So, you’re looking for some help insuring your construction business? As with all businesses, operating a construction business comes with its own set of unique risks.
You never know what could happen at a job site, so getting insured is a great idea.
Choosing the right coverage for your specific needs is also important.
If something were to go wrong and you don’t have enough of the right coverage, it could be detrimental to the business you’ve worked so hard to create.
Of course, a lot is going to depend on the type of contracting business you own, the services you offer, and how much stuff and people you need covered.
Let’s Start with the Basics
There are a lot of different options available that can provide your business with the right amount of coverage. Here are a few options to consider:
General liability insurance
This insurance provides financial coverage if you are held responsible for any injury or property damage. In most states, this insurance is required in order to have a contractor’s license.
This policy will cover loss of income for up to 12 months in case your business is stalled due to weather or some other event that is out of your control occurs.
Builders risk insurance
This is important for a construction company, it provides coverage specifically for any on-site property damage that occurs on a site that is under construction.
Professional liability insurance
In the instance you offer any consultation or design work services, this coverage offers protection from any potential claims if a client isn’t satisfied with your services.
This coverage is required in most states and covers employees’ potential risk to job related injuries, illness or death.
Commercial vehicle insurance
Your construction company likely uses cars, trucks, or any other vehicle for business purposes, commercial vehicle coverage provides protection in case you, or one of your employees, causes an accident.
How do I choose a construction insurance plan that’s right for me?
Before making any final decisions on what insurance policy you think your construction business needs, talk to an insurance agent. We can help you put together a plan that makes sense for your unique business and can answer any questions you may have. After all, purchasing insurance is purchasing protection for your business, and protecting your business is protecting your livelihood.
Let’s get started figuring out which coverages will be the absolute best fit for your contracting business. Give us a call today!