Owning a construction company entails unique risks. From managing fall prevention training to meeting the excavation requirements to ensuring workplace safety, you know the importance of building protection. By combining the right business insurance with general liability insurance with specific coverage, you can protect your business from financial loss when something unexpected happens.
When reviewing contractor insurance, equip your business with the right coverage:
Business insurance with general liability is essential and is usually needed before the contract work can begin at a workplace. It offers your business protection against a variety of claims including bodily harm, property damage and lawsuits. General liability insurance can cover settlement amounts and legal fees that have arisen.
In addition to a general liability insurance, you should take into account these additional coverages:
There are many building materials, machines and equipment in a given workplace that can be lost, damaged or stolen. The risk coverage of buildings protects against these uncertainties and may also include:
- Soft cost coverage. If you experience a delay that leads to necessary expenses in addition to the initial estimate of the project, coverage for soft costs replaces a number of additional fees, assessments, taxes, commissions, financing and other overheads and administrative costs related to construction, manufacturing or construction projects .
- Testing of coverage. This refers to start-up, performance, voltage, pressure or overload testing of materials, supplies, machinery, fixtures and equipment that will become a permanent part of a covered installation or construction project.
Accident, personal injury or personal injury can occur in the workplace. If they do, make sure your employees and businesses are safe. An employee's compensation policy can protect against slipping and falling, burns, back injuries, carpal tunnel, dermatitis, hearing loss and more.
Errors & Omissions.
Coverage of errors and omissions, also known as professional liability insurance, protects companies from losses related to your completed work. It covers damage due to incorrect design, material, design or product. For example, if an electrician's faulty cables cause a client's home to burn, the electrician's general liability insurance may cover the cost of rebuilding the home, but faults and omissions would cover their feedback costs.
Going beyond general liability insurance is important to protect what you have worked hard to build. Talk to an agent about contractor insurance today.