Every business experiences risks and exposures that need to be mitigated and managed for success and profitability. Construction companies in particular have operational threats that can expose them to financial harm, if not addressed. Whether you work on smaller residential jobs or massive commercial or public projects, you’ll need a plan to protect you from risks associated with construction work such as hazardous site conditions, heavy equipment, and natural disasters. Safety management and disaster recovery plans are two ways to mitigate risks. Having contractor insurance is another.
Coverages for Your Construction Practice
Consider the following general and industry-specific coverages for your business:
- General Liability: Injuries and property damage for third-party personnel
- Workers’ Compensation: Covers medical bills and lost income for workers injured on the job
- Commercial Auto: Protects operation of work vehicles or driving for the job
- Builders’ Risk: Covers damages and losses to materials and equipment for ongoing projects
- Professional Liability: Addresses losses and claims due to negligence, errors, or omissions
These are just a sample of some of the most common coverages. Depending on the nature of your business, you might need other types of products for comprehensive coverage.
A Complete Approach
The good news is that you don’t have to find a different provider for each coverage. Insurers are available that can work with you to develop a complete strategy for insurance that is tailored to your needs. This can help you save money and make sure that no exposures are left unaddressed.