business income policies are also recommended just to make sure you’ve checked all the boxes.